The bank portion of the bank reconciliation for Sunland Company at November 30, 2022, was as follows. Sunland Company Bank Reconciliation November 30, 2022 Cash balance per bank $14837.90 Add: Deposits in transit 2.530.20 17,368.10 Less: Outstanding checks Check Number Check Amount 3451 5260.40 3470 720.10 3471 844.50 3472 1.426.80 3474 1.055.00 6.306.80 Adjusted cash balance per bank $11.061.30 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 12-1 3451 $2.260.40 12-1 $2.530.20 12-2 3471 844.50 12-4 1.211.60 12-7 3472 1,426.80 12-8 2,365.1 12-4 3475 1.640.70 12-16 2,672.70 12-8 3476 1,300.00 12-21 2,945.00 12-10 3477 2,130.00 12-26 2,567.30 12-15 3479 3,080.00 12-29 2,836.00 12-27 3480 600.00 12-30 1,025.00 12-30 3482 475.50 Total $18.152.90 12-29 3483 1140.00 12-31 3485 520.80 Total $15,418.70
The bank portion of the bank reconciliation for Sunland Company at November 30, 2022, was as follows. Sunland Company Bank Reconciliation November 30, 2022 Cash balance per bank $14837.90 Add: Deposits in transit 2.530.20 17,368.10 Less: Outstanding checks Check Number Check Amount 3451 5260.40 3470 720.10 3471 844.50 3472 1.426.80 3474 1.055.00 6.306.80 Adjusted cash balance per bank $11.061.30 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 12-1 3451 $2.260.40 12-1 $2.530.20 12-2 3471 844.50 12-4 1.211.60 12-7 3472 1,426.80 12-8 2,365.1 12-4 3475 1.640.70 12-16 2,672.70 12-8 3476 1,300.00 12-21 2,945.00 12-10 3477 2,130.00 12-26 2,567.30 12-15 3479 3,080.00 12-29 2,836.00 12-27 3480 600.00 12-30 1,025.00 12-30 3482 475.50 Total $18.152.90 12-29 3483 1140.00 12-31 3485 520.80 Total $15,418.70
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11MC
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Prepare a bank reconcilation at December 31, 2022 and prepare the
Transcribed Image Text:The cash records per books for December showed the following
Cash Payments Journal
Cash Receipts Journal
Date
Number
Amount
Date
Number
Amount
Date
Amount
12-1
3475
$1,640.70
12-20
3482
$475.50
12-3
$1,211.60
12-2
3476
1,300.00
12-22
3483
1,140.00
12-7
2,365.1
12-2
3477
2,130.00
12-23
3484
793.00
12-15
2,672.70
12-4
3478
621.30
12-24
3485
250.80
12-20
2,954.00
12-8
3479
3,080.00
12-30
3486
889.50
12-25
2,567.30
12-10
3480
600.00
Total
$13,728.20
12-28
2,836.00
12-17
3481
807.40
12-30
1,025.00
12-31
1,690.40
Total
$17,322.10
The bank statement contained two memoranda:
1.
Acredit of $2,310 for the collection of Sunland Company of an electronic funds transfer.
2.
A debit for the printing of additional company checks $90.
At December 31, the cash balance per books was $14,655.20, and the cash balance per the bank statement was $19,792.10. Th
did not make any errors, but Sunland Company made two errors.
Transcribed Image Text:The bank portion of the bank reconciliation for Sunland Company at November 30, 2022, was as follovws.
Sunland Company
Bank Reconciliation
November 30, 2022
Cash balance per bank
$14,837.90
Add: Deposits in transit
2,530.20
17,368.10
Less: Outstanding checks
Check Number
Check Amount
3451
$2,260.40
3470
720.10
3471
844.50
3472
1,426.80
3474
1,055.00
6,306.80
Adjusted cash balance per bank
$11,061.30
The adjusted cash balance per bank agreed with the cash balance per bocoks at November 30.
The December bank statement showed the following checks and deposits.
Bank Statement
Checks
Deposits
Date
Number
Amount
Date
Amount
12-1
3451
$2,260.40
12-1
$2,530.20
12-2
3471
844.50
12-4
1,211.60
12-7
3472
1,426.80
12-8
2,365.1
12-4
3475
1,640.70
12-16
2,672.70
12-8
3476
1,300.00
12-21
2,945.00
12-10
3477
2,130.00
12-26
2,567.30
12-15
3479
3,080.00
12-29
2,836.00
12-27
3480
600.00
12-30
1,025.00
12-30
3482
475.50
Total
$18,152.90
12-29
3483
1,140.00
12-31
3485
520.80
Total
$15,418.70
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