The bank statement contained two memoranda:1. A credit of $2,242 for the collection of Langer Company of an electronic funds transfer.2. A debit for the printing of additional company checks $85.At December 31, the cash balance per books was $13,985.20, and the cash balance per the bank statement was $19,239.10. The bank did not make any errors, but Langer Company made two errors.InstructionsPrepare a bank reconciliation at December 31, 2022.a. Adjusted balance per books $16,043.20b. Prepare the adjusting entries based on the reconciliation. (Hint: The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.)Prepare a bank reconciliation and adjusting entries. Langer CompanyBank ReconciliationNovember 30, 2022Cash balance per bank$14,367.90Add: Deposits in transit2,530.2016,898.10Less: Outstanding checksCheck NumberCheck Amount3451$2,260.403470720.103471844.5034721,426.8034741,050.006,301.80Adjusted cash balance per bank$10,596.30The adjusted cash balance per bank agreed with the cash balance per books at November 30.The December bank statement showed the following checks and deposits.Bank StatementChecksDepositsDate NumberAmountDateAmount12-13451$ 2,260.40 12-1$ 2,530.2012-23471844.50 12-41,211.6012-734721,426.80 12-82,365.1012-434751,640.70 12-162,672.7012-834761,300.00 12-212,945.0012-1034772,130.00 12-262,567.3012-1534793,080.00 12-292,836.0012-273480600.00 12-301,025.0012-303482475-50 Total$18,152.9012-2934831,140.0012-313485540.80Total$15,438.70The cash records per books for December showed the following.Cash Payments JournalCash Receipts JournalDate Number Amount Date NumberAmountDateAmount$1,640.70 12-203482$ 1,211.6012-13475475-5012-312-234761,300.00 12-2234831,140.0012-72,365.1012-234772,130.00 12-233484798.0012-152,672.7012-43478621.30 12-243485450.8012-202,954.0012-834793,080.00 12-303486889.5012-252,567.3012-103480600.00 Total$13,933-2012-282,836.0012-173481807.4012-301,025.0012-311,690.40Total$17,322.10

The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Answered: The bank statement contained two…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 46E

See similar textbooks

Related questions

Concept explainers

Question

The bank statement contained two memoranda:

1. A credit of $2,242 for the collection of Langer Company of an electronic funds transfer.
2. A debit for the printing of additional company checks $85.
At December 31, the cash balance per books was $13,985.20, and the cash balance per the bank statement was $19,239.10. The bank did not make any errors, but Langer Company made two errors.

Instructions

Prepare a bank reconciliation at December 31, 2022.
a. Adjusted balance per books $16,043.20

b. Prepare the adjusting entries based on the reconciliation. (Hint: The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.)

Prepare a bank reconciliation and adjusting entries.

Langer Company
Bank Reconciliation
November 30, 2022
Cash balance per bank
$14,367.90
Add: Deposits in transit
2,530.20
16,898.10
Less: Outstanding checks
Check Number
Check Amount
3451
$2,260.40
3470
720.10
3471
844.50
3472
1,426.80
3474
1,050.00
6,301.80
Adjusted cash balance per bank
$10,596.30
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
2,365.10
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
540.80
Total
$15,438.70
The cash records per books for December showed the following.
Cash Payments Journal
Cash Receipts Journal
Date Number Amount Date Number
Amount
Date
Amount
$1,640.70 12-20
3482
$ 1,211.60
12-1
3475
475-50
12-3
12-2
3476
1,300.00 12-22
3483
1,140.00
12-7
2,365.10
12-2
3477
2,130.00 12-23
3484
798.00
12-15
2,672.70
12-4
3478
621.30 12-24
3485
450.80
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
$13,933-20
12-28
2,836.00
12-17
3481
807.40
12-30
1,025.00
12-31
1,690.40
Total
$17,322.10

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions