Haas's Men's Shop deposits all receipts in the bank each evening and makes all payments by check. On November 30, its ledger balance of cash is $2,160.00. The bank statement balance of cash as of November 30 is $3,292.50. Use the following information to reconcile the bank statement:The reconciliation for October, the previous month, showed three checks outstanding on October 31: no. 1417 for $110.00, no. 1420 for $144.35, and no. 1422 for $151.00. Check no. 1417 and no. 1422 were returned with the November bank statement; however, check no. 1420 was not returned.Check no. 1500 for $160.00, no. 1517 for $147.00, no. 1518 for $243.00, and no. 1519 for $146.15 were written during November and have not been returned by the bank.A deposit of $935 was placed in the night depository on November 30 and did not appear on the bank statement.The canceled checks were compared with the entries in the checkbook, and it was observed that check no. 1487, for $24, was written correctly, payable to M. A. Golden, the owner, for personal use, but was recorded in the checkbook as $42.Included in the bank statement was a bank debit memo for service charges, $21.A bank credit memo was also enclosed for the collection of a note signed by C.G. Tolson, $1,230.00, including $1,200 principal and $30.00 interest. 2. Record the necessary entries in general journal form. If an amount box does not require an entry, leave it blank. Round your answers to two decimal placesGENERAL JOURNALPAGEDATEDESCRIPTIONPOST. REF.DEBITCREDIT20--Nov. 30Error in recording Check No. 1487.Nov. 30Bank collected note signed by C. G. Tolson.Nov. 30 1. Prepare a bank reconciliation as of November 30, assuming that the debit and credit memos have not been recorded. Round your answers to two decimal places.Haas's Men's ShopBank ReconciliationNovember 30, 20--Bank Statement BalanceNo. 1420No. 1500No. 1517No. 1518No. 1519Adjusted Bank Statement BalanceLedger Balance of Cash

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Answered: three checks outstanding on October 31:…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.4E

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Haas's Men's Shop deposits all receipts in the bank each evening and makes all payments by check. On November 30, its ledger balance of cash is $2,160.00. The bank statement balance of cash as of November 30 is $3,292.50. Use the following information to reconcile the bank statement:

The reconciliation for October, the previous month, showed three checks outstanding on October 31: no. 1417 for $110.00, no. 1420 for $144.35, and no. 1422 for $151.00. Check no. 1417 and no. 1422 were returned with the November bank statement; however, check no. 1420 was not returned.
Check no. 1500 for $160.00, no. 1517 for $147.00, no. 1518 for $243.00, and no. 1519 for $146.15 were written during November and have not been returned by the bank.
A deposit of $935 was placed in the night depository on November 30 and did not appear on the bank statement.
The canceled checks were compared with the entries in the checkbook, and it was observed that check no. 1487, for $24, was written correctly, payable to M. A. Golden, the owner, for personal use, but was recorded in the checkbook as $42.
Included in the bank statement was a bank debit memo for service charges, $21.
A bank credit memo was also enclosed for the collection of a note signed by C.G. Tolson, $1,230.00, including $1,200 principal and $30.00 interest.

2. Record the necessary entries in general journal form. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places
GENERAL JOURNAL
PAGE
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Nov. 30
Error in recording Check No. 1487.
Nov. 30
Bank collected note signed by C. G. Tolson.
Nov. 30

1. Prepare a bank reconciliation as of November 30, assuming that the debit and credit memos have not been recorded. Round your answers to two decimal places.
Haas's Men's Shop
Bank Reconciliation
November 30, 20--
Bank Statement Balance
No. 1420
No. 1500
No. 1517
No. 1518
No. 1519
Adjusted Bank Statement Balance
Ledger Balance of Cash

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