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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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OBJECTIVEG Problem 4-5944 Bank Reconciliation

Raymond Corporation received the following bank statement for the month of October:

© Date | Checks | Deposits | Balance

9130 Beg. Balance 5 4,331.50

3110115110111 1012 31,204.50 32,910.13 0,591.13

1014 43.80 $ 321.70 6,231.68

1018 905.36 5,326.32

10110 100.20 60.00 $38.11 5,128.01

10113 4,000.00 9,128.01

10114 290.451 333150

10111 510.11 309.24 3,012.21

10119 100.39 431.15 21.12 2,350.03 10,303.53

10121 3.10342 1,195.10

Date | Checks | Deposits | Balance

10123 63.89 5 1131.21

10125 290.00” 1 1 1.90 15.129131'

10121 33.90 6.64041

10131 20.001" 1,303.11 5.31 1.10

‘NSF check

“Debit memo (Rant Expense)

&*#x201C;Semen charge

The cash records of Raymond Corporation provide the following information:

Date term Debit Credit Balance

10.11 Balance from 9130 $ 6,553.38

101‘2 Cheek #1908 5 321.70 6,231.68

10.5 Check #1909 905.36 5326.32

10.16 Check #1910 [00.20 5,226.12

1016 Check #1911 60.00 5.166.12

1011' Check #1912 38.11 5,128.01

10112 Deposit #411 $4,000.00 9,128.01

10.115 Check #1913 516.11 84611.90

10.116 Check #1914 309.24 8,302.66

1011? Check # 915 431.15 1811.51

1031? Check #1916 21.72 1849.79

10118 Deposit #412 2,850.63 [0,100.42

10118 Check #191 06.39 [0.59-4.03

10.120 Check #1918 63.89 [0,530.14

10120 Check #1919 3,108.42 3,421.72

10123 Check #1920 11.90 1309.82

10.125 Cheek #1921 88.90 1,220.92

10.429 Check #1922 1803.7? 5.41115

10.130 Check #1923 284.71"! 54132.38

10.131 Cheek #1924 628.32 4.50-4.06

10.131 Deposit #413 3,408.20 2.912.215

The items on the bank statement are correct. The debit memo is for the payment by the bank of

Raymond’s office furniture rent expense for October.

Required:

1. Prepare a bank reconciliation 011111: There is one transposition error in the cash account.)

2. Prepare adjusting entries based on the bank reconciliation.

3. What amount is reported for cash in bank 111 the balance sheet at October 31‘?

1.

To determine

To prepare: A bank reconciliation.

Introduction:.Bank reconciliation is a process in which, bank account which is prepared in the books of company is compared with, the bank statement issued by bank. The difference in balances is then adjusted by recording appropriate adjusting entries.

Explanation

Reconciliation of Bank statement:

    ParticularsAmount($)Amount($)
    Closing balance5,311.70
    Add: Deposit in transit3,408.20
    Less: Outstanding checks
    Check-1923284.77
    Check-1924628.32(913.09)
    Balance as per cash book7,806

2.

To determine

To prepare:Journal entries to record adjustments required due to bank reconciliation process.

Introduction: Journal entries provide a record of the financial activities undertaken within an organization. Journal entries helps in preparation of financial statements of a company.

3.

To determine

The cash balance to be reported on the balance sheet at October 31st.

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