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Prepare a bank reconciliation at November 30 List items that increase balance as per bank &...

Prepare a bank reconciliation at November 30 List items that increase balance as per bank & books first

The bank portion of last month’s bank reconciliation for Crane Limited at October 31 is shown here:

CRANE LIMITED
Bank Reconciliation
October 31
Cash balance per bank $24,920
Add: Deposits in transit 2,972
27,892
Less: Outstanding cheques
               #2472 $1,430
               #2473 1,600
               #2474 1,038 4,068
Reconciled cash balance $23,824



The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at October 31. The November bank statement showed the following:

CRANE LIMITED
Bank Statement
November 30
Date Description Amounts
Deducted from
Account (Debits)		 Amounts Added
to Account
(Credits)		 Balance
Oct. 31 24,920
Nov. 1 Cheque, No. 2472 1,430 23,490
1 Deposit 2,972 26,462
2 Cheque, No. 2473 1,600 24,862
3 Deposit 2,350 27,212
4 Cheque, No. 2475 3,357 23,855
7 Deposit 2,130 25,985
8 Cheque, No. 2476 5,710 20,275
10 Cheque, No. 2477 1,200 19,075
14 Deposit 4,930 24,005
15 Cheque, No. 2478 3,100 20,905
15 EFT, salaries 6,500 14,405
20 Deposit 5,890 20,295
25 Returned cheque—NSF, Giasson Developments 400 19,895
25 NSF fee 8 19,887
26 Cheque, No. 2479 1,410 18,477
27 Deposit 3,100 21,577
28 EFT, collection of note receivable and interest 5,048 26,625
30 Cheque, No. 2481 1,099 25,526
30 EFT, salaries 6,500 19,026
30 Bank service charges 5 19,021



The cash records per books for November showed the following:

Cash Receipts Cash Payments
Date Amount Date Number Amount
Nov. 3 $2,350 Nov. 1 2475 $ 3,357
7 2,130 2 2476 4,710
12 4,930 2 2477 1,200
20 5,908 8 2478 3,100
27 3,100 15 2479 1,410
30 2,808 15 EFT, salaries 6,500
$21,226 18 2480 1,324
20 2481 1,099
29 2482 1,720
30 EFT, salaries 6,500
$30,920

Solutions

Expert Solution

CRANE LIMITED
Bank Reconciliation
Nov. 31
Bank Statement Balance      19,021 Book Balance      14,130
Add: Add:
Deposit in Transit         2,808 Proceeds of note         5,048
Deduct: Deduct:
SERVICE CHARGE               13
Outstanding Checks(#2474)         1,038 Error in Nov 20 deposit               18
Outstanding Checks(#2480)         1,324 NSF Check            400
Outstanding Checks(#2482)         1,720 Check Error #2476         1,000
Adjusted Bank Balance      17,747 Adjusted Book Balance      17,747

ekkarill92 answered 1 year ago
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