Question

The Oriole Boat Company's bank statement for the month of November showed a balance per bank of $8,800. The company's Cash account in the general ledger had a balance of $6,778 at November 30. Other information is as follows:

(1)		Cash receipts for November 30 recorded on the company's books were $6,020 but this amount does not appear on the bank statement.
(2)		The bank statement shows a debit memorandum for $40 for check printing charges.
(3)		Check No. 119 payable to Ivanhoe Company was recorded in the cash payments journal and cleared the bank for $348. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of Ivanhoe Company and that the payment to them should have been for $384.
(4)		The total amount of checks still outstanding at November 30 amounted to $5,420.
(5)		Check No. 138 was correctly written and paid by the bank for $408. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $480.
(6)		The bank returned an NSF check from a customer for $510.
(7)		The bank included a credit memorandum for $3,100 which represents a collection of a customer's note by the bank for the company; the principal amount of the note was $3,011 and interest was $89. Interest has not been accrued.

Prepare a bank reconciliation for the Oriole Boat Company at November 30.

ORIOLE BOAT COMPANY Bank Reconciliation                                                                       For the Year Ended November 30For the Month Ended November 30November 30
select an opening name for section one                                                                      Outstanding ChecksCheck PrintingAdjusted Cash Balance Per BankCollection of Note and InterestCash Balance Per BankAccounts Payable ErrorDeposit in TransitAdjusted Cash Balance Per BooksNSF Check				$enter a dollar amount
select between addition and deduction                                                                      AddLess: select a reconciling item                                                                      Check PrintingAdjusted Cash Balance Per BankAccounts Payable ErrorAdjusted Cash Balance Per BooksDeposit in TransitOutstanding ChecksCollection of Note and InterestCash Balance Per BankNSF Check				enter a dollar amount
				enter a subtotal of the two previous amounts
select between addition and deduction                                                                      AddLess: select a reconciling item                                                                      Accounts Payable ErrorOutstanding ChecksCheck PrintingCash Balance Per BankDeposit in TransitAdjusted Cash Balance Per BankCollection of Note and InterestAdjusted Cash Balance Per BooksNSF Check				enter a dollar amount
select a closing name for section one                                                                      Deposit in TransitAdjusted Cash Balance Per BooksAdjusted Cash Balance Per BankOutstanding ChecksCollection of Note and InterestAccounts Payable ErrorCash Balance Per BankNSF CheckCheck Printing				$enter a total amount for the first section
select an opening name for section two                                                                      Accounts Payable ErrorCheck PrintingDeposit in TransitNSF CheckCash Balance Per BooksOutstanding ChecksAdjusted Cash Balance Per BankAdjusted Cash Balance Per BooksCollection of Note and Interest				$enter a dollar amount
select between addition and deduction                                                                      LessAdd:
select a reconciling item                                                                      Check PrintingDeposit in TransitCollection of Note and InterestNSF CheckAccounts Payable ErrorCash Balance Per BooksAdjusted Cash Balance Per BankOutstanding ChecksAdjusted Cash Balance Per Books		$enter a dollar amount
select a reconciling item                                                                      Outstanding ChecksCheck PrintingAdjusted Cash Balance Per BooksCollection of Note and InterestAccounts Payable ErrorAdjusted Cash Balance Per BankNSF CheckDeposit in TransitCash Balance Per Books		aenter a dollar amount
				enter a subtotal of the two previous amounts
				enter a subtotal of the two previous amounts
select between addition and deduction                                                                      LessAdd:
select a reconciling item                                                                      Cash Balance Per BooksAdjusted Cash Balance Per BooksAdjusted Cash Balance Per BankOutstanding ChecksNSF CheckCollection of Note and InterestAccounts Payable ErrorCheck PrintingDeposit in Transit		enter a dollar amount
select a reconciling item                                                                      NSF CheckAccounts Payable ErrorAdjusted Cash Balance Per BooksAdjusted Cash Balance Per BankOutstanding ChecksCollection of Note and InterestDeposit in TransitCash Balance Per BooksCheck Printing		enter a dollar amount
				enter a subtotal of the two previous amounts
select a closing name for section two                                                                      Check PrintingDeposit in TransitNSF CheckAdjusted Cash Balance Per BankAdjusted Cash Balance Per BooksAccounts Payable ErrorOutstanding ChecksCash Balance Per BooksCollection of Note and Interest				$enter a total amount for the second section

  

  

Prepare any adjusting entries necessary as a result of the bank reconciliation.

Answer 1