Question

The bank reconciliation prepared by Arbour Glenn Apartments on October 31, 2013 is shown below: Arbour...

The bank reconciliation prepared by Arbour Glenn Apartments on October 31, 2013 is shown below:

Arbour Glenn Apartments, Bank Reconciliation, October 31, 2013

Balance per bank statement           $      801.13 Balance per General Ledger     $   1,027.93      Add: Deposit of Oct 31 in transit        2,345.60        Add:              0.00       3,146.73 Deduct: Outstanding cheques: #417 -     $    58.30 #419 -         806.20 Less: October service charges           (18.00) #423 -      1,272.30      (2,136.80) Adjusted bank balance $   1,009.93 Adjusted general ledger balance $   1,009.93

The November 30, 2013 bank statement from the Bank of Nova Scotia is shown below:

Cheques and Debits                 Deposits and Credits     Balance
                                Date                Amount                                Date                 Amount             Balance  
10/31/2013        $      801.13
#419 11/01/2013 $    806.20 11/01/2013    $     2,345.60       
#424 11/17/2013      133.75 11/08/2013          6,427.80     
#423 11/15/2013    1,272.30 11/16/2013         5,787.55     
NSF Cheque 11/23/2013       930.00 11/21/2013             700.00
NSF Fee 11/23/2013         25.00 11/21/2013              969.00
#428 11/27/2013     6,829.20
#426 11/28/2013        905.00
#429 11/30/2013    1,000.00
PMT 11/30/2013     2,260.00
L INT 11/30/2013        740.00 11/30/2013 CM        10,000.00
SC 11/30/2013         15.00 11/30/2013 INT                4.25 $    12,118.88

L INT = Interest on Loan   PMT = Principal Payment on Loan Payable SC = Service charge   INT = Interest income CR = Credit Memo

The Cash Account in the General Ledger is show below:

Cash Account in General Ledger                      Account 101
Date Explanation                        Debit                Credit              Balance
10/31/2013           Balance $       1,009.93
11/02/2013 Cheque # 424     $      133.75
11/03/2013 Cheque #425              899.00
11/08/2013 Deposit    $    6,427.80
11/12/2013 Cheque #426  For Repairs Expense            509.00
11/16/2013 Deposit          5,787.55
11/16/2013 Cheque #427                  75.65
11/20/2013 Cheque #428           6,829.20
11/21/2013 Deposit           700.00
11/22/2013 Deposit            969.00
11/28/2013 Cheque #429        1,000.00
11/30/2013 Deposit           2,345.67    $      7,793.35

Note that Cheque #426 for repairs expense is recorded incorrectly in the general ledger.

Note the NSF cheque was received from Mr. Nofunds to pay his accounts receivable balance.

The Credit Memo on November 30 resulted from a deposit made by the owner of the business, Mrs. J Sidhu. into the business bank account.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The bank reconciliation prepared by Gemma Tours on March 31, 2020, appeared as follows: GEMMA TOURS...
The bank reconciliation prepared by Gemma Tours on March 31, 2020, appeared as follows: GEMMA TOURS Bank Reconciliation March 31, 2020 Bank statement balance $ 15,700 Book balance $ 34,699 Add: Deposit of March 31 in transit 22,328 38,028 Deduct: Outstanding cheques: #79 $ 1,322 #84 2,007 3,329 Adjusted bank balance $ 34,699 Adjusted book balance $ 34,699 The Cash account in the General Ledger appeared as follows on April 30: Cash Acct. No. 101 Date Explanation PR Debit Credit...
On October 31, 2021, Oriole Company had a cash balance per books of $8,967. The bank...
On October 31, 2021, Oriole Company had a cash balance per books of $8,967. The bank statement on that date showed a balance of $10,165. A comparison of the statement with the Cash account revealed the following: 1. The statement included debit memos of $45 for the printing of additional company cheques and $40 for bank service charges. 2. Cash sales of $528 on October 12 were deposited in the bank. The journal entry to record the cash receipt and...
On October 31, 2021, Oriole Company had a cash balance per books of $8,967. The bank...
On October 31, 2021, Oriole Company had a cash balance per books of $8,967. The bank statement on that date showed a balance of $10,165. A comparison of the statement with the Cash account revealed the following: 1. The statement included debit memos of $45 for the printing of additional company cheques and $40 for bank service charges. 2. Cash sales of $528 on October 12 were deposited in the bank. The journal entry to record the cash receipt and...
Bank reconciliation Prepare a bank reconciliation as of October 31 from the following information: a. The...
Bank reconciliation Prepare a bank reconciliation as of October 31 from the following information: a. The October 31 cash balance in the general ledger is $1,688. b. The October 31 balance shown on the bank statement is $746. c. Checks issued but not returned with the bank statement were No. 462 for $26 and No. 483 for $100. d. A deposit made late on October 31 for $900 is included in the general ledger balance but not in the bank...
On October 31 Windsor Ltd. received its bank statement from Provincial Bank. It stated that Windsor...
On October 31 Windsor Ltd. received its bank statement from Provincial Bank. It stated that Windsor had a balance of $9,480 at October 31. The company’s general ledger showed a cash balance of $10,205 at that date. A comparison of the bank statement and the accounting records revealed the following information: ● Bank service charges for the month were $50. ● The company had written and mailed out cheques with a value of $1,380 that had not yet cleared the...
Question Two c) BSD Ltd has prepared its October 2018 bank reconciliation for auditors to review....
Question Two c) BSD Ltd has prepared its October 2018 bank reconciliation for auditors to review. As at 31 October 2018 the ledger balance was GH¢ 2,450 (Credit) but the bank statement showed that the company has funds amounting to GH¢3,743. The following are useful information: The company arranged for the bank to transfer the dollar equivalent of GH¢ 500,000 to a supplier in the United States. Charges on the transfer of 0.5% have not been recorded in the books...
Banana Company’s bank balance on the bank statement for October 31 of the current year is...
Banana Company’s bank balance on the bank statement for October 31 of the current year is $12,500. Banana’s accountant is preparing a cash reconciliation and has determined that three cheques issued by Banana to its suppliers for a total of $8,500 have not yet cleared the bank. Also, a deposit for $1,500 made by Banana on October 31 does not appear on the bank statement. Bank service charges of $150 appear on the bank statement but have not yet been...
Please Finish the following using Canadian Accounting version of Bank reconciliation statement: Neopolitan Ltd Bank Reconciliation...
Please Finish the following using Canadian Accounting version of Bank reconciliation statement: Neopolitan Ltd Bank Reconciliation July 31 Cash Balance Per Bank $10670 Add: Deposits in transit 1968 8702 Less: Outstanding Cheques 2359 Reconciled Cash balancer per bank 6343 Cash Balance Per Books Add: EFT collections on Account 1276 Less: NSF cheque and fee Bank Service Charge 40 Reconciled Cash Balance Per books                                                                USE THE FOLLOWING INFORMATION to complete or correct the above bank reconociliations statement The following information is...
to Prepare Keeper Ltd’s bank reconciliation, you gather the following data: The 30 September bank statement...
to Prepare Keeper Ltd’s bank reconciliation, you gather the following data: The 30 September bank statement balance is $5,120 CR. The bank statement included a dishonoured cheque from a customer of $180. The following cheques are outstanding at 30 September: Cheque no. Amount ($) 918 3,450 922 270 iv.          The following amounts were included on the bank statement: •    a $3,200 EFT deposit from an account customer •    $350 for interest revenue that Keeper hadn’t recorded •    a $40 bank service charge. v. On...
The following information relates to the month of August for XYZ Inc. Prepare the bank reconciliation....
The following information relates to the month of August for XYZ Inc. Prepare the bank reconciliation. Date Information 1 Aug 31 Bank statement balance $3,490 2 Aug 31 Bank statement reflects bank fees for the month $35 3 Aug 28 NSF cheque $100 with fee of $10. 4 Aug 27 Bank statement reflects paper statement fee $80 5 Aug 31 Bank statement reflects interest earned on balance $8 6 Aug 31 $1,000 note receivable collected by bank and deposited into...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT