Question

Info. Listed below was gleaned from Yi technology corp’s books on 12/31/13

Xiaomi Inc. check #10 for $5,300 bounced and was returned by the bank. This indicates there were insufficient funds(NSF). Furthermore, the bank charged Yi technology Corp. a $25 penalty.

Yi technology Corp. owed Qualcomm Co. $9,218 and journalized this transaction accordingly. While Yi technology Corp. intended to write a check for that amount but was incorrectly written for $9,812.

On 12/30/2013 Yi technology received a check for $10,480 from a customer. This check was not recorded by the bank until 1/1/14.

On 12/31/2013 Yi technology received a check for $75,720 from a customer. This check was not recorded by the bank nor by Yi technology Corp. until 1/1/14.

On 12/31/2013 Yi technology Corp. sent the following checks for deposit:

#40 $13,476

#41 $12,342

#42 $5,849

These checks were received by the bank on 1/5/2013

Complete the cash reconciliation in table below

	Adjustments	Amounts($)
Balance per bank		$203,541
Actual cash balance 12/31/2013
Balance per Yi technology Corp.’s Books		$250,419
Actual Cash Balance 12/31/2013

Answer 1

	Adjustments	Amounts ($)
Balance per Bank		203541
Check in Transit	Add	10480
Check received not recorded yet	Add	75720
Check in Transit	Add	13476
Check in Transit	Add	12342
Check in Transit	Add	5849
Actual Cash Balance 12/31/2013		321408
Balance per Yi technology Corp Books		250419
Xiaomi Co check #10 Bounce	Less	-5300
Bank charge Penalty	Less	-25
Amount incorrectly write (9812 – 9218)	Add	594
Check received not recorded yet	Add	75720
Actual Cash Balance 12/31/2013		321408