Question

John Snow’s chequebook lists the following: Date Cheque # Item Cheque Deposit Balance Nov 1 $505...

John Snow’s chequebook lists the following:

Date

Cheque #

Item

Cheque

Deposit

Balance

Nov

1

$505

4

622

Horizon Utility

$39

466

9

Dividends

$116

582

13

623

Canadian Tire

43

539

14

624

Petro-Canada

58

481

18

625

Cash

50

431

26

626

Faith of the Seven Church

25

406

28

627

Affordable Housing

275

131

30

Paycheque

746

877

The November bank statement shows:

Balance

$505

Add deposits

116

Deduct cheques

  1.            Amount

622               $39

623                43

624                85

625                50

Other charges:

NSF cheque

$8

Service charge

12

Balance

$384

1. Prepare John Snow’s bank reconciliation at November 30th.

Homework Answers

Answer #1
Bank Reconciliation - John Snow
November
Particulars Amount ($)
Balance as per bank statement $384
Add: Deposit in transit, not recorded by bank $746
Less: Outstanding cheque:
Cheque 627 -$275
Cheque 626 -$25
Total outstanding cheques -$300
Bank Error - Cheque 624 ($85 - $58) $27
Adjusted balance as per company's records $857
Balance according to the company's records $877
Less: NSF Charges -$8
Less : Service charges charged by bank -$12
Corrected amount to be recorded in company's records $857
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