1 answer

Hlassa Problem 3 (30 points) Mchammed The Controller of Trent & Co. asks you to pre...

Question:

Hlassa Problem 3 (30 points) Mchammed The Controller of Trent & Co. asks you to pre 10/31/2019 using the following informatio
Hlassa Problem 3 (30 points) Mchammed The Controller of Trent & Co. asks you to pre 10/31/2019 using the following information: of Trent & Co. asks you to prepare a bank reconciliation at Balance per the bank's statement at 10/31/ Company book cash balance at 10/31/2019: $106,300 itement at 10/31/2019: $110,000 Amount deposited at the close of business on 10/31 which was recorded by the bank on 11/1: $10,000 A customer sent $15,000 directly to the bank that had not yet been recorded in the company's cash balance The following checks were sent out by the accounting department and have not yet cleared the bank: #262 $1,000, #265 $1,500, #267 $2,300 The bank statement shows a monthly service fee of $400 that has not been recorded in the company's cash balance The company recorded cash received from a customer of $5,200 when the actual amount received and deposited in the bank was $2,500. The company recorded cash received from a customer of $3,000, but the check bounced and the bank reduced the statement balance by the same amount. Prepare the bank reconciliation What is the company's correct cash balance at 10/31/2019?

Answers

Bank Reconciliation

Bank

Books

Balance, October 31

110,000

Balance, October 31

106,300

Add:

Add:

Deposit in transit

10,000

Bank collection of receivables

15,000
120,000 121,300

Less:

Less:

Outstanding checks

NSF check

- 3,000

Check 262 - 1,000

Bank service fee

- 400

Check 265 - 1,500

Correction of book error

- 2,700

Check 267 - 2,300

Adjusted bank balance

$115,200

Adjusted book balance

$115,200

Correct cash balance on 10/31/19 = $115,200

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