1 answer

Ivanhoe Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May...

Question:

Ivanhoe Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company’s Cash account per its general ledger showed a balance of $6,803.90.

The bank statement from Emporia State Bank on that date showed the following balance.

EMPORIA STATE BANK

Checks and Debits

Deposits and Credits

Daily Balance

XXX XXX 5-31 7,033.00

A comparison of the details on the bank statement with the details in the Cash account revealed the following facts.

1. The statement included a debit memo of $53.00 for the printing of additional company checks.
2. Cash sales of $896.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $946.15. The bank credited Ivanhoe Company for the correct amount.
3. Outstanding checks at May 31 totaled $267.25, and deposits in transit were $1,893.15.
4. On May 18, the company issued check No. 1181 for $686.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Ivanhoe Company for $668.00.
5. $2,768.00 was collected from a customer note receivable by the bank for Ivanhoe Company on May 31 through electronic funds transfer.
6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $347.00 that was incorrectly charged to Ivanhoe Company by the bank.
7. On May 31, the bank statement showed an NSF charge of $445.00 for a check issued by Sara Ballard, a customer, to Ivanhoe Company on account.

(a)

Partially correct answer iconYour answer is partially correct.

Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 5,275. 50.)

IVANHOE COMPANY
Bank Reconciliation
choose the accounting period                                                                      For the Month Ended May 31, 2022For the Year Ended May 31, 2022May 31, 2022

select an opening name for section one                                                                      Electronic funds transfer receivedBank errorCash balance per bank statementAdjusted cash balance per bankError in recording checkError in depositNSF checkCheck printing chargeDeposits in transitOutstanding checks

$enter a dollar amount

select between addition and deduction                                                                      AddLess:

select a reconciling item                                                                      Deposits in transitCheck printing chargeAdjusted cash balance per bankOutstanding checksCash balance per bank statementElectronic funds transfer receivedError in depositNSF checkError in recording checkBank error

$enter a dollar amount

select a reconciling item                                                                      NSF checkError in recording checkCheck printing chargeOutstanding checksError in depositCash balance per bank statementAdjusted cash balance per bankDeposits in transitBank errorElectronic funds transfer received

enter a dollar amount

enter a subtotal of the two previous amounts

enter a subtotal of the two previous amounts

select between addition and deduction                                                                      AddLess:

select a reconciling item                                                                      NSF checkDeposits in transitElectronic funds transfer receivedCash balance per bank statementError in recording checkOutstanding checksAdjusted cash balance per bankCheck printing chargeBank errorError in deposit

enter a dollar amount

select a closing name for section one                                                                      NSF checkDeposits in transitAdjusted cash balance per bankCash balance per bank statementCheck printing chargeError in recording checkBank errorElectronic funds transfer receivedError in depositOutstanding checks

$enter a total amount for for the first section

  
  

select an opening name for section two                                                                      Check printing chargeError in recording checkBank errorError in depositAdjusted cash balance per booksNSF checkElectronic funds transfer receivedDeposits in transitCash balance per booksOutstanding checks

$enter a dollar amount

select between addition and deduction                                                                      AddLess:

select a reconciling item                                                                      Check printing chargeNSF checkCash balance per booksError in recording checkError in depositOutstanding checksAdjusted cash balance per booksElectronic funds transfer receivedDeposits in transitBank error

enter a dollar amount

enter a subtotal of the two previous amounts

select between addition and deduction                                                                      AddLess:

select a reconciling item                                                                      Error in depositCash balance per booksError in recording checkElectronic funds transfer receivedBank errorDeposits in transitAdjusted cash balance per booksNSF checkOutstanding checksCheck printing charge

$enter a dollar amount

select a reconciling item                                                                      Adjusted cash balance per booksElectronic funds transfer receivedCheck printing chargeCash balance per booksOutstanding checksBank errorNSF checkError in recording checkDeposits in transitError in deposit

enter a dollar amount

select a reconciling item                                                                      NSF checkElectronic funds transfer receivedCash balance per booksOutstanding checksError in depositAdjusted cash balance per booksError in recording checkBank errorCheck printing chargeDeposits in transit

enter a dollar amount

select a reconciling item                                                                      Deposits in transitOutstanding checksBank errorNSF checkError in depositError in recording checkElectronic funds transfer receivedCash balance per booksAdjusted cash balance per booksCheck printing charge

enter a dollar amount

enter a subtotal of the four previous amounts

select a closing name for section two                                                                      NSF checkAdjusted cash balance per booksCheck printing chargeCash balance per booksError in depositElectronic funds transfer receivedDeposits in transitError in recording checkBank errorOutstanding checks

$enter a total amount for the second section


Answers

IVANHOE COMPANY
Bank reconciliation
May 31,2022
Cash balance per Bank statement 7033.00
Add:
Deposits in transit 1893.15
Bank error 347.00
2240.15
9273.15
Less: Outstanding checks 267.25
Adjusted cash balance per bank 9005.90
Cash balance per books 6803.90
Add: Electronic funds transfer received 2768.00
9571.90
Less:
Check printing charge 53.00
Error in recording check 18.00
Error in deposit 50.00
NSF check 445.00
566.00
Adjusted Cash balance per books 9005.90
.

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