The bank portion of the bank reconciliation for Chapin Company at October 31, 2010, was as follows.

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The bank portion of the bank reconciliation for Chapin Company at October 31, 2010, was as follows.

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The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank statement showed the following checks and deposits:

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The cash records per books for November showed the following.

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The bank statement contained two bank memoranda:1. A credit of $1,375 for the collection of a $1,300 note for Chapin Company plus interest of $91 and less a collection fee of $16. Chapin Company has not accrued any interest on the note.2. A debit for the printing of additional company checks $34.At November 30, the cash balance per books was $5,958, and the cash balance per the bank statement was $9,100. The bank did not make any errors, but two errors were made by Chapin Company.Instructions(a) Using the four steps in the reconciliation procedure described on page 368, prepare a bank reconciliation at November 30.(b) Prepare the adjusting entries based on thereconciliation.

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Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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