The bank portion of the bank reconciliation for Bogalusa Company at October 31, 2022, is shown below. 

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. 

The cash records per books for November showed the following. 

The bank statement contained two bank memoranda: 

1. A credit of $2,242 for the collection from a customer for Bogalusa Company of an electronic funds transfer. 

2. A debit for the printing of additional company checks $85. 

At November 30, the cash balance per books was $11,073.80 and the cash balance per bank statement was $17,712.50. The bank did not make any errors, but Bogalusa Company made two errors. 

Instructions 

a. Using the steps in the reconciliation procedure described in the chapter, prepare a bank reconciliation at November 30, 2022. 

b. Prepare the adjusting entries based on the reconciliation.

Transcribed Image Text:

Bogalusa Company Bank Reconciliation October 31, 2022 Cash balance per bank Add: Deposits in transit $12,367.90 1,530.20 13,898.10 Less: Outstanding checks Check Amount Check Number $1,260.40 2451 2470 684.20 2471 844.50 2472 426.80 2474 1,050.00 4,265.90 Adjusted cash balance per bank $9,632.20 Bank Statement Checks and Debits Deposits and Credits Date Number Amount Date Amount $ 684.20 11-1 $ 1,530.20 11-1 2470 11-2 2471 844.50 11-4 1,211.60 11-5 2474 1,050.00 11-8 990.10 11-4 2475 1,640.70 11-13 2,575.00 11-8 2476 2,830.00 11-18 1,472.70 11-10 2477 600.00 11-19 EFT 2,242.00 11-15 2479 1,750.00 11-21 2,945.00 11-18 2480 1,330.00 11-25 2,567.30 11-27 2481 695.40 11-28 1,650.00 11-28 SC 85.00 11-30 1,186.00 $18,369.90 11-30 2483 575.50 Total 11-29 2486 940.00 Total $13,025.30