Practice Problem Set 1 (Part Level Submission)

The bank portion of the bank reconciliation for Ivanhoe Company at October 31, 2017, is as follows.

IVANHOE COMPANY

Bank Reconciliation

October 31, 2017

Cash balance per bank$12,607.90

Add: Deposits in transit1,530.20

14,138.10

Less: Outstanding checksCheck Number

Check Amount

2451$1,260.40

2470684.20

2471844.50

2472432.15

24741,050.00

4,271.25

Adjusted cash balance per bank$9,866.85

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.

Bank Statement

Checks

Deposits

Date

Number

Amount

Date

Amount

11-12470$684.2011-1$1,530.2011-22471844.5011-41,211.6011-524741,050.0011-8990.1011-424751,640.7011-132,575.0011-824762,830.0011-181,472.7011-102477600.0011-212,945.0011-1524791,750.0011-252,567.3011-1824801,330.0011-281,650.0011-272481695.4011-301,186.00

11-302483575.50Total16,127.90

11-292486940.00

Total$12,940.30

The cash records per books for November showed the following.

Cash Payments Journal

Cash Receipts Journal

Date

Number

Amount

Date

Number

Amount

Date

Amount

11-12475$1,640.7011-202483$575.50 11-3$1,211.6011-224762,830.0011-222484824.15 11-7990.1011-22477600.0011-232485974.80 11-122,575.0011-42478538.2011-242486940.00 11-171,472.7011-824791,705.0011-292487398.00 11-202,954.0011-1024801,330.0011-302488800.00

11-242,567.3011-152481695.40Total$14,463.75

11-271,650.0011-182482612.00 11-291,186.00 11-301,544.00

Total$16,150.70

The bank statement contained two bank memoranda:

1.A credit of $2,412.00 for the collection for Ivanhoe Company of an electronic funds transfer.2.A debit for the printing of additional company checks $90.35.

At November 30, the cash balance per books was $11,553.80and the cash balance per bank statement was $18,117.15. The bank did not make any errors, but Ivanhoe Company made two errors.