Problem $7-5$B

CHECK FIGURE: Adjusted book balance $=$ $$2,837\mathrm{.}06$

Mae Telford, the controller of the Baylor Company, provided the following information:

Baylor Company

Bank Reconciliation

October $31,2017$

Bank statement balance $$19,687\mathrm{.}60$ Book balance $$45,548\mathrm{.}66$

Add:

Deposit of Oct. $31$ in transit $4,280\mathrm{.}45$

$$23,968\mathrm{.}05$

Deduct: Deduct:

Outstanding cheques: NSF cheque plus service charge $25,140\mathrm{.}95$

#$537725\mathrm{.}00$ Bank service charges $130\mathrm{.}00$

#$5422,965\mathrm{.}3425,270\mathrm{.}95$

$3,690\mathrm{.}34$

Adjusted bank balance $20,277\mathrm{.}71$ Adjusted book balance $$20,277\mathrm{.}71$

The Cash account in the general ledger appeared as follows on November $30($Baylor Company uses a general journal to record transactions$)$:

Cash Acct. No$.101$

Date Explanation PR Debit Credit Balance

Oct. $31,2017$ Balance $20,277\mathrm{.}71$

Nov. $1,2017$ Cheque #$543$ GJ$56,505\mathrm{.}1213,772\mathrm{.}59$

Nov. $1,2017$ Cheque #$544$ GJ$5854\mathrm{.}7112,917\mathrm{.}88$

Nov. $1,2017$ Cheque #$545$ GJ$51,156\mathrm{.}9411,760\mathrm{.}94$

Nov. $1,2017$ Cheque #$546$ GJ$52,564\mathrm{.}249,196\mathrm{.}70$

Nov. $1,2017$ Cheque #$547$ GJ$51,345\mathrm{.}687,851\mathrm{.}02$

Nov. $1,2017$ Cheque #$548$ GJ$656\mathrm{.}457,794\mathrm{.}57$

Nov. $1,2017$ Cheque #$549$ GJ$6564\mathrm{.}237,230\mathrm{.}34$

Nov. $9,2017$ Deposit GJ$61,548\mathrm{.}978,779\mathrm{.}31$

Nov. $9,2017$ Cheque #$550$ GJ$63,457\mathrm{.}155,322\mathrm{.}16$

Nov. $9,2017$ Cheque #$551$ GJ$6985\mathrm{.}644,336\mathrm{.}52$

Nov. $18,2017$ Deposit GJ$65,649\mathrm{.}859,986\mathrm{.}37$

Nov. $20,2017$ Cheque #$552$ GJ$65,556\mathrm{.}714,429\mathrm{.}66$

Nov. $27,2017$ Cheque #$553$ GJ$6964\mathrm{.}253,465\mathrm{.}41$

Nov. $29,2017$ Deposit GJ$61,250\mathrm{.}654,716\mathrm{.}06$

The following bank statement is available for November $2017$:

Bank Statement

To: Baylor Company November $30,2017$

Bank of Canada

Cheques $/$ Charges Deposits $/$ Credits Balance

$19,687\mathrm{.}60$

#$54311/026,505\mathrm{.}1213,182\mathrm{.}48$

#$54911/01564\mathrm{.}2311/014,280\mathrm{.}4516,898\mathrm{.}70$

#$53711/07725\mathrm{.}0016,173\mathrm{.}70$

#$55111/09985\mathrm{.}6411/091,584\mathrm{.}9716,773\mathrm{.}03$

#$54211/122,965\mathrm{.}3413,807\mathrm{.}69$

#$54411/14854\mathrm{.}7112,952\mathrm{.}98$

#$54711/183,145\mathrm{.}6811/185,649\mathrm{.}8515,457\mathrm{.}15$

#$54511/201,156\mathrm{.}9414,300\mathrm{.}21$

#$54611/292,564\mathrm{.}2411,735\mathrm{.}97$

SC $11/30115\mathrm{.}0011,620\mathrm{.}97$

NSF $=$ Non Sufficient Funds SC $=$ Service Charge PMT $=$ Principal Payment INT $=$ Interest

REQUIRED:

$"(1)$

$"$ Prepare a bank reconciliation for Baylor Company for the month of November $2017.$ Assume that any errors made were by the bookkeeper $($cheque #$547$ was for advertising expense; the deposit of November $9$ was regarding a credit customer, Val Pacino$).$

$(2)$ Prepare the necessary entries resulting from the bank reconciliation.

$(3)$ Answer the following analysis component: You have been employed with Baylor Company since November $1,2017,$ and part of your job is writing and recording cheques as well as preparing the bank reconciliation. In reviewing the cheques returned by the bank, you notice that the payee on cheque #$543$ is the employee you recently replaced. You investigate further and find that the journal entry recording cheque #$543$ debited Office Supplies Expense. What should you do$?$ Problem $7-5$B

REQUIRED, PART $1$:

Prepare a bank reconciliation for Baylor Company for the month of November $2017.$ Assume that any errors made were by the bookkeeper $($cheque #$547$ was for advertising expense; the deposit of November $9$ was regarding a credit customer, Val Pacino$).$ Problem $7-5$B

CHECK FIGURE: Adjusted book balance $=$ $$2,837\mathrm{.}06$

Mae Telford, the controller of the Baylor Company, provided the following information:

Baylor Company

Bank Reconciliation

October $31,2017$

Bank statement balance $$19,687\mathrm{.}60$ Book balance $$45,548\mathrm{.}66$

Add:

Deposit of Oct. $31$ in transit $4,280\mathrm{.}45$

$$23,968\mathrm{.}05$

Deduct: Deduct:

Outstanding cheques: NSF cheque plus service charge $25,140\mathrm{.}95$

#$537725\mathrm{.}00$ Bank service charges $130\mathrm{.}00$

#$5422,965\mathrm{.}3425,270\mathrm{.}95$

$3,690\mathrm{.}34$

Adjusted bank balance $20,277\mathrm{.}71$ Adjusted book balance $$20,277\mathrm{.}71$

The Cash account in the general ledger appeared as follows on November $30($Baylor Company uses a general journal to record transactions$)$:

Cash Acct. No$.101$

Date Explanation PR Debit Credit Balance

Oct. $31,2017$ Balance $20,277\mathrm{.}71$

Nov. $1,2017$ Cheque #$543$ GJ$56,505\mathrm{.}1213,772\mathrm{.}59$

Nov. $1,2017$ Cheque #$544$ GJ$5854\mathrm{.}7112,917\mathrm{.}88$

Nov. $1,2017$ Cheque #$545$ GJ$51,156\mathrm{.}9411,760\mathrm{.}94$

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