Problem 7-05A a-b (Part Level Submission) (Video)

The bank portion of the bank reconciliation for Pharoah Company at October 31, 2020, is shown below.

Pharoah Company Bank Reconciliation October 31, 2020
Cash balance per bank				$12,527.90
Add: Deposits in transit				1,510.20
				14,038.10
Less: Outstanding checks
Check Number		Check Amount
2451		$ 1,340.40
2470		784.20
2471		644.50
2472		326.80
2474		1,170.00		4,265.90
Adjusted cash balance per bank				$9,772.20

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 and Debits						Deposits and Credits
Date		Number		Amount		Date		Amount
11-1		2470		$ 784.20		11-1		$ 1,510.20
11-2		2471		644.50		11-4		1,291.60
11-5		2474		1,170.00		11-8		1,010.10
11-4		2475		1,580.70		11-13		2,535.00
11-8		2476		2,800.00		11-18		1,372.70
11-10		2477		600.00		11-19 EFT		2,292.00
11-15		2479		1,890.00		11-21		2,845.00
11-18		2480		1,510.00		11-25		2,527.30
11-27		2481		855.40		11-28		1,690.00
11-28		SC		75.00		11-30		1,206.00
11-30		2483		475.50		Total		18,279.90
11-29		2486		960.00
		Total		$13,345.30

The cash records per books for November showed the following.

Cash Payments												Cash Receipts
Date		Number		Amount		Date		Number		Amount		Date		Amount
11-1		2475		$1,580.70		11-20		2483		$ 475.50		11-3		$ 1,291.60
11-2		2476		2,800.00		11-22		2484		869.50		11-7		1,010.10
11-2		2477		600.00		11-23		2485		1,024.80		11-12		2,535.00
11-4		2478		578.20		11-24		2486		960.00		11-17		1,372.70
11-8		2479		1,845.00		11-29		2487		448.00		11-20		2,854.00
11-10		2480		1,510.00		11-30		2488		800.00		11-24		2,527.30
11-15		2481		855.40		Total				$14,909.10		11-27		1,690.00
11-18		2482		562.00								11-29		1,206.00
												11-30		1,424.00
												Total		$15,910.70

The bank statement contained two bank memoranda:

1.		A credit of $2,292.00 for the collection for Pharoah Company of an electronic funds transfer.
2.		A debit for the printing of additional company checks $75.00.

At November 30, the cash balance per books was $10,773.80 and the cash balance per bank statement was $17,462.50. The bank did not make any errors, but Pharoah Company made two errors.

(a) Using the steps in the reconciliation procedure, prepare a bank reconciliation at November 30, 2020. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 52.75.)