The bank portion of the bank reconciliation for Goulet Company at October 31, 2014, was as follows.

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The bank portion of the bank reconciliation for Goulet Company at October 31, 2014, was as follows.

The bank portion of the bank reconciliation for Goulet Company

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 bank portion of the bank reconciliation for Goulet Company

The cash records per books for November showed the following.

The bank portion of the bank reconciliation for Goulet Company

The bank statement contained two bank memoranda:
1. A credit of $1,375 for the collection of a $1,300 note for Goulet Company plus interest of $91 and less a collection fee of $16. Goulet Company has not accrued any interest on the note.
2. A debit for the printing of additional company checks $35.
At November 30, the cash balance per books was $5,969, and the cash balance per the bank statement was $9,100. The bank did not make any errors, but two errors were made by Goulet Company.

Instructions
(a) Using the four steps in the reconciliation procedure described on pages, prepare a bank reconciliation at November 30.
(b) Prepare the adjusting entries based on the reconciliation.

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Related Book For  book-img-for-question

Financial and managerial accounting

ISBN: 978-1118016114

1st edition

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

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