The bank portion of the bank reconciliation for Phillips Company at October 31, 2014, was as follows.
Question:
2014, was as follows.
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 $2,375 for the collection of a $2,300 note for Phillips Company plus interest of $91 and less a collection fee of $16. Phillips Company has not accrued any interest on the note.
2. A debit for the printing of additional company checks $34.
At November 30, the cash balance per books was $5,958, and the cash balance per the bank statement was $9,100. The bank did not make any errors, but two errors were made by Phillips Company.
Instructions
(a) Using the four steps in the reconciliation procedure described on pages 398399, prepare a bank reconciliation at November 30.
(b) Prepare the adjusting entries based on thereconciliation.
Step by Step Answer:
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso