The bank portion of the bank reconciliation for Horsman Company at October 31, 2012, is shown here and on the next page.
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| Cash balance per bank | $12,367.90 | |
| Add: Deposits in transit | 1,530.20 | |
| 13,898.10 | ||
| Less: Outstanding checks | ||
|
| Check Number | Check Amount |
| 2451 | $1,260.40 | |
| 2470 | 684.2 | |
| 2471 | 844.5 | |
| 2472 | 426.8 | |
| 2474 | 1,050.00 | |
| Adjusted cash balance per bank | 4,265.90 | |
| $9,632.20 | ||
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 | Deposits | |||
| Date | Number | Amount | Date | Amount |
| 1-Nov | 2470 | $684.20 | 1-Nov | $1,530.20 |
| 2-Nov | 2471 | 844.5 | 4-Nov | 1,211.60 |
| 5-Nov | 2474 | 1,050.00 | 8-Nov | 990.1 |
| 4-Nov | 2475 | 1,640.70 | 13-Nov | 2,575.00 |
| 8-Nov | 2476 | 2,830.00 | 18-Nov | 1,472.70 |
| 10-Nov | 2477 | 600 | 21-Nov | 2,945.00 |
| 15-Nov | 2479 | 1,750.00 | 25-Nov | 2,567.30 |
| 18-Nov | 2480 | 1,330.00 | 28-Nov | 1,650.00 |
| 27-Nov | 2481 | 695.4 | 30-Nov | 1,186.00 |
| 30-Nov | 2483 | 575.5 | Total | $16,127.90 |
| 29-Nov | 2486 | 940 | ||
| Total | $12,940.30 | |||
The cash records per books for November showed the following.
| Cash Payments Journal | Cash Receipts | |||||||
| Date | Number | Amount | Date | Number | Amount | Date | Amount | |
| 1-Nov | 2475 | $1,640.70 | 20-Nov | 2483.00 | $575.50 | 3-Nov | $1,211.60 | |
| 2-Nov | 2476 | 2,830.00 | 22-Nov | 2484.00 | 829.50 | 7-Nov | 990.1 | |
| 2-Nov | 2477 | 600.00 | 23-Nov | 2485.00 | 974.8 | 12-Nov | 2,575.00 | |
| 4-Nov | 2478 | 538.20 | 24-Nov | 2486.00 | 940.00 | 17-Nov | 1,472.70 | |
| 8-Nov | 2479 | 1,705.00 | 29-Nov | 2487.00 | 398.00 | 20-Nov | 2,954.00 | |
| 10-Nov | 2480 | 1,330.00 | 30-Nov | 2488.00 | 800.00 | 24-Nov | 2,567.30 | |
| 15-Nov | 2481 | 695.40 | Total | $14469.1 | 27-Nov | 1,650.00 | ||
| 18-Nov | 2482 | 612.00 | 29-Nov | 1,186.00 | ||||
| 30-Nov | 1,304.00 | |||||||
| Total | $15,910.70 | |||||||
The bank statement contained two bank memoranda:
1. A credit of $2,242 for the collection of a $2,100 note for Horsman Company plus interest of $157 and less a collection fee of $15. Horsman Company has not accrued any interest on the note.
2. A debit for the printing of additional company checks $85. At November 30, the cash balance per books was $11,073.80 and the cash balance per bank statement was $17,712.50. The bank did not make any errors, but Horsman
Company made two errors.
Instructions
(a) Using the four steps in the reconciliation procedure described on pages 354–355, prepare a bank reconciliation at November 30, 2012.
(b) Prepare the adjusting entries based on the reconciliation. (Note:The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.)
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