P8.5 (LO 3), AP The bank portion of the bank reconciliation for Langer Company at November 30, 2022, was as follows. Cash balance per bank Add: Deposits in transit Date 12-1 12-2 Less: Outstanding checks 12-2 12-4 12-8 12-10 12-17 3451 3470 3471 3472 3474 Adjusted cash balance per bank Date 12-1 12-2 12-7 12-4 12.8 12-8 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits. 12.10 12-10 12.15 12-15 12.27 12-27 12-30 12-29 12-31 Number 3475 3476 3477 3478 Check Number 3479 3480 3481 Checks Number 3451 3471 3472 3475 2476 3476 a. Adjusted balance per books $16,043.20 רו 3477 Langer Company Bank Reconciliation. November 30, 2022 1430 3479 2490 3480 3482 3483 3485 Total Check Amount $2,260.40 720.10 844.50 1,426.80 1,050.00 The cash records per books for December showed the following. Bank Statement Amount $ 2,260.40 844.50 1,426.80 1,640.70 1,300.00 2,130.00 3.080.00 3,080.00 600.00 600.00 475.50 1,140.00 540.80 $15,438.70 Cash Payments Journal Amount Date Number $1,640.70 12-20 3482 12-22 1,300.00 2,130.00 12-23 621.30 12-24 3,080.00 12-30 600.00 Total 807.40 3483 3484 3485 3486 8-46 CHAPTER 8 Fraud, Internal Control, and Cash Date 12-1 12-4 12-8 12-16 12-21 12-26 12-29 12-30 Total Amount $ 475.50 1,140.00 $14,367.90 2,530.20 16,898.10. 798.00 450.80 889.50 $13,933.20 6.301.80 $10,596.30 Deposits Amount $2,530.20 1,211.60 2,365.10 2,672.70 2,945.00 2,567.30 2,836.00 1,025.00 $18,152.90 Cash Receipts Journal Date 12-3 12-7 12-15 12-20 12-25 12-25 12-28 12-30 12-31 Total The bank statement contained two memoranda: 1. A credit of $2,242 for the collection of Langer Company of an electronic funds transfer. 2. A debit for the printing of additional company checks $85. Amount $1,211.60 2,365.10 2,672.70 2,954.00 2.567.30 2,836.00 1,025.00 1,690.40 $17,322.10 Prepare a bank reconciliation adjusting entries from detaile At December 31, the cash balance per books was $13,985.20, and the cash balance per the bank statemen was $19,239.10. The bank did not make any errors, but Langer Company made two errors. Instructions a. Prepare a bank reconciliation at December 31, 2022. b. Prepare the adjusting entries based on the reconciliation. (Hint: The correction of any errors pertain ing to recording checks should be made to Accounts Payable. The correction of any errors relating t recording cash receipts should be made to Accounts Receivable.)
P8.5 (LO 3), AP The bank portion of the bank reconciliation for Langer Company at November 30, 2022, was as follows. Cash balance per bank Add: Deposits in transit Date 12-1 12-2 Less: Outstanding checks 12-2 12-4 12-8 12-10 12-17 3451 3470 3471 3472 3474 Adjusted cash balance per bank Date 12-1 12-2 12-7 12-4 12.8 12-8 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits. 12.10 12-10 12.15 12-15 12.27 12-27 12-30 12-29 12-31 Number 3475 3476 3477 3478 Check Number 3479 3480 3481 Checks Number 3451 3471 3472 3475 2476 3476 a. Adjusted balance per books $16,043.20 רו 3477 Langer Company Bank Reconciliation. November 30, 2022 1430 3479 2490 3480 3482 3483 3485 Total Check Amount $2,260.40 720.10 844.50 1,426.80 1,050.00 The cash records per books for December showed the following. Bank Statement Amount $ 2,260.40 844.50 1,426.80 1,640.70 1,300.00 2,130.00 3.080.00 3,080.00 600.00 600.00 475.50 1,140.00 540.80 $15,438.70 Cash Payments Journal Amount Date Number $1,640.70 12-20 3482 12-22 1,300.00 2,130.00 12-23 621.30 12-24 3,080.00 12-30 600.00 Total 807.40 3483 3484 3485 3486 8-46 CHAPTER 8 Fraud, Internal Control, and Cash Date 12-1 12-4 12-8 12-16 12-21 12-26 12-29 12-30 Total Amount $ 475.50 1,140.00 $14,367.90 2,530.20 16,898.10. 798.00 450.80 889.50 $13,933.20 6.301.80 $10,596.30 Deposits Amount $2,530.20 1,211.60 2,365.10 2,672.70 2,945.00 2,567.30 2,836.00 1,025.00 $18,152.90 Cash Receipts Journal Date 12-3 12-7 12-15 12-20 12-25 12-25 12-28 12-30 12-31 Total The bank statement contained two memoranda: 1. A credit of $2,242 for the collection of Langer Company of an electronic funds transfer. 2. A debit for the printing of additional company checks $85. Amount $1,211.60 2,365.10 2,672.70 2,954.00 2.567.30 2,836.00 1,025.00 1,690.40 $17,322.10 Prepare a bank reconciliation adjusting entries from detaile At December 31, the cash balance per books was $13,985.20, and the cash balance per the bank statemen was $19,239.10. The bank did not make any errors, but Langer Company made two errors. Instructions a. Prepare a bank reconciliation at December 31, 2022. b. Prepare the adjusting entries based on the reconciliation. (Hint: The correction of any errors pertain ing to recording checks should be made to Accounts Payable. The correction of any errors relating t recording cash receipts should be made to Accounts Receivable.)
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.4E
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