Description
The bank portion of the bank reconciliation for LaRoche Company
Problem 7-4A (Part Level Submission)
The bank portion of the bank reconciliation for LaRoche Company at October 31, 2014, is shown below.
LAROCHE COMPANY Bank Reconciliation October 31, 2014 |
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Cash balance per bank | $12,566.48 | |
Add: Deposits in transit | 1,530.20 | |
Less: Outstanding checks | 14,096.68 | |
Check Number | Check Amount | |
2451 | $ 1,260.40 | |
2470 | 684.20 | |
2471 | 844.50 | |
2472 | 434.61 | |
2474 | 1,050.00 | 4,273.71 |
Adjusted cash balance per bank | $9,822.97 |
The adjusted cash balance per bank agreed with the cash 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 |
11-1 | 2470 | $ 684.20 | 11-1 | $ 1,530.20 |
11-2 | 2471 | 844.50 | 11-4 | 1,211.60 |
11-5 | 2474 | 1,050.00 | 11-8 | 990.10 |
11-4 | 2475 | 1,640.70 | 11-13 | 2,575.00 |
11-8 | 2476 | 2,830.00 | 11-18 | 1,472.70 |
11-10 | 2477 | 600.00 | 11-21 | 2,945.00 |
11-15 | 2479 | 1,750.00 | 11-25 | 2,567.30 |
11-18 | 2480 | 1,330.00 | 11-28 | 1,650.00 |
11-27 | 2481 | 695.40 | 11-30 | 1,186.00 |
11-30 | 2483 | 575.50 | Total | 16,127.90 |
11-29 | 2486 | 940.00 | ||
Total | $12,940.30 |
The cash records per books for November showed the following.
Cash Payments Journal | Cash Receipts Journal | ||||||
Date | Number | Amount | Date | Number | Amount | Date | Amount |
11-1 | 2475 | $1,640.70 | 11-20 | 2483 | $ 575.50 | 11-3 | $ 1,211.60 |
11-2 | 2476 | 2,830.00 | 11-22 | 2484 | 821.69 | 11-7 | 990.10 |
11-2 | 2477 | 600.00 | 11-23 | 2485 | 974.80 | 11-12 | 2,575.00 |
11-4 | 2478 | 538.20 | 11-24 | 2486 | 940.00 | 11-17 | 1,472.70 |
11-8 | 2479 | 1,705.00 | 11-29 | 2487 | 398.00 | 11-20 | 2,954.00 |
11-10 | 2480 | 1,330.00 | 11-30 | 2488 | 800.00 | 11-24 | 2,567.30 |
11-15 | 2481 | 695.40 | Total | $14,461.29 | 11-27 | 1,650.00 | |
11-18 | 2482 | 612.00 | 11-29 | 1,186.00 | |||
11-30 | 1,502.58 | ||||||
Total | $16,109.28 |
The bank statement contained two bank memoranda:
1. | A credit of $2,360.11 for the collection of a $2,218.11 note for LaRoche Company plus interest of $157.00 and less a collection fee of $15.00. LaRoche Company has not accrued any interest on the note. |
2. | A debit for the printing of additional company checks $92.81. |
At November 30, the cash balance per books was $11,470.96 and the cash balance per bank statement was $18,021.38. The bank did not make any errors, but LaRoche Company made two errors.
a) Bank reconcilation
b) Necessary adjusting entries
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