I\'ve been out of class due to a surgery and one lesson got missed in my absence
ID: 2379312 • Letter: I
Question
I've been out of class due to a surgery and one lesson got missed in my absence; which I need to quickly read on and make up in this chapter. Making certain I have done this correctly, please assist? Thank you!
Maddie Padton of Padton Interiors received her December bank statement on January 4, 2002. It showed a $1,684.34 balance. Her checkbook showed a $1,478.64 balance. The following transactions occurred; $2.50 check processing fee (25 checks at $10.00 each), a $161.86 automatic withdrawal to Peoples Gas, $3.00 teller, $20.00 overdraft, $7.50 ATM fee, $20.00 stop payment order, $.75 interest, $1,630.00 IRS refund check made to bank, $3.00 service fee, $5.00 check redeposit fee, and $4.50 for check printing. A $1,616.00 deposit is not shown on the bank statement. The following checks were outstanding: No 102 for $280.11; No 103 for $56.94; No 105 for $28.16; and No 106 for $53.10. Prepare the bank reconciliation for Padton Industries. Prepare adjusting entries.
Explanation / Answer
Company Padton
Bank Reconciliation
Jan4, 2002
Balance as per Jan 4, 2002 1684.34
Add: Deposit in Transit 1616.00
Less: Outstanding Checks:
No. 102 $280.11
No. 103 56.94
No. 105 28.16
No. 106 53.10
Adjusted Bank Balance 2882.03
Balance as per Books, Jan 2 1478.64
Add:
Interest Income from Bank .69
??IRS Refund Check 1630 ???
Less:
Bank Service Fees: 250 (IT SAID IN THE PARTHENSES 25 checks 10 bucks each so it should be 250 not 2.50?)
Witdrawl: 161.86
Teller: 3
Overdraft: 20
Atm: 7.50
Service: 3
Re-despos: 5
Check print 3:50
Adjusted Book Balance 2655.47
So I'm pretty confident about my adjusted bank balance however I am uncertain about the book balance althought it appears to be correct. Im assuming all of the extra fees i listed would be added up and put under Bank service fees. iM WASNT SURE ABOUT THE IRS check either but im pretty sure you add it. GOOD LUCK! :)
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