The bank portion of the bank reconciliation for Rintala Company at November 30,

Question

The bank portion of the bank reconciliation for Rintala Company at November 30, 2014, was as follows.

Rintala Company
Bank Reconciliation
November 30, 2014

$14,849.34

2,530.20

17,379.54

Check Number

Check Amount

$ 2,260.40

720.10

844.50

1,426.80

1,057.91

6,309.71

$11,069.83

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.

Bank Statement

Checks

Deposits

Date

Number

Amount

Date

Amount

1,025.00

18,152.90

530.80

$15,428.70

The cash records per books for December showed the following.

Cash Payments Journal

Cash Receipts Journal

Date

Number

Amount

Date

Number

Amount

Date

Amount

350.80

1,889.50

$14,825.29

1,190.40

$16,822.10

The bank statement contained two memoranda:

At December 31, the cash balance per books was $13,066.64, and the cash balance per the bank statement was $20,830.98. The bank did not make any errors, but two errors were made by Rintala Company.

Rintala Company
Bank Reconciliation
November 30, 2014

Cash balance per bank

$14,849.34

Add: Deposits in transit

2,530.20

Less: Outstanding checks

17,379.54

Check Number

Check Amount

3451

$ 2,260.40

3470

720.10

3471

844.50

3472

1,426.80

3474

1,057.91

6,309.71

Adjusted cash balance per bank

$11,069.83

Explanation / Answer

Answer:(a)

Answer:(b) Journal entry:

Dr Accounts Payable 180
Cr Cash 180

Dr Accounts Receivable 9
Cr Cash 9

Dr Cash 3838.15
Dr Bank Fee 15
Cr Notes Receivable 3693.15
Cr Interest Revenue 160

Dr Accounts Receivable 580.71
Cr Cash 580.71

Rintala Company Bank Reconciliation November 30 , 2014 Balance per Bank Statement $20,830.98 Add: Deposits in Transit $1,190.40 $22,021.38 Less: Outstanding Checks: 3470 $720.10 3474 $1,057.91 3478 $621.30 3481 $807.40 3484 $790.09 3486 $1,889.50 $5,886.30 Adjusted Cash Balance per Bank $16,135.08 Balance per Books $13,066.64 Add: Note Collected by Bank ($3693.15 + $160 - $15) $3,838.15 $16,904.79 Less: NSF Check $580.71 Error in Recording Check 3485 ($530.80 - $350.8) $180.00 Error in 12-20 Deposit ($2954 - $2,945) $9.00 $769.71 Adjusted Cash Balance per Books $16,135.08

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