The following information is available for the Tiemey Company for the month of N
ID: 2551322 • Letter: T
Question
The following information is available for the Tiemey Company for the month of November On November 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $29,102. The company's bank statement shows a balance on November 30 of $31,654 Outstanding checks at November 30 include check #3030 in the amount of $2,000 and check #3556 in the amount of $1,649 Included with the bank statement was a credit memo in the amount of $960 for an EFT in payment of a customer's account. The bank deducted $162 for an NSF check from a customer deposited on November 22 .A deposit placed in the bank's night depository on November 30 totaled $1,960 and did not appear on the bank statement. Examination of the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an account payable was correctly written for $2,830, but was recorded in the accounting records as $3,015 Included with the bank statement was a debit memorandum in the amount of $120 for bank service charges Required Prepare a bank reconciliation for Tierney Company as of November 30 Tierney Company Bank Reconciliation At November 30 Updates to Bank Statement Updates to Company's Books Ending Cash Balance per Bank Statement Ending Cash Balance per Books Additions Additions Deductions Deductions: Up-to-date ending cash balance Up-to-date ending cash balanceExplanation / Answer
TIERNEY COMPANY Bank Reconciliation At November 30 Bank Statement Company's Book Ending cash balance as per bank statement $ 31,654 Ending cash balance as per books $ 29,102 Add Add Deposit in transit $ 1,960 EFT receipt $ 960 Clerical error ($3,015-$2,830) $ 185 $ 1,145 Deduct Outstanding checks $ 3,649 Deductions NSF Check $ 162 Bank service charges $ 120 $ 282 Uptodate ending cash balance $ 29,965 Uptodate ending cash balance $ 29,965
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