B. Bank Reconciliation (25 points) In the space provided below, prepare the Nove

Question

B. Bank Reconciliation (25 points) In the space provided below, prepare the November 30 bank reconciliation for the law firm of Dewey, Cheetham & Howe LLP as of Nov. 30 based upon the information. Information: (1) Cash received late on Nov. 30 deposited after bank hours: |(3) A client cheque for $1,100 was received and deposited on Nov. 18. It was recorded in error in the cheque register and accounts $4,000 receivable subledger as $1,000. It is |shown correctly in the bank statement as a deposit of $1,100. (2) Outstanding cheques: No. Date 540 541 542 545 Nov. 26 Nov. 26 Nov. 29 Nov. 30 Amount |(4) Cheque no. 536 for sundry expense was written for $600 but recorded in error $800 in the cheque register as $400. It is shown $50o correctly in the bank statement as $600. $400| $300|(5) NSF cheque from client D. Trump for |$800, deposited on Nov. 24, was returned $2,000 by the bank with the bank statement. Total |(6) The bank statement shows (1) bank fees |of $40 and (2) interest credited of $10. Nov. 30 balance per bank statement $35,070 Adjusted balance per bank statement Nov. 30 balance per cheque register $38,000 Adjusted balance per cheque register

Explanation / Answer

Nov.30 balance per bank statement 35070 Add: Deposits in transit 4000 39070 Deduct: Outstanding checks 2000 Adjusted balance per bank statement 37070 Nov.30 balance per cheque register 38000 Add: Error in recording 100 Interest credited 10 38110 Deduct: Error in recording 200 NSF check 800 Bank fees 40 Adjusted balance per cheque register 37070

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