Question: bank reconciliation statement Aplha L.L.C developed the following info

Question

Question: bank reconciliation statement Aplha L.L.C developed the following information in recording its bank statement for the month of December. Balance per books December 31 Balance per bank statement December 31 S 16,905 $18,900 (1) Checks written in December but still outstanding $4,000. (2) Checks written in November but still outstanding $2,800. (3) Deposits of december 30 and 31 not yet recorded by bank $5,200. 4) NSF check of customer returned by bank $1,200. (5) Check No. 210 for $594 was correctly issued and paid by bank but entered in the cash payments journal as payment on account for $549. (6) Bank service charge for December was $50. (7) A payment on account was incorrectly entered in the cash payments jounal and posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared the bank in March. (8) The bank collected a note receivable for the company for $1,000 plus $150 interest revenue Instructions: Prepare a bank reconciliation for Alpha L.L.C at December 31.

Explanation / Answer

Bank reconciliation statement Dec-31 Balance per bank statement 18900 Add: Deposits in transit 5200 24100 Deduct: Outstanding checks 6800 Adjusted Balance per bank statement 17300 Balance per cash account 16905 Add: Note collection 1150 Error in recording 540 18595 Deduct: Bank service charges 50 NSF check 1200 Error in recording 45 Adjusted Balance per cash account 17300

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