The bank portion of last month\'s bank reconciliation for Cullumber Ltd. at Febr

Question

The bank portion of last month's bank reconciliation for Cullumber Ltd. at February 28 was as follows CULLUMBER LTD. Bank Reconciliation February 28 Cash balance per bank Add: Deposits in transit $17,965 3,118 21,083 Less: Outstanding cheques #3451 #3470 $1,967 2,130 4,097 Reconciled cash balance $16,986 The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following: CULLUMBER LTD Bank Statement March 31 Amounts Deducted from Amounts Added to Account Date Feb. 28 Opening balance Mar. 1 Cheque, No. 3451 Description Account (Debits) (Credits) alance 17,965 15,998 3,118 19,116 16,986 1,954 18,940 17,251 1,967 1 Deposit 2 Cheque, No. 3470 4 Deposit 9 Cheque, No. 3471 2,130 1,689

Explanation / Answer

Cash balance per books at March 31 opening cash balance,March 1 16,986 Add:Deposits 9,243 less:payments -7930 Cash balance per books at March 31 18,299 Cash balance per books at March 31 18,299 Deposit in transit 3,998 outstanding cheques (chq no 3473) 4,968           Bank Reconciliation Unadjusted bank balance 17,235 Add: Deposits in transit 3,998 Error by bank in recording chq 3472 450 4,448 21,683 less:Checks oustanding Chq no 3473 4,968 Adjusted bank balance 16,715 unadjusted cash balance 18,299 Add: EFT collection 613 18,912 less: EFT loan payment 1,209 NSF 898 Bank service charges 90 2,197 Adjusted cash balance 16,715 Journal Entries Account titles & Explanations Debit Credit Cash 613 Account receivable 613 Miscellaneous expense 90 Cash 90 Account receivable 898 cash 898 loan 1,125 interest expense 84 cash 1,209

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.