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Bank Reconciliation
The company’s accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the adjusted balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. Murdstone, Inc.
Bank Reconciliation
January 31, 20Y5
Cash balance according to bank statement $23,557.98
Adjustments:
Add: Deposit in transit on January 31 12,125.25
Deduct: Outstanding Check No. 124 $(62.00)
Outstanding Check No. 125 (42.00)
Outstanding Check No. 129 (1,250.00)
Total deductions (1,354.00)
Adjusted balance $34,329.23
Cash balance according to Murdstone, Inc. $51,596.88
Adjustments:
Add: Note and interest collected by bank 15,250.75
Deduct: Check returned because of insufficient funds $(23,475.40)
Bank service charge (250.00)
Error in recording Check No. 123 (9,000.00)
Total deductions (32,725.40)
Adjusted balance $34,122.23

Respuesta :

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Answer:

Cash balance according to the bank $23,557.98

+ deposits in transit $12,125.25

- outstanding check N⁰ 124 ($62)

- outstanding check N⁰ 125 ($42)

- outstanding check N⁰ 129 ($1,250)

adjusted bank balance = $34,329.23

Cash account balance $51,596.88

+ note collected by bank $15,250.75

- NSF check ($23,475.40)

- Bank fees ($250)

- Error in recording check N⁰ 125 ($9,000)

adjusted cash account balance = $34,122.23

two errors were detected:

  1. outstanding check N⁰ 125 correct amount is ($24)
  2. bank fees are $25

so the readjusted balances are:

adjusted bank balance = $34,329.23 + ($42 - $24) = $34,347.23

adjusted cash account balance = $34,122.23 + ($250 - $25) = $34,347.23

now both accounts are equal.

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