prepare a bank reconciliation as of October 31 from the following information a
ID: 2498416 • Letter: P
Question
prepare a bank reconciliation as of October 31 from the following information
a the october 31 cash balance in the general ledger is $ 844
b the october 31 balance shown on the bank statement $373
c. checks issued but not returned with the bank statement were no. 462 for $13 and no 483 for $50
d a deposit made late on october 31 for $450 is included in the general ledger balance but not in the bank statement balance
e. returned with the bank statement was a notice that a customers check for $75 that was deposited on oct 25 had been returned because the customer account was overdrawn
f. during a review of the check that were retured with the bank statement it was noted that the amount of check no.471 was $65 but that in the company records supporting the general ledger balance the check had been erroneously recorded as a payment of an account payable in the amount of $ 56
Explanation / Answer
Bank reconciliation statement as of october 31
Particular Amount in $ Balance per bank 373 Add : Deposit in transit 450 NSF check 75 Correction for check #471 recorded in error 9 Deduct : Outstanding checks (No 462) ( 13 ) Outstanding checks ( No 483) ( 50 ) Balance per books 844