FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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If you don't mind using the second image to format the problem on the first that would be awesome thank you
Transcribed Image Text:Balance Per Bank (Ending)
Add: Deposits in Transit:
Date
10/30/20XX
Total additions
Deduct: Checks Outstanding
Total deductions
Other (Describe)
Date
9/25/20XX
10/12/20XX
10/20/20XX
10/30/20XX
Adjusted Bank Balance
Check #
10103
11126
11231
11415
Amount
The Noah Prusak Company
Bank Reconciliation
October 31, 20XX
5,824.00
Amount
3,118.00
16.00
124.45
950.55
45,740.00
5,824.00
4,209.00
47,355.00
Balance Per Book (Ending)
Additions to correct book balance:
Total additions
Deductions to correct book balance:
Total deductions
Other (Describe)
Adjusted Book Balance
Amount
Amount
44,144.00
44,144.00
Transcribed Image Text:The Noah Prusak Company maintains a checking account at the Bank of New Hampshire. The
bank provides a bank statement along with cancelled checks on the last day of each
month. Prusak's bookkeeper, Ramsey Rancourt, begins preparing the account
reconciliation but gets stuck and can't complete it. Prusak and Rancourt put together a
team of bank rec experts, Dom Russello, Kevin Sullivan, Eric Winkelmann, and Matt
Yankanich help complete the remaining items so that the ending adjusted cash balance
equals the ending adjusted general ledger balance.
You review the worksheet they all prepared and the information provided on it is correct so
far. However, you discover the following additional information which you know will
impact the reconciliation:
1. The bank charged Prusak $300 for a monthly service fee which Prusak has not yet
recorded.
2. A $2,500 customer's check was returned insufficient funds (NSF) on their
accounts receivable balance. The bank also charged a $50 returned check fee.
3. The bank had incorrectly withdrawn a $100 automatic payment from Prusak's
account for a utility bill intended for bank customer McDougall. The bank will
correct this error next month.
4. Check #11125 for $500 for the purchase of office furniture was incorrectly
recorded by the company as a $50 disbursement.
5. Two bills one for office supplies and another for electric service was electronically
withdrawn from the bank account but not yet recorded by Prusak. The amounts
for each bill were $780 and $1,200 respectively.
6. There were two additional checks on Prusak's cash disbursement register that had
not yet cleared the bank. Check number 9999 dated August 12th in the amount of
$275 and check # 10103 dated September 1st in the amount of $616.
7. The bank collected a $7,500 note receivable from a customer of Prusak's along
with interest of $200.
Required:
Complete the bank reconciliation for the month of October.
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