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Complete the bank reconciliation for the month of October.

Complete the bank reconciliation for the month of October.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: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
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.
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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