Accounting Help
P8-4B, A-B
Copy and paste as word, please!! Saves me time.
PLEASE USE THE METHOD BELOW FOR THIS PROBLEM
P8-4B The bank portion of the bank reconciliation for Williams Company at October 31, 2012, was as follows. WILLIAMS COMPANY Bank Reconciliation October 31, 2012 Cash balance per bank $6,000 Add: Deposits in transit 842 6,842 Less: Outstanding checks Check Number Check Amount 2451 5700 2470 396 2471 464 2472 270 2474 578 2,408 Adjusted cash balance per bank $4,434 The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank statement showed the following checks and deposits: Bank Statement Checks Deposits Date Number Amount Date Amount 11-1 2470 $ 396 11-1 $ 842 11-2 2471 464 11-4 666 11-5 2474 578 11-8 545 11-4 2475 903 11-13 1,416 11-8 2476 1,556 11-18 810 11-10 2477 330 11-21 1,624 11-15 2479 980 11-25 1,412 11-18 2480 714 11-28 908 11-27 2481 382 11-30 652 11-30 2483 317 Total $8,875 11-29 2486 495 Total 97,115 The cash records per books for November showed the following CASH PAYMENTS JOURNAL Date Number Amount Date Number Amount 11-1 2475 $ 903 11-20 2483 $317 11-2 2476 1,356 11-22 2484 460 11-2 2477 330 11-23 2485 525 11-4 2478 300 11-24 2486 495 11-8 2479 890 11-29 2487 210 11-10 2480 714 11-30 2488 635 11-15 2481 382 Total $8,067 11-18 2482 350 Cash Receipts Journal Date Amount 11-3 S 666 11-7 545 11-12 1,416 11-17 810 11-20 1.642 11-24 1,412 11-27 908 11-29 652 11-30 1.541 Total $9,592 The bank statement contained two bank memoranda: note. 1. A credit of $1,375 for the collection of a $1.300 note for Williams Company plus interest of 591 and less a collection fee of $16. Williams Company has not accrued any interest on the 2. A debit for the printing of additional company checks $34. At November 30, the cash balance per books was $5,958, and the cash balance per the bank statement was 9,100. The bank did not make any errors, but two errors were made by Williams Company. Instructions @) Using the four steps in the reconciliation procedure, prepare a bank reconciliation at November 30. (b) Prepare the adjusting entries based on the reconciliation. (Hint: The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable). PROBLEM 8-4A (a) HELENE COMPANY Bank Reconciliation December 31, 2012 Cash balance per bank statement $20,154.30 Add: Deposits in transit 1,690.40 21,844.70 Less: Outstanding checks No. 3470 $ 720.10 No. 3474 1,050.00 No. 3478 621.30 No. 3481 807.40 No. 3484 798.00 No. 3486 1,889.50 Adjusted cash balance per bank $15,958.40 5,886.30 Cash balance per books $12,485.20 Add: Note collected by bank ($4,000 note plus $160 interest less $15 fee) 4,145.00 16,630.20 Less: NSF check $ 572.80 Error in recording check No. 3485 90.00* Error in 12-21 deposit ($2,954 - $2,945) 9.00 671.80 Adjusted cash balance per books $15,958.40 *$540.80 - $450.80 15.00 (b) Dec. 31 Cash 4,145.00 Miscellaneous Expense Notes Receivable 4,000.00 Interest Revenue 160.00 Purl 31 Accounts Receivable-L. 572.80 Cash 572.80 31 90.00 Accounts Payable Cash 90.00 31 9.00 Accounts Receivable Cash 9.00
