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Mastery Problem: Internal Control and Cash Murdstone, Inc., You've just been hired as an accountant at Murdstone, Inc., a retailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murdstone, Inc. has asked for your assistance in filling in some missing data for the company Cash Short and Over The controller has completed the T accounts for the cash and sales accounts as of January 30, but needs to attend an important conference in another city. She has requested that you prepare the T account for the cash short and over account as of January 30 also. Y Review the following T accounts, and then scroll down to complete the cash short and over T account and answer the associated question that follows it. Cash 1/2 Establish Petty Cash 500 Balance 1/1 1/5 1/12 1/23 5,500 2,850 6,255 3,270 4,450 1/30 Balance 21,825 Sales 0 Balance 1/1 1/5 11/12 1/23 2,855 6,225 3,330 4,400 1/30 Balance 16,810 Review the preceding T accounts, and then complete the cash short and over T account and associated question that follows it. Cash Short and Over Balance 1/1 Balance What will happen to the ending balance in the cash short and over account at the end of the accounting period? Petty Cash Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31, the amount of cash in the petty cash fund is $440. The company would like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Amount on Receipt Account $30 Office Supplies Miscellaneous Administrative Expense 23 The company's policy is to record any missing funds in the cash short and over account. The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund: Date Description Debit Credit Jan. 31 Petty Cash 53 Cash 53 Prepare for your discussion with the intern by journalizing the correct entry for the replenishment of the petty cash fund. If an amount box does not require an entry, leave it blank. Jan. 31 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, 2015 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 (57.00) Outstanding Check No. 129 (1,250.00) Total deductions (1.369.00) Adjusted balance $34,314.23 Cash balance according to Murdstone, Inc. $51.545.88 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 $34,071.23 You assist the Intern to check source documents, and find that most of the dollar amounts are correct; however, two dollar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the intern. , . . Correct in If "No," Intern's Corrected Item Reconciliation? Amount Cash balance according to bank statement Yes Deposit in transit on January 31 Outstanding Check No. 124 Yes Outstanding Check No. 125 $75.00 Outstanding Check No. 129 Cash balance according to Murdstone, Inc Check returned because of insufficient funds Yes Note and interest collected by bank Yes Bank service charge No $25.00 Murdstone error in recording Check No. 123 as Yes $12,435.00 rather than the correct amount of $21,435.00 Yes Na NO Yes Yes After asking the Intern to search for other errors by comparing her reconciliation to prior bank reconciliations prepared by the former accountant, you work together to compute the corrected adjusted balance. Round your answer to two decimal places Corrected adjusted balance amount