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Company P has the following information: balance per books at October 31, $41,900.85; November receipts, $173,840.91, November disbursements, $166,560.22; balance per bank statement at November
Company P has the following information: balance per books at October 31, $41,900.85; November receipts, $173,840.91, November disbursements, $166,560.22; balance per bank statement at November 30, $56,322.20. The following cheques were outstanding at November 30: #1224 #1230 #1232 #1233 $1,675.59 2,511.20 3,673.25 497.25 Included with the November bank statement and not recorded by the business were a bank debit memo for $31.10 covering bank charges for the month, a debit memo for $624.13 for a customer's cheque returned and marked NSF and a credit memo for $1,411.00 representing bond interest collected by the bank in the name of Company P Cash on hand at November 30 that had been recorded and was not yet deposited amounted to $1,972.40. Instructions: 1. Prepare a bank reconciliation to the correct balance at November 30 for Company P 2. Prepare any journal entries that are needed to adjust the Cash account at November 30
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