Current Attempt in Progress The bank portion of last month's bank reconciliation for Cullumber Ltd. at February 28 was as follows: CULLUMBER LTD. Bank Reconciliation February 28 Cash balance per bank $18,080 Add: Deposits in transit 3,164 21.244 Less: Outstanding cheques #3451 $1,960 #3470 2,126 Reconciled cash balance $17,158 The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following: The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following: CULLUMBER LTD. Bank Statement March 31 Amounts Deducted from Account (Debits) Amounts Added to Account (Credits) Date Balance Description Opening balance Feb. 28 18.080 Mar. 1 Cheque, No. 3451 1,960 16,120 1 Deposit 3,164 19,284 2 Cheque, No. 3470 2,126 17,158 4 Deposit 1.973 19,131 9 Cheque, No. 3471 1,667 17,464 10 Returned cheque-NSF, J. Mustafa 871 16,593 10 NSF fee 35 16,558 15 1,210 15,348 EFT, loan payment Cheque, No. 3472 19 1,833 13,515 26 Deposit 3.280 16,795 31 EFT, collection on account from M. Boudreault 604 17,399 31 Bank service charges and credit card fees 89 17,310 Cullumber's cash receipts and payments for the month of March showed the following: Cash Receipts Cash Payments Date Amount Date Number Amount Mar. 4 $1,973 Mar. 7 3471 $1,667 26 3.280 15 3472 1.383 31 4.028 29 3473 4,931 $9,281 $7,981 Additional information: 1. The EFT loan payment should have been recorded by the company on March 15, but this entry was missed. The payment included $84 of interest and a $1,126 payment on the loan principal. 2. The bank made an error processing cheque #3472. 3. The EFT collection from M. Boudreault was not previously recorded. 4. Bank service charges and debit and credit card processing fees totalling $89 were not previously recorded. Prepare the bank reconciliation at March 31. (List items that increase balance as per bank & books first.) YAP LTD. Bank Reconciliation March 31 Balance per bank statement $ 17301 Add Deposits in transit $ 4028 Error in recording cheque #3472 Less Outstanding cheques No. 3473 Reconciled cash balance per bank $ Balance per books $ Add V: EFT collection-Boudreault Less : Outstanding cheques No. 3473 Reconciled cash balance per bank $ Balance per books $ Add EFT collection-Boudreault Less EFT loan payment $ NSF cheque and fee-Mustafa Service charges Reconciled cash balance per books $ Save for Later Last saved 31 seconds ago. Attempts: 0 of 2 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Using multiple attempts will impact your score. 50% score reduction after attempt 1
