Instructions Prepare a bank reconciliation and adjusting entries from the detailed data below:

The bank portion of the bank reconciliation for Goulet Company at October 31, 2014 was as follows.

The November bank statement showed the following checks and deposits:

The cash records per books for November showed the following:

The bank statement contained two bank memoranda:

1.	A credit of $1,375 for the collection of a $1,300 note for Goulet Company plus interest of $91 and less a collection fee of $16. Goulet Company has not accrued any interest on the note.
2.	A debit for the printing of additional company checks $35.

At November 30, the cash balance per books was $5,969, and the cash balance per the bank statement was $9,100. The bank did not make any errors, but two errors were made by Goulet Company.

Instructions

(a)	Using the four steps in the reconciliation procedure described in Section, prepare a bank reconciliation at November 30. Hint: Adjusted cash balance per bank $7,201
(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).

Goulet Company Bank Reconciliation October 31, 2014 Cash balance per bank Add: Deposits in transit $6,000 842 6,842 Less: Outstanding checks Check Number 2470 2471 2472 2474 Adjusted cash balance per bank Check Amount $700 396 464 170 578 2,308 $4,534