need help with problem 7-4B

31, 2017 Prepare a bank reconciliation and adjusting entries from detailed data. P7-4B The bank portion of the bank reconciliation for Phillips Company at October 17, was as follows PHILLIPS COMPANY Bank Reconciliation October 31, 2017 LO 7) Cash balance per bank Add: Deposits in transit $6,000 6,842 Less: Outstanding checks Check Number 2451 2470 2471 2472 $700 396 464 270 7-142 CONTIS CONTINs Adjusted cash balance per bank The aduasted cash balance per bank agreed with the cash bajance per books The November bank statement showed the following checks and deposits cccCscCCccc NumberAmount 2470 2471 2474 2475 2476 2477 2479 2480 11-2 11-5 578 11-8 11-10 11-15 1,556 330 11-27 11-30 11-20 1-30 Total 11.29 2400 17.416 The cash records per books for November showed the following. Cash Raceipts Cash P Journal Date Amount 11-3 111 2475 903 11-20 2483 s 317 112 2476 11-22477 114 2478 11-8 2479 $ 666 545 1,416 810 300 123 300 11-24 2486 330 11-23 2485 890 11-29 2487 14 11-30 2488 11-12 11-24 1,642 11-27,412 1-29 11-30 Total $10,592 11-20 11-10 2480 11-15 2481 11-18 2482 382 Total $8,0811-27 908 The bank statement contained two bank memoranda: 1. A credit of $2,375 for the collection of a $2,300 note for Phillips Company plus nterest of $91 and less a collection fee of $16. Philips Company has not accrued any interest on the note 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 Philips Company epare a bank reconchietion ) dusted cash at November 30 balance per bank (b) Prepare the adjusting entries based on the reconciliation. (Hint The correction of $8,191 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 o Accounts Receivable.)