P7.5A (LO 3) The bank portion of the bank reconciliation for Bogalusa Company at October 31, 2020, conciliation and rom detailed data. is as follows. Bogalusa Company Bank Reconciliation October 31, 2020 $12,367.90 1,530.20 Cash balance per bank Add: Deposits in transit 13,898.10 Less: Outstanding checks Check Amount Check Number $1,260.40 2451 684.20 2470 844.50 2471 426.80 1,050.00 2472 4,265.90 2474 $9,632.20 Adjusted cash balance per bank The adjusted cash balance per bank agreed with the cash balance per books at October 31. The Novem- ber bank statement showed the following checks and deposits. Bank Statement Deposits and Credits Checks and Debits Date Amount Amount Number Date $ 1,530.20 11-1 S 684.20 844.50 1,050.00 1.640.70 2,830.00 600.00 2470 11-1 11-4 1.211.60 2471 11-2 11-8 990.10 2474 11-5 2,575.00 11-13 2475 11-4 11-8 11-18 1,472.70 2476 11-19 EFT 2,242.00 11-10 11-15 11-18 2477 2,945.00 2,567.30 1,750.00 1,330.00 11-21 2479 11-25 11-28 11-30 2480 2481 1,650.00 695.40 85.00 575.50 11-27 11-28 11-30 11-29 1,186.00 SC 2483 Total $18,369.90 940.00 2486 $13,025.30 Total The cash records per books for November showed the following. Cash Receipts Cash Payments Amount Date Date Amount Number Number Date Amount $ 1,211.60 11-1 575.50 829.50 11-3 11-20 2483 2475 $1,640.70 2,830.00 600.00 990.10 2,575.00 1,472.70 2,954.00 2,567.30 1,650.00 11-2 11-22 11-23 11-7 2484 2476 11-12 11-2 2485 2486 2477 974.80 11-17 11-20 11-4 11-24 11-29 2478 940.00 538.20 11-8 2479 1,705.00 1,330.00 2487 398.00 11-10 800.00 11-24 2480 11-30 2488 11-15 11-27 2481 695.40 $14,469.10 Total 11-18 1,186.00 2482 11-29 612.00 1,304.00 11-30 $15,910.70 Total The bank statement contained two bank memoranda: 1. A credit of $2,242 for the collection for Bogalusa Company of an electronic funds transfer. 2. A debit for the printing of additional company checks $85. At November 30, the cash balance per books was $11,073.80 and the cash balance per bank statement was $17,712.50. The bank did not make any errors, but Bogalusa Company made two errors. Instructions a. Using the steps in the reconciliation procedure described in the chapter, prepare a bank reconcilia- tion at November 30, 2020. a. Adj $13 b. Prepare the adjusting entries based on the reconciliation. (Note: The correction of any errors per- taining 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.)
