Question
Part I Anna Company engages in the buying and selling of jewellery and watches. The following information is available regarding this firm for the month
Part I Anna Company engages in the buying and selling of jewellery and watches. The following information is available regarding this firm for the month of November: (1) The company's bank statement shows a balance on 30 November of $33,289. (2) On 30 November, the balance in the Company's Cash account was $29,212. (3) A credit memo included with the bank statement indicates that the bank collected $820 on a non-interest-bearing note receivable for Anna Company. The bank deducted a $40 collection fee, and credited the remainder of $780 to Anna Company's account. (4) Included with the bank statement was a debit memo in the amount of $40 for bank service charges. It has not been recorded on the Company's books. (5) A deposit placed in the bank's night depository on 30 November totalled $1,675, and did not appear on the bank statement. (6) Outstanding checks at 30 November include check # 1648 in the amount of $3,525 and check # 1649 in the amount of $1,459. (7) A debit memo included with the bank statement shows a $52 NSF check from a customer, Barbara. (8) Examination of the checks on the bank statement with the entries in the accounting books reveals that check # 1641 for the payment of an account payable was correctly written for $1,777, but was recorded in the accounting records as $1,857. Required: Prepare the November bank reconciliation statement for Anna Company. (8 marks)
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