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Please only attempt if you are sure about the answer. Do not copy from Chegg. The bank portion of the bank reconciliation for Langer Company

Please only attempt if you are sure about the answer. Do not copy from Chegg.

The bank portion of the bank reconciliation for Langer Company on November 30, 2017, was as follows.

LANGER COMPANY
Bank Reconciliation
November 30, 2017
Cash balance per bank $14,777.90
Add: Deposits in transit 2,530.20
17,308.10
Less: Outstanding checks
Check Number Check Amount
3451 $ 2,260.40
3470 720.10
3471 844.50
3472 1,426.80
3474 1,053.00 6,304.80
Adjusted cash balance per bank $11,003.30

The adjusted cash balance per bank agreed with the cash balance per books at November 30.

The December bank statement showed the following checks and deposits.

Bank Statement
Checks Deposits
Date Number Amount Date Amount
12-1 3451 $2,260.40 12-1 $ 2,530.20
12-2 3471 844.50 12-4 1,211.60
12-7 3472 1,426.80 12-8 2,365.10
12-4 3475 1,640.70 12-16 2,672.70
12-8 3476 1,300.00 12-21 2,945.00
12-10 3477 2,130.00 12-26 2,567.30
12-15 3479 3,080.00 12-29 2,836.00
12-27 3480 600.00 12-30 1,025.00
12-30 3482 475.50 Total $18,152.90
12-29 3483 1,140.00
12-31 3485 540.80
Total $15,438.70

The cash records per books for December showed the following.

Cash Payments Journal Cash Receipts Journal
Date Number Amount Date Number Amount Date Amount
12-1 3475 $1,640.70 12-20 3482 $475.50 12-3 $ 1,211.60
12-2 3476 1,300.00 12-22 3483 1,140.00 12-7 2,365.10
12-2 3477 2,130.00 12-23 3484 795.00 12-15 2,672.70
12-4 3478 621.30 12-24 3485 450.80 12-20 2,954.00
12-8 3479 3,080.00 12-30 3486 889.50 12-25 2,567.30
12-10 3480 600.00 Total $13,930.20 12-28 2,836.00
12-17 3481 807.40 12-30 1,025.00
12-31 1,690.40
Total $17,322.10

The bank statement contained two memoranda:

1. A credit of $5,315 for the collection of a $5,170 note for Langer Company plus interest of $160.00 and less a collection fee of $15.00. Langer Company has not accrued any interest on the note.
2. A debit of $575.80 for an NSF check written by L. Rees, a customer. At December 31, the check had not been redeposited in the bank.

At December 31, the cash balance per book was $14,395.20, and the cash balance per the bank statement was $22,231.30. The bank did not make any errors, but two errors were made by Langer Company.

Please only attempt if you are sure about the answer. Do not copy from Chegg.

a. Using the four steps in the reconciliation procedure, prepare a bank reconciliation at December 31.

b. Prepare the adjusting entries based on the reconciliation.

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