Problem $7-5$B

CHECK FIGURE: Adjusted book balance $=$ $$2,837\mathrm{.}06$

Mae Telford, the controller of the Baylor Company, provided the following information:

Baylor Company

Bank Reconciliation

October $31,2017$

Bank statement balance $$19,687\mathrm{.}60$ Book balance $$45,548\mathrm{.}66$

Add:

Deposit of Oct. $31$ in transit $4,280\mathrm{.}45$

$$23,968\mathrm{.}05$

Deduct: Deduct:

Outstanding cheques: NSF cheque plus service charge $25,140\mathrm{.}95$

#$537725\mathrm{.}00$ Bank service charges $130\mathrm{.}00$

#$5422,965\mathrm{.}3425,270\mathrm{.}95$

$3,690\mathrm{.}34$

Adjusted bank balance $20,277\mathrm{.}71$ Adjusted book balance $$20,277\mathrm{.}71$

The Cash account in the general ledger appeared as follows on November $30($Baylor Company uses a general journal to record transactions$)$:

Cash Acct. No$.101$

Date Explanation PR Debit Credit Balance

Oct. $31,2017$ Balance $20,277\mathrm{.}71$

Nov. $1,2017$ Cheque #$543$ GJ$56,505\mathrm{.}1213,772\mathrm{.}59$

Nov. $1,2017$ Cheque #$544$ GJ$5854\mathrm{.}7112,917\mathrm{.}88$

Nov. $1,2017$ Cheque #$545$ GJ$51,156\mathrm{.}9411,760\mathrm{.}94$

Nov. $1,2017$ Cheque #$546$ GJ$52,564\mathrm{.}249,196\mathrm{.}70$

Nov. $1,2017$ Cheque #$547$ GJ$51,345\mathrm{.}687,851\mathrm{.}02$

Nov. $1,2017$ Cheque #$548$ GJ$656\mathrm{.}457,794\mathrm{.}57$

Nov. $1,2017$ Cheque #$549$ GJ$6564\mathrm{.}237,230\mathrm{.}34$

Nov. $9,2017$ Deposit GJ$61,548\mathrm{.}978,779\mathrm{.}31$

Nov. $9,2017$ Cheque #$550$ GJ$63,457\mathrm{.}155,322\mathrm{.}16$

Nov. $9,2017$ Cheque #$551$ GJ$6985\mathrm{.}644,336\mathrm{.}52$

Nov. $18,2017$ Deposit GJ$65,649\mathrm{.}859,986\mathrm{.}37$

Nov. $20,2017$ Cheque #$552$ GJ$65,556\mathrm{.}714,429\mathrm{.}66$

Nov. $27,2017$ Cheque #$553$ GJ$6964\mathrm{.}253,465\mathrm{.}41$

Nov. $29,2017$ Deposit GJ$61,250\mathrm{.}654,716\mathrm{.}06$

The following bank statement is available for November $2017$:

Bank Statement

To: Baylor Company November $30,2017$

Bank of Canada

Cheques $/$ Charges Deposits $/$ Credits Balance

$19,687\mathrm{.}60$

#$54311/026,505\mathrm{.}1213,182\mathrm{.}48$

#$54911/01564\mathrm{.}2311/014,280\mathrm{.}4516,898\mathrm{.}70$

#$53711/07725\mathrm{.}0016,173\mathrm{.}70$

#$55111/09985\mathrm{.}6411/091,584\mathrm{.}9716,773\mathrm{.}03$

#$54211/122,965\mathrm{.}3413,807\mathrm{.}69$

#$54411/14854\mathrm{.}7112,952\mathrm{.}98$

#$54711/183,145\mathrm{.}6811/185,649\mathrm{.}8515,457\mathrm{.}15$

#$54511/201,156\mathrm{.}9414,300\mathrm{.}21$

#$54611/292,564\mathrm{.}2411,735\mathrm{.}97$

SC $11/30115\mathrm{.}0011,620\mathrm{.}97$

NSF $=$ Non Sufficient Funds SC $=$ Service Charge PMT $=$ Principal Payment INT $=$ Interest

REQUIRED:

$"(1)$

$"$ Prepare a bank reconciliation for Baylor Company for the month of November $2017.$ Assume that any errors made were by the bookkeeper $($cheque #$547$ was for advertising expense; the deposit of November $9$ was regarding a credit customer, Val Pacino$).$

$(2)$ Prepare the necessary entries resulting from the bank reconciliation.

$(3)$ Answer the following analysis component: You have been employed with Baylor Company since November $1,2017,$ and part of your job is writing and recording cheques as well as preparing the bank reconciliation. In reviewing the cheques returned by the bank, you notice that the payee on cheque #$543$ is the employee you recently replaced. You investigate further and find that the journal entry recording cheque #$543$ debited Office Supplies Expense. What should you do$?$ Problem $7-5$B

REQUIRED, PART $1$:

Prepare a bank reconciliation for Baylor Company for the month of November $2017.$ Assume that any errors made were by the bookkeeper $($cheque #$547$ was for advertising expense; the deposit of November $9$ was regarding a credit customer, Val Pacino$).$ Problem $7-5$B

CHECK FIGURE: Adjusted book balance $=$ $$2,837\mathrm{.}06$

Mae Telford, the controller of the Baylor Company, provided the following information:

Baylor Company

Bank Reconciliation

October $31,2017$

Bank statement balance $$19,687\mathrm{.}60$ Book balance $$45,548\mathrm{.}66$

Add:

Deposit of Oct. $31$ in transit $4,280\mathrm{.}45$

$$23,968\mathrm{.}05$

Deduct: Deduct:

Outstanding cheques: NSF cheque plus service charge $25,140\mathrm{.}95$

#$537725\mathrm{.}00$ Bank service charges $130\mathrm{.}00$

#$5422,965\mathrm{.}3425,270\mathrm{.}95$

$3,690\mathrm{.}34$

Adjusted bank balance $20,277\mathrm{.}71$ Adjusted book balance $$20,277\mathrm{.}71$

The Cash account in the general ledger appeared as follows on November $30($Baylor Company uses a general journal to record transactions$)$:

Cash Acct. No$.101$

Date Explanation PR Debit Credit Balance

Oct. $31,2017$ Balance $20,277\mathrm{.}71$

Nov. $1,2017$ Cheque #$543$ GJ$56,505\mathrm{.}1213,772\mathrm{.}59$

Nov. $1,2017$ Cheque #$544$ GJ$5854\mathrm{.}7112,917\mathrm{.}88$

Nov. $1,2017$ Cheque #$545$ GJ$51,156\mathrm{.}9411,760\mathrm{.}94$

Nov. $1 There are 3 Steps involved in it Step: 1 Get Instant Access to Expert-Tailored Solutions See step-by-step solutions with expert insights and AI powered tools for academic success Step: 2 Step: 3 Ace Your Homework with AI Get the answers you need in no time with our AI-driven, step-by-step assistance Get Started Recommended Textbook for Corporate Financial Accounting Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac 12th edition 1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411 More Books Students also viewed these Accounting questions Question ★★★★★ Decorative Steel began August with 55 units of iron inventory that cost $ 35 each. During August, the company completed the following inventory transactions: Requirements 1. Prepare a perpetual... Answered: 1 week ago Question ★★★★★ Identify the purpose of ratio analysis. Answered: 1 week ago Question ★★★★★ What would you say are the key advantages and disadvantages of these schemes? Answered: 1 week ago Question ★★★★★ An assembly line must be designed to produce 40 containers per hour. The following data in Table give the necessary information. (a) Draw a precedence diagram. (b) Compute the cycle time (in seconds)... Answered: 1 week ago Question ★★★★★ hihi, show work me upvote! ty Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $380,000 per... Answered: 1 week ago Question ★★★★★ nts eBook Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 64,000 to 104,000 units is... Answered: 1 week ago Question ★★★★★ On 1 July 2016, Christchurch Ltd leased a processing plant to Wellington Ltd. The plant was purchased by Christchurch Ltd on 1 July 2016 for its fair value of $467 112. The lease agreement contained... Answered: 1 week ago Question ★★★★★ Problem 6. Highland Coffee Company is concerned with its gross profit negating the increase of Its sales. It presents the following data for two species of coffee, Arabica and Robusta, for 2020 and... Answered: 1 week ago Question ★★★★★ 3. Labor was incurred as follows. All labor costs are recorded as Payroll Payable initially, and the liability is reduced when the cash payment is made. Hours Dollars Job No. 584 Job No. 585 50 $700... Answered: 1 week ago Question ★★★★★ Four factory workers and a supervisor make a team in the Machining Department. The supervisor earns a P100 per hour, and the combined hourly charge of the four workers is P320. Each employee is... Answered: 1 week ago Question ★★★★★ Question #1: [10 marks] Quantitative Data The following data represents alcohol consummation (g/week) from the respondents, including beer bottles, wine bottles and spirits (strong alcoholic drinks).... Answered: 1 week ago Question ★★★★★ 1. In the Solow model, an increase in the rate of population growth increases which of the following in the steady state? a. output per worker b. capital per worker c. consumption per worker d. the... Answered: 1 week ago Question ★★★★★ 2. Thomas Malthus believed that a. larger populations are more innovative because they have more scientists and inventors. b. larger populations strain an economys capacity to provide enough food. c.... Answered: 1 week ago Question ★★★★★ 3. Might a policymaker choose a steady state with more capital than in the Golden Rule steady state? Might a policymaker choose a steady state with less capital than in the Golden Rule steady state?... Answered: 1 week ago Previous Question Next Question View Answer in SolutionInn App Services Sitemap Fun Definitions Become Tutor Study Help Categories Recent Questions Expert Questions Company Info Security Copyrights Privacy Policy Terms & Conditions SolutionInn Fee Scholarship Get In Touch About Us Contact Us Career Jobs FAQ Campus Ambassador Secure Payment Download Our App © 2024 SolutionInn. All Rights Reserved $