Problem 7-8A The bank portion of last month's bank reconciliation for Crane Limited at October 1 is shown heres Benk Resarri October 31 Cash balance per 24,990 Add: Depesits in transit .283 cheques Less: Ou s1.560 #2473 1 850 #2474 95 4,379 Reconciled cash balance $23,894 The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconsiliation at October 31. The November bank statement showed the following CRANE LTMITED Bank Statement November 3 Amounts Added Amounts Cunt (Debits) Date Description Balance Oct. 31 24.990 Nov 2472 1,560 Denosit 3,283 36 713 Cheque, No. 247 1.360 24,853 Deposit 2,551 27,404 2475 3.573 Deposit 1.830 25 661 Cheque, No. 2476 s.200 20.461 2477 1,300 14 Deneeit 5,630 24 301 15 cheque, No. 2478 3.400 21.291 15 EFT, salaries 6,700 14.691 5,890 25 Returned cheque-NSF, Gasson Developments 400 20.181 25 NSF fee 20.174 1,490 , No. 2479 27 Decosit 3,300 EFT, collection of note receivable and interest 28 5.126 27,108 30 Cheque, No. 2481 1,18 25,527 Bank service charges 19.222 30 The cach records per books tor November showeed the tollowing Cash Receip Cas emc umber Anount Dat Date Amount Nov $2,551 Nov. 2475 $3,573 12 2477 1 0 20 5,200 2478 3,400 PET salaries .. 2480 18 1.20G 20 2481 1.181 EFT salaries 6.700 $31480 ddit nCt previously recorded. The collection of the rote on November 20 was for $4.200, plus s224 interest, Irterest was not previgusiy accrued EFT payments recorded when they occun e bank did not make any errors. company: one in recording a cheque and one in recording a cash receipt. The correction of any emrors in the recording of cheques should be made to Accounts Payeble. The correction of any erri n the recording of cash receipts should be made to Accounts Receivable 4. Two errors were made reconcilistion. belance per books as at November 30, prior Celculate Cash balance per bookse SHOW LIST OF ACCOUNTS UNK TO TEXT Prepere the bank reconcilistion st November 30. (List items that increase balance as per bank & books first.) an November 30 SHOW LIST OF ACCOUNTS journal entries required from reconciliation, (Credit account titles are automatically indented ben the amount entered. Do not indent manually, If no entry s required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare. Date Account Titles end Explanation Debil Credit Nov. 30 (To record EFT collections 30 (To record bank charges) (To rererd NSF checue and fee) (To correct error in recordingg cheque No. 2476) (To correct enrror in Nov: deposit)
