Problem 8-05A a-b (Video) The bank portion of the bank reconciliation for Langer Company at November 30, 2020, was as follows. Langer COMPANY Bank Reconciliation November 30, 2020 Cash balance per bank Add: Deposits in transit $14,367.90 2,530.20 16,898.10 Less: Outstanding checks Check Number Check Amount $ 2,260.40 3451 3470 720.10 3471 844.50 3472 1,426.80 1,050.00 3474 6,301.80 $10,596.30 Adjusted cash balance per bank 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 Date Checks Number 3451 Date Deposits Amount $ 2,530.20 12-1 12-1 12-4 12-2 3471 1,211.60 2,365.10 12-7 3472 12-8 Amount $2,260.40 844.50 1,426.80 1,640.70 1,300 2,130 3,080 12-4 3475 12-16 12-8 3476 12-21 12-10 3477 12-26 12-29 2,672.70 2,945 2,567.30 2,836 1,025 12-15 3479 12-27 3480 600 12-30 12-30 3482 475.50 Total $18,152.90 12-29 3483 1,140 12-31 3485 540.80 Total $15,438.70 The cash records per books for December showed the following. Date Number Amount $475.50 12-1 Cash Payments Journal Amount Date Number $1,640.70 12-20 3482 1,300 12-22 3483 2,130 12-23 3484 3475 Cash Receipts Journal Date Amount 12-3 $ 1,211.60 12-7 2,365.10 12-15 2,672.70 12-20 2,954 12-2 3476 1,140 798 12-2 3477 12-4 3478 621.30 12-24 3485 450.80 12-8 3479 3,080 12-30 3486 889.50 12-25 2,567.30 12-10 3480 600 Total $13,933.2 12-28 12-17 3481 807.40 12-30 2,836 1,025 1,690.40 12-31 Total $17,322.10 The bank statement contained two memoranda: 1. A credit of $2,242 for the collection of Langer Company of an electronic funds transfer. 2. A debit for the printing of additional company checks $85.00. At December 31, the cash balance per books was $13,985.20, and the cash balance per the bank statement was $19,239.10. The bank did not ma any but Langer Company made two errors. Using the four steps in the reconciliation procedure, prepare a bank reconciliation at December 31. (Round answers to 2 decimal places, e.g. 52.75. List items that increase cash balance first. Reconcile cash balance per bank first.) LANGER COMPANY Bank Reconciliation December 31, 2020 Cash balance per bank statement $ Add Deposits in transit : Less Outstanding checks No. 3470 720.10 No. 3474 1,050.00 Less : Error in deposit Error in recording check Check printing fee Adjusted cash balance per books SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the adjusting entries based on the reconciliation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) No. Account Titles and Explanation Debit Credit Dec. 31 Cash Accounts Receivable (To record collection of note receivable by bank) Dec. 31 Miscellaneous Expense Cash (To record bank service charge) Dec. 31 Accounts Payable Cash (To correct error in recording check) Dec. 31 Accounts Receivable Cash (To correct error in deposit)
