Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The bank portion of the bank reconciliation for Sunland Company at October 31, 2022, is shown below. SUNLAND COMPANY Bank Reconciliation October 31, 2022 Cash
The bank portion of the bank reconciliation for Sunland Company at October 31, 2022, is shown below. SUNLAND COMPANY Bank Reconciliation October 31, 2022 Cash balance per bank $12,537.90 Add: Deposits in transit 1,530.20 14,068.10 Less: Outstanding checks Check Number Check Amount 2451 $ 1,260.40 2470 684.20 2471 844.50 2472 427.80 2474 1,050.00 4,266.90 Adjusted cash balance per bank $9,801.20 The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 11-1 2470 $ 684.20 11-1 $1,530.20 11-2 2471 844.50 11-4 1,211.60 11-5 2474 1,050.00 11-8 990.10 11-4 11-13 2,575.00 2475 2476 2477 11-8 11-10 11-15 1,472.70 1,640.70 2,830.00 600.00 1,730.00 11-18 11-19 EFT 2,377.00 2,945.00 2479 11-21 2480 1,330.00 11-25 2,567.30 11-18 11-27 2481 695.40 11-28 1,650.00 11-28 SC 90.40 11-30 1,186.00 11-30 2483 575.50 Total 18,504.90 11-29 2486 940.00 Total $13,010.70 At November 30, the cash balance per books was $11,455.00 and the cash balance per bank statement was $18,066.90. The bank did not make any errors, but Sunland Company made two errors. Using the steps in the reconciliation procedure, prepare a bank reconciliation at November 30, 2022. (List items that increase balance as per bank and books first. Round answers to 2 decimal places, e.g. 5,275.50.) SUNLAND COMPANY Bank Reconciliation
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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