The bank portion of the bank reconciliation for Swifty Corporation at October 31, 2020, is shown below. Swifty Corporation Bank Reconciliation October 31, 2020 Cash balance per bank Add: Deposits in transit $12,527.90 1,450.20 13,978.10 Less: Outstanding checks Check Number Check Amount 2451 $ 1,360.40 844.20 2470 2471 2472 844.50 466.80 1,150.00 2474 4,665.90 Adjusted cash balance per bank $9,312.20 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. 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 and Debits Deposits and Credits Date Number Amount Date Amount 11-1 2470 $ 844.20 11-1 $ 1,450.20 11-2 2471 844.50 11-4 1,171.60 11-5 2474 1,150.00 11-8 1,090.10 11-4 2475 1,640.70 11-13 2,535.00 11-8 2476 2,830.00 11-18 1,412.70 11-10 2477 600.00 11-19 EFT 2,202.00 11-15 2479 1,770.00 11-21 3,045.00 11-18 2480 1,310.00 11-25 2,587.30 11-27 2481 795.40 11-28 1,690.00 11-28 SC 75.00 11-30 1,206.00 11-30 2483 655.50 Total 18,389.90 11-29 860.00 2486 Total $13,375.30 The cash records per books for November showed the following. Date 11-1 11-2 11-2 11-4 11-8 11-10 11-15 11-18 Number 2475 2476 2477 2478 2479 2480 2481 2482 Cash Payments Amount Date $1,640.70 11-20 2,830.00 11-22 600.00 11-23 538.20 11-24 1,725.00 11-29 1,310.00 11-30 7 95.40 Total 622.00 Number 2483 2484 2485 2486 2487 2488 Amount $ 655.50 779.50 994.80 860.00 378.00 790.00 $14,519.10 Cash Receipts Date Amount 11-3 $ 1,171.60 11-7 1,090.10 11-12 2,535.00 11-17 1,412.70 11-20 3,054.00 11-24 2,587.30 11-27 1,690.00 11-29 1,206.00 11-30 1,164.00 Total $15,910.70 The bank statement contained two bank memoranda: 1. A credit of $2,202.00 for the collection for Swifty Corporation of an electronic funds transfer, 2. A debit for the printing of additional company checks $75.00. At November 30, the cash balance per books was $10,703.80 and the cash balance per bank statement was $17,542.50. The bank did not make any errors, but Swifty Corporation made two errors. Using the steps in the reconciliation procedure, prepare a bank reconciliation at November 30, 2020. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 52.75.) (b) Prepare the adjusting entries based on the reconciliation. (Note: The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Aug. 31 (To record collection of accounts receivable) Aug. 31 (To record charge for printing company checks) Aug. 31 (To correct error in recording check) Aug. 31 (To correct error in deposit)
