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Use the following information for Woods Paper Products. Deposit of $12,300 has not been recorded by the bank Outstanding checks totaled of $19,427. Company Cash
Use the following information for Woods Paper Products.
- Deposit of $12,300 has not been recorded by the bank
- Outstanding checks totaled of $19,427.
- Company Cash balance is $166,436 as of Nov. 30.
- Bookkeeper recorded a $4,000 check as $400 in payment of the current month's rent
- Bank balance at Nov. 30, 2018 was $195,688.
- A check written for $195 had been erroneously charged by the bank as $915
- The bank collected $26,500, on a $25,000 note, including interest of $1,500.
- Bank service charge is $55.
Required:
1. Prepare the bank reconciliation for Woods Paper Products as of November 30, 2018.
2. Prepare the necessary journal entries.
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Bank Reconciliation
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| Journal | ||||
| DATE | ITEM | PR | DEBIT | CREDIT |
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PROBLEM THREE
Discuss the specific characteristics of an effective system of internal control for purchases and payment. Use complete sentences.
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