Your Audit Senior has tabbed you to complete the Cash Audit in support of Randle Company's financial statement audit. Assume you have received the bank statement independent of the client directly from the bank. The general ledger is a print out received from the client. The $61,200.00 is the dollar amount that appears on the client's partial trail balance as listed below Trial Balance Randle Company 1/31/2020 Debit Credit Cash Accounts Receivable Inventory $61,200.00 82,015.00 529,995.00 Macon National Bank Randle Boat Company January 2020 Bank Statement Trans Amt Date Trans Description 1/1/20 Beginning Balance 1/4/20 Check 101 1/6/20 Check 102 1/7/20 Deposit 1/10/20 Check 103 1/14/20 EFT Collection: Customer Account #626: McDuffie 1/16/20 Teller Transaction: Transfer from Savings: Savings Account Debit 1/18/20 Check 105 1/21/20 Check 106 1/21/20 Check 107 1/22/20 Deposit 1/23/20 Deposit: Sandle Car Company 1/24/20 NSF Check 1/24/20 NSF Check Charge 1/25/20 EFT Collection: Customer Account #85: Jones 1/28/20 Bill Pay: Electronic Debit: Payee: Baldwin County Utilities Invoice 01-225 1/30/20 Check 109 1/31/20 Service Charge 1/31/20 Interest Earned -35.00 -3,500.00 18,000.00 -2,300.00 7,300.00 2,200.00 -2,165.00 -550.00 425.75 4,145.00 126,900.00 -4,145.00 -45.00 16,500.00 -1,132.00 -775.00 -125.00 75.75 Balance 2,000.00 1,965.00 -1,535.00 16,465.00 14,165.00 21,465.00 23,665.00 21,500.00 20,950.00 20,524.25 24,669.25 151,569.25 147,424.25 147,379.25 163,879.25 162,747.25 161,972.25 161,847.25 161,923.00 Ending Balance 161,923.00 * Examine the deposit on January 23rd. ** You are confident that there are no other errors on the bank statement. Randle Company General Ledger Cash Account 10-100 Description Debit Credit Date Beg Bal Balance $ 2,000.00 1/1/2020 Check 101 $ 35.00 1/4/2020 Deposit $ 18,000.00 1/4/2020 Inventory: Acct 15-100 $ 6,600.75 1/4/2020 Check 102 $ 3,500.00 1/8/2020 Check 103 $ 2,300.00 1/10/2020 Check 104 $ 825.00 1/13/2020 Transfer From Savings $ 2,200.00 1/14/2020 Deposit $ 35,000.00 1/17/2020 Check 105 $ 2,165.00 1/19/2020 Check 106 $ 505.00 1/20/2020 Check 107 $ 425.75 1/21/2020 Check Deposit: Customer Check #6977 $ 4.145.00 1/22/2020 Check 108 $ $ 1,156.00 775.00 1/29/2020 Check 109 1/29/2020 Check 110 $ 980.00 1/30/2020 Check 111 $ 2,400.00 1/30/2020 Deposit $ 8,321.00 Ending Balance $ 74,266.75 $ 15,066.75 $ 61,200.00 1) On January 4, the accountant debited the cash account for a bill received from an inventory credit purchase. The Inventory account is 15-100. The bill will actually be paid in February. The accountant credited the A/P account. in the following transaction: Debit Cash $6,600.75 : Credit Accounts Payable $6,600.75 Bank Reconciliation January 2020 Randle Company Completed By: Date: Balance Per Bank, January 31, 2020 Balance Per Books, January 31, 2020 Add: Subtract: Subtract: Adjusted Cash Balance Adjusted Cash Balance
