The bank portion of the bank reconciliation for Goulet Company at October 31, 2014, was as follows.

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 cash records per books for November showed the following.

The bank statement contained two bank memoranda:
1. A credit of $1,375 for the collection of a $1,300 note for Goulet Company plus interest of $91 and less a collection fee of $16. Goulet Company has not accrued any interest on the note.
2. A debit for the printing of additional company checks $35.
At November 30, the cash balance per books was $5,969, and the cash balance per the bank statement was $9,100. The bank did not make any errors, but two errors were made by Goulet Company.

Instructions
(a) Using the four steps in the reconciliation procedure described on pages, prepare a bank reconciliation at November 30.
(b) Prepare the adjusting entries based on the reconciliation.

Transcribed Image Text:

Goulet Company Bank Reconciliation October 31, 2014 Cash balance per bank Add: Deposits in transit $6,000 6,842 Less: Outstanding checks Check Number 2451 2470 2471 2472 2474 Check Amount 396 170 2,308 $4,534 578 Adjusted cash balance per bank n-265604282-5 41121 54864 2 38158 to-1-481122-23 a 4275-5 191 53973341 ee b 0 1 4 5 6 7 79 3 u-22222222222 1125 058709 11123 Cash Receipts Journal Cash Payments Journal Date Number Amount Date Number Amount 11-1 11-2 11-2 11-4 11-8 Date 11-3 11-7 11-12 Amount $ 666 545 1,416 810 1,642 1,412 908 652 1,581 $9,632 2475 903 11-20 2483 1,556 -22 2484 2476 2477 2478 2479 1-10 2480 115 2481 11-18 2482 330 11-23 2485 300 1-24 2486 890 11-29 2487 714 11-30 2488 382 Total 350 317 460 525 495 340 635 $8,197 11-20 11-24 11-27 11-29 11-30 Total