Reference no: EM131809830
Perform a bank reconciliation. Book balance is 84,293; bank balance is 90,568. I have completed the reconciliation but can't figure out what I did wrong. The "$250 check not returned..." is not relevant to the question and not to be included according to the answer key.
The company has received a $3,000 loan from the bank that was deposited into its bank account but was not recorded in the company records.
$250 check was not returned with the bank statement though it was paid by the bank.
Checks amounting to $4,290 shown as outstanding on the November reconciliation still have not been returned by the bank.
A collection of a note receivable for $1,000 made by the bank has not been previously reported to Goertzen. This includes interest earned of $50.
The bank has erroneously charged Goertzen with a $1,100 check, which should have been charged to Gagetown Ltd.
A $350 check made out by Fynn Company and deposited by Goertzen has been returned by the bank marked NSF; this is the first knowledge Goertzen has of this action.
A check for $840 was erroneously recorded as $730 in the company records.
A $600 bank deposit of December 31 does not appear on the bank statement.
Bank service charges amounting to $75 were deducted from the bank statement but not yet from the company records
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Goertzen Ltd.
Bank Reconciliation
At December 31, 2015
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Cash per general ledger, Dec 31
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$84,293
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Cash per bank statement, Dec 31
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$90,568
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Add:
Note collected by bank
Interest on note
Bank loan disbursement
Check error correction
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1,000
50
3,000
110
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Add:
Error
Outstanding deposit
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1,100
600
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Less:
NSF check
Bank service fee
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(350)
(75)
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Less:
Outstanding checks
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(4,290)
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Adjusted cash balance, Dec 31
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88,028
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Adjusted cash balance, Dec 31
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87,978
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