Reference no: EM132781409
In connection with an audit you are given the following worksheet:
Bank Reconciliation December 31, 2011
Balance per ledger December 31, 2011 $25,463.85
Add:
Cash receipts received on the last day of December and
Night deposited 3,175.27
Debit memo for customer's check returned, unpaid (check Is on hand but no entry has been made on books) 450.00
Debit memo for bank service charge for December 110.00
29,199.12
Deduct:
Checks drawn but not paid by bank (see detailed list below) (3,619.15)
Credit memo for proceeds of a note receivable that had
Been left at the bank for collection but which has not Been recorded as collected (1,200.00)
Checks for an accounts payable entered wrongly on books as $297.50 but drawn and paid by bank as $ 694.50 ( 397.00)
Computed balance 23,982.97
Unlocated difference 1,670.44
Balance as per bank Dec 31 (checked to confirmation) 25,653.41
Checks drawn but not paid by bank
No. Amount
571 $ 267.27
724 39.92
901 454.67
907 291.80
911 648.29
912 737.52
914 529.10
916 36.00
917 117.26
$ 3619.15
Problem a) Prepare the corrected reconciliation
Problem b) Prepare entries for items that should be adjusted prior to closing the books
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