P7-7A The bank portion of last month’s bank reconciliation for Yap Ltd. at February 28 was as follows:
YAP LTD. Bank Reconciliation February 28 |
|
Cash balance per bank |
$17,984 |
Add: Deposits in transit |
3,140 |
21,124 |
|
Less: Outstanding cheques |
|
#3451 |
1,960 |
#3470 |
2,135 |
Reconciled cash balance |
$17,029 |
The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following:
YAP LTD. Bank Statement March 31 |
|||||
Date |
Description |
Amounts Deducted from Account (Debits) |
Amounts Added to Account (Credits) |
Balance |
|
Feb. |
28 |
Opening balance |
17,984 |
||
Mar. |
1 |
Cheque, No. 3451 |
1,960 |
16,024 |
|
1 |
Deposit |
3,140 |
19,164 |
||
2 |
Cheque, No. 3470 |
2,135 |
17,029 |
||
4 |
Deposit |
1,971 |
19,000 |
||
9 |
Cheque, No. 3471 |
1,682 |
17,318 |
||
10 |
Returned cheque—NSF, J. Mustafa |
870 |
16,448 |
||
10 |
NSF fee |
35 |
16,413 |
||
15 |
EFT, loan payment |
1,214 |
15,199 |
||
19 |
Cheque, No. 3472 |
1,823 |
13,376 |
||
26 |
Deposit |
3,266 |
16,642 |
||
31 |
EFT, collection on account from M. Boudreault |
610 |
17,252 |
||
31 |
Bank service charges and credit card fees |
89 |
17,163 |
Yap’s cash receipts and payments for the month of March showed the following:
Cash Receipts |
||
Date_ |
Amount |
|
Mar. |
4 |
$1,971 |
26 |
3,266 |
|
31 |
4,012 |
|
$9,249 |
||
Cash Payments |
|||
Date__ |
Number |
Amount |
|
Mar. |
7 |
3471 |
$1,682 |
15 |
3472 |
1,283 |
|
29 |
3473 |
4,947 |
|
$7,912 |
Additional information:
Instructions
(a) Calculate the cash balance per books at March 31, prior to reconciliation.
(b) What is the amount of the deposits in transit at March 31?
(c) What is the amount of the outstanding cheques at March 31?
(d) Prepare the bank reconciliation at March 31.
(e) Prepare any journal entries required from the reconciliation.
a) | ||
February 28, adjusted cash balance per bank reconciliation | $ 17,029.00 | |
Add: Cash receipts in March | $ 9,249.00 | |
Less: Cash disbursements in March. | $ (7,912.00) | |
March 31, unadjusted cash balance .. | $ 18,366.00 | |
(b) Deposits in transit: (dated March 31) | $ 4,012.00 | |
c) Outstanding cheques: #3473 (dated March 29) | $ 4,947.00 | |
d) | ||
YAP COMPANY | ||
Bank Reconciliation | ||
31-Mar-19 | ||
Cash balance per bank statement. | $ 17,163.00 | |
Add: Deposits in transit [from (b)] | $ 4,012.00 | |
Error in recording cheque #3472 ($1,823 – $1,283) |
$ 540.00 | $ 4,552.00 |
$ 21,715.00 | ||
Less: Outstanding cheques No. 3473 [from (c)] |
$ (4,947.00) | |
Adjusted cash balance per bank | $ 16,768.00 | |
Balance per books [from (a)] | $ 18,366.00 | |
Add: EFT collection—Boudreaul | $ 610.00 | |
$ 18,976.00 | ||
Less: Service charges | $ 89.00 | |
NSF cheque and fee—Aubut ($870 + $35) | $ 905.00 | |
EFT loan payment | $ 1,214.00 | $ (2,208.00) |
Adjusted cash balance per books | $ 16,768.00 | |
e) | ||
Account Titles | Debit | Credit |
on Mar. 31 | ||
Cash | $ 610.00 | |
Accounts Receivable | $ 610.00 | |
Bank Charges Expense | $ 89.00 | |
Cash | $ 89.00 | |
Accounts Receivable | $ 905.00 | |
Cash | $ 905.00 | |
Bank Loan Payable | $ 1,130.00 | |
Interest Expense | $ 84.00 | |
Cash | $ 1,214.00 | |
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