Ivanhoe Company of Emporia, Kansas, spreads herbicides and
applies liquid fertilizer for local farmers. On May 31, 2022, the
company’s Cash account per its general ledger showed a balance of
$6,803.90.
The bank statement from Emporia State Bank on that date showed the
following balance.
EMPORIA STATE BANK |
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---|---|---|---|---|
Checks and Debits |
Deposits and Credits |
Daily Balance |
||
XXX | XXX | 5-31 7,033.00 |
A comparison of the details on the bank statement with the details
in the Cash account revealed the following facts.
1. | The statement included a debit memo of $53.00 for the printing of additional company checks. | |
2. | Cash sales of $896.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $946.15. The bank credited Ivanhoe Company for the correct amount. | |
3. | Outstanding checks at May 31 totaled $267.25, and deposits in transit were $1,893.15. | |
4. | On May 18, the company issued check No. 1181 for $686.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Ivanhoe Company for $668.00. | |
5. | $2,768.00 was collected from a customer note receivable by the bank for Ivanhoe Company on May 31 through electronic funds transfer. | |
6. | Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $347.00 that was incorrectly charged to Ivanhoe Company by the bank. | |
7. | On May 31, the bank statement showed an NSF charge of $445.00 for a check issued by Sara Ballard, a customer, to Ivanhoe Company on account. |
(a)
Partially correct answer iconYour answer is partially correct.
Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 5,275. 50.)
IVANHOE COMPANY |
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select an opening name for section one Electronic funds transfer receivedBank errorCash balance per bank statementAdjusted cash balance per bankError in recording checkError in depositNSF checkCheck printing chargeDeposits in transitOutstanding checks |
$enter a dollar amount |
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select between addition and deduction AddLess: |
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select a reconciling item Deposits in transitCheck printing chargeAdjusted cash balance per bankOutstanding checksCash balance per bank statementElectronic funds transfer receivedError in depositNSF checkError in recording checkBank error |
$enter a dollar amount |
||||
select a reconciling item NSF checkError in recording checkCheck printing chargeOutstanding checksError in depositCash balance per bank statementAdjusted cash balance per bankDeposits in transitBank errorElectronic funds transfer received |
enter a dollar amount |
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enter a subtotal of the two previous amounts |
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enter a subtotal of the two previous amounts |
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select between addition and deduction AddLess: |
select a reconciling item NSF checkDeposits in transitElectronic funds transfer receivedCash balance per bank statementError in recording checkOutstanding checksAdjusted cash balance per bankCheck printing chargeBank errorError in deposit |
enter a dollar amount |
|||
select a closing name for section one NSF checkDeposits in transitAdjusted cash balance per bankCash balance per bank statementCheck printing chargeError in recording checkBank errorElectronic funds transfer receivedError in depositOutstanding checks |
$enter a total amount for for the first section |
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|
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select an opening name for section two Check printing chargeError in recording checkBank errorError in depositAdjusted cash balance per booksNSF checkElectronic funds transfer receivedDeposits in transitCash balance per booksOutstanding checks |
$enter a dollar amount |
||||
select between addition and deduction AddLess: |
select a reconciling item Check printing chargeNSF checkCash balance per booksError in recording checkError in depositOutstanding checksAdjusted cash balance per booksElectronic funds transfer receivedDeposits in transitBank error |
enter a dollar amount |
|||
enter a subtotal of the two previous amounts |
|||||
select between addition and deduction AddLess: |
|||||
select a reconciling item Error in depositCash balance per booksError in recording checkElectronic funds transfer receivedBank errorDeposits in transitAdjusted cash balance per booksNSF checkOutstanding checksCheck printing charge |
$enter a dollar amount |
||||
select a reconciling item Adjusted cash balance per booksElectronic funds transfer receivedCheck printing chargeCash balance per booksOutstanding checksBank errorNSF checkError in recording checkDeposits in transitError in deposit |
enter a dollar amount |
||||
select a reconciling item NSF checkElectronic funds transfer receivedCash balance per booksOutstanding checksError in depositAdjusted cash balance per booksError in recording checkBank errorCheck printing chargeDeposits in transit |
enter a dollar amount |
||||
select a reconciling item Deposits in transitOutstanding checksBank errorNSF checkError in depositError in recording checkElectronic funds transfer receivedCash balance per booksAdjusted cash balance per booksCheck printing charge |
enter a dollar amount |
||||
enter a subtotal of the four previous amounts |
|||||
select a closing name for section two NSF checkAdjusted cash balance per booksCheck printing chargeCash balance per booksError in depositElectronic funds transfer receivedDeposits in transitError in recording checkBank errorOutstanding checks |
$enter a total amount for the second section |
IVANHOE COMPANY | ||
Bank reconciliation | ||
May 31,2022 | ||
Cash balance per Bank statement | 7033.00 | |
Add: | ||
Deposits in transit | 1893.15 | |
Bank error | 347.00 | |
2240.15 | ||
9273.15 | ||
Less: Outstanding checks | 267.25 | |
Adjusted cash balance per bank | 9005.90 | |
Cash balance per books | 6803.90 | |
Add: Electronic funds transfer received | 2768.00 | |
9571.90 | ||
Less: | ||
Check printing charge | 53.00 | |
Error in recording check | 18.00 | |
Error in deposit | 50.00 | |
NSF check | 445.00 | |
566.00 | ||
Adjusted Cash balance per books | 9005.90 |
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