Question

4) The following information was available for Anderson Company for the monthended May 31, 2015. (a) The book balance at May 31, 2015 was $3,890.22. (b) The bank balance at May 31, 2015 was $5,660.22. (c) Outstanding cheques amounted to $6,310. (d) The May 31st cash receipts of $5,600 were deposited but have not yet appeared on the bank statement. A $50 debit memorandum for cheques printed by the bank was included with the cancel cheques. (D A customer's note for $1,000 was colleceted by the bank. (g) The bank incorrectly recorded a cheque payment of S1,600 as $1,500. Prepare a bank reconciliation for Anderson Company at May 31, 2015. In addition interest on the note was $110.

Answer 1

Bank Reconciliation for Anderson Company at May 31,2015
Book balance at May 31,2015		$3,890.22
Add :
Outstanding cheques ( c )	$6,310.00
Customer note collected by bank (f)	$1,110.00
Debit Memo.for cheques printed by bank ( e )	$50.00	$7,470.00
Less :
Cash receipts not yet appeared (d)	$5,600.00
Cheque payment incorrectly recorded by bank (g)	$100.00	$5,700.00
Bank balance at May,31,2015		$5,660.22