Question

Laymon Boat Company's bank statement for the month of September showed a balance per bank of $7,000. The company's Cash account in the general ledger had a balance of $4,667 at September 30. Other information is as follows: (1) Cash receipts for September 30 recorded on the company's books were S5,000 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for $60 for check printing charges. (3) Check No. 119 payable to Mann Company was recorded in the cash payments journal and cleared the bank for $248. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of Mann Company and that the payment to them should have been for $284. The total amount of checks still outstanding at September 30 amounted to $5,800. Check No. 138 was correctly written and paid by the bank for $429. The cash payment journal (4) (5) reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $492. (6) The bank returned an NSF check from a customer for $530. The bank included a credit memorandum for $2,060 which represents collection of a customer's (7) note by the bank for the company; principal amount of the note was $2,000 and interest was $60. Interest has not been accrued. Instructions Prepare a bank reconciliation for Laymon Boat Company at September 30,

Answer 1

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Layman Boat Company
Bank reconciliation statement	Amount			Amount
Balance as per books	4,667.00		Balance as per bank	7,000.00
Add:			Add:
Cheque no. 138 payment wrongly recorded ($ 492- $ 429)	63.00		Cash receipts for Sep 30 not reflected in bank statement	5,000.00
Note collected by bank	2,060.00		Less:
Less:			Outstanding cheque	5,800.00
Cheque printing charges	60.00
NSF cheque from customer returned by bank	530.00
Reconciled balance as per books	6,200.00		Reconciled balance as per bank	6,200.00