Question

CALCULATOR RESOURCES Chapter 7 PRINTER VERSION BACK NEXT Problem 7-14 Presented below is information related to Oriole Inc. Balance per books at October 31, $100,434.84; receipts $416,457.38; disbursements $395,744.50. Balance per bank statement November 30, 5135,058.08. The following checks were outstanding at November 30. Its by Study 1224 1230 1232 1233 $3,924.70 5,923.92 5,100.36 1,157.21 Included with the November bank statement and not recorded by the company were a bank debit memo for $65.76 covering bank charges for the month, a debit memo for $893.11 for a customer's check returned and marked NSF, and a credit memo for $3,360 representing bond interest collected by the bank in the name of Oriole Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $4,596.96. Your answer is partially correct. Try again. Prepare a bank reconciliation to the correct balance) at November 30, for Oriole Inc. from the information above. (Enter answers to 2 decimal places, e.g. 125.62.) ORIOLE INC. Bank Reconciliation November 30 135058.08 T Balance per bank statement 1 Add a Cash on hand, not deposited a T Outstanding checks 3924.70 1224

Answer 1

Solution:

Oriole Inc.
Bank Reconciliation Statement
Nov'30
Particulars		Amount
Balance on bank statement		$135,058.08
Additions:
Outstanding Deposit	$4,596.96
Total Additions		$4,596.96
Deductions:
Outstanding checks:
Check 1224	$3,924.70
Check 1230	$5,923.92
Check 1232	$5,100.36
Check 1233	$1,157.21
Total Deductions		$16,106.19
Adjusted bank balance		$123,548.85
Balance in books		$121,147.72
Additions:
Bond interest collection	$3,360.00
Total Additions		$3,360.00
Deductions:
Service Charge	$65.76
NSF Check	$893.11
Total Deductions		$958.87
Adjusted book balance		$123,548.85