Problem A: Lopez Hair Designs has a company book balance of $63,200 and a bank balance...
Problem A: Lopez Hair Designs has a company book balance of $63,200 and a bank balance of $50,200. The following additional information is available:
Deposits in Transit: $30,000
Outstanding checks: 9,200
Notes Receivable collected by the bank 11,000
Not sufficient funds (NSF) 3,000
Bank fees 110
Lopez Hair Design incorrectly recorded on their books a check (disbursement) for $10 that should have been recorded at $100.
Prepare a reconciliation:
|
Adjusted balance per bank |
Adjusted balance per books |
Homework Answers
|
Adjusted balance per bank: |
|
|
Amount $ |
|
|
Unadjusted bank balance |
50200 |
|
Add: deposits in transit |
30000 |
|
Less: Outstanding checks |
-9200 |
|
Adjusted Bank Balance |
71000 |
|
Adjusted balance per books: |
|
|
Amount $ |
|
|
Unadjusted Book balance |
63200 |
|
Add:Notes collected by bank |
11000 |
|
Less:Not sufficient funds check returned |
-3000 |
|
Less:Bank fees |
-110 |
|
Less:less disbursement recorded |
-90 |
|
Adjusted Book balance |
71000 |
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Less: Checks outstanding
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as follows:
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$
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Add: Deposits outstanding
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Less: Checks outstanding
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#365
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#380
57
#381
87
#382
350
(820
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3,631
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for December:
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