Question

Problem 7-OSA -b (Video) The bank portion of the bank reconciliation for Novak Corp. at October 31, 2020, is shown below Nova Corp Bank Reconciliation October 31, 2020 Cash balance per bank Add Deposits intrat $12,467.90 1,490.20 13.958.10 Less: Outstanding checks Check Number Check Amount 2470 2471 624.20 364.50 286 1.050.00 2472 4205.90 $9,752.20 Adjusted cash balance per bank The adjusted cash balance per bank agreed with the cash balance per books Other The November bank statement showed the following checks and deposits 414 Bank Statement Checks and Debits Deposits and Credits Date Number Amount Date Amount 11-1 2670 56420 11-1 $190.20 11-2 2471 1,271.60 1.050.00 890.10 2475 1.580 70 11.13 2,655.00 2476 2.100 1.512.10 11-10 2472 11-15 2479 1,810.00 11.21 2845.00 11-18 1.490.00 2,667.30 650 1.670.00 MacBook Air

Answer 1

	Novak Corp
	Bank Reconciliation
	November 30, 2020
Cash balance per bank statement		17752.50
Add: Deposits in transit		1204.00
		18956.50
Less: Outstanding checks
No. 2451	1380.40
No. 2472	286.80
No. 2478	518.20
No. 2482	642.00
No. 2484	809.50
No. 2485	924.80
No. 2487	438.00
No. 2488	800.00
		5799.70
Adjusted cash balance per bank		13156.80
Cash balance per books		11033.80
Add: Electronic funds transfer received		2242.00
		13275.80
Less:
Error in recording check	45.00
Error in deposit	9.00
Check printing charge	65.00
		119.00
Adjusted cash balance per books		13156.80
2
Nov 30     Cash	2242.00
Accounts Receivable		2242.00
(To record electronic funds transfer received by bank)
Nov 30     Bank service charge expense/Miscellaneous expense	65.00
Cash		65.00
(To record charge for printing company checks)
Nov 30     Accounts Payable	45.00
Cash		45.00
(To correct error in recording check)
Nov 30     Accounts Receivable	9.00
Cash		9.00
(To correct error in deposit)
Note:
Error in recording check is for check 2479. Error amount = 1810-1765 = $45
Error in deposit is for 11/20 deposit. Error amount = 2854-2845 = $9