Question

For my introduction to financial accounting course I am trying to complete a bank reconciliation with the information that has been given in the attached file. All errors are assumed to be book errors and the MS amount was a note collected by the bank with interest. With that info, I’m still uncertain of how to make the reconciliation, especially as I can’t locate the beginning cash balance per the general ledger for the book section. Is there any help you can offer me? Thanks!

One Trick Pony, Inc. Bank Reconciliation June 30, 2017 Balance per Bank Deposit in Transit 9,422.80 780.80 Less: Outstanding checks 580 602 612 613 310.10 85.50 92.50 137.50 Adjusted balance per Bank 625.60 9,578.00 9,605.70 Balance per Books Less: Bank Service charge Adjusted balance per Books 27.70 9,578.00 Fuddy Duddy Fancy Bank Statement of Account Account Number: 254-6874-22586 One Trick Pony, Inc. Date: July 31, 2017 Beginning Balance 19,422.80 Withdrawals 8,067.74 Credits Deposits 9,545.09 Ending Balance 10,900.15 Number Amount 580 602 615 617 Amount 310.10 85.50 350.10 395.50 320.10 309.50 158.63 (318.73 882.80 325.40 375.00 Number 612 614 616 618 620 624 626 629 631 634 (SC Amount 92.50 243.50 279.90 435,40 238.87 707.01 550.03 329.90 1,081.56 241.71 Date 01-Jul 03-Jul 06-Jul 11-Jul 13-Jul 14-Jul 17-Jul 24-Jul 28-Jul 780.80 569.50 701.80 819.24 580.70 4,160.00 MS 600.10 731.45 er 601.50 621 60 625 *627 630 632 NSF 36.00 MS Miscellaneous NSF SC Not Sufficient funds Service Charge One Trick Pony, Inc. Cash Receipts Register July, 2017 One Trick Pony, Inc. Check Register July, 2017 Check Nbr. Amount 614 Check Nbr. Amount 625 158.63 626 550.03 615 Date Jul 2, 2014 Jul 5 Jul 9 Jul 12 Jul 16 Jul 19 Amount 569.50 701.80 819.24 580.70 600.10 701.26 627 381.7385 Bremen 628 629 243.50 350.10 279.90 395.50 435.40 320.10 238.87 309.50 Vold Void 707.01 Jul 23 713.45 620 837.70 329.90 882.80 1,081.56 325.40 310.08 241.71 621 Jul 26 Jul 31 601.50 1,177.87 634 624 Total 6,465.42 Total 8,379.42

Answer 1

One Trick Pony Inc. Bank Reconciliation July 31, 2017 Balance per Bank statement 10,900.15 Add: Deposit in Transit July 19 Deposit 701.26 July 31 Deposit 1,177.87 1,879.13 12,779.28 Less: Outstanding checks Check No 613 137.50 Check No 628 837.70 Check No 633 310.08 1,285.28 Adjusted Balance per Bank 11,494.00 Balance as per Book 7,664.00 Add: Note collection 4,160.00 Book error recording collection (731.45 713.45) 18.00 Error in recording check 627 (381.73-318.73) 63.00 4,241.00 11,905.00 Less: Bank Service charge NFS Check 36.00 375.00 411.00 Adjusted balance as per books 11,494.00

Working Notes Calculation of July 31, Cash Balance as per company's Ledger June 30 Adjusted Balance Add: Cash Receipts 9,578.00 6,465.42 (8,379.42) Less: Payments July 31 Cash Balance 7,664.00