Question

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BANK RECONCILIATION XTRA CREDIT Balboa company sells refrigerators to the general public. On November 30,2009 Its cash ledger balance was 15,890. The bank balance was 17,420 A review of Balboa's transactions revealed the following: • Balboa wrote 75,000 worth of checks. However a check for $2,500 from September and one for $3200 from August had not cleared the bank as of November 30. Cash receipts total 5,200. • An EFT for 1000 was made to Jones Inc. for refrigerators purchased on credit • A check that was written for 2300 was recorded by the bank for 300. • A check for 4100 that was made out to Sampson Rentals for the monthly rent was recorded in the cash ledger for 1400 Johnson a customer made a $7500 loan payment in the bank. The customer signed a note when the loan was made. (Loan principal was 7000 and interes was 500) An NSF check for 3120 was returned and a $30 fee was charged to Balboa's account A check for 2,000 made out to Lewis Inc. was correctly recorded by the bank bu was never recorded in the cash ledger • The bank paid $380 for interest earned on the checking account.

Answer 1

		Bank Reconciliation as per Balboa Books ason 30-Nov-09
		Balance as per Cash Ledger		15,890
31-Aug-09	Add	cheque issued but not cleared in bank	3,200
30-Sep-09	Add	cheque issued but not cleared in bank	2,500
30-Nov-09	Add	cheque written for $2,300 recorded by the bank as $300	2,000
30-Nov-09	Add	cheque made to Sampsons Rentals for $4,100 recorded as $1,400 in the cash Ledger	2,700
30-Nov-09	Add	Interest of $500 paid by Johnson not recorded in cash Ledger	500
30-Nov-09	Add	A NSF cheque for $3,120 was returned by bank	3,120
30-Nov-09	Add	Cash receipts at bank not recorded in cash Ledger	5,200
30-Nov-09	Add	Interest paid by the bank	380
30-Nov-09		Total		19,600
30-Nov-09	Less	Cheque made to Lewis Inc for $2,000 correctly recorded by the bank but not recorded in the cash Ledger	2,000
30-Nov-09	Less	An EFT of $1000 made to John Inc, not recorded in cash Ledger	1,000
30-Nov-09	Less	A NSF cheque for $3,120 was returned & $30 charged	30
30-Nov-09	Less	Cheques for $15,040 issued but not recorded in cash Ledger	15,040
				18,070
		Balance as per Bank Statement		17,420