Question

Problem 7-05A a-b (Video) The bank portion of the bank reconciliation for Bogalusa Company at October 31, 2020, is shown below. Bogalusa Company Bank Reconciliation October 31, 2020 Cash balance per bank Add: Deposits in transit $12,367.90 1,530.20 13,898.10 Less: Outstanding checks Check Number Check Amount 2451 2470 2471 2472 $ 1,260.40 684.20 844.50 426.80 1,050.00 2474 4,265.90 $9,632.20 Adjusted cash balance per bank The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank statement showed the following checks and deposits.

Answer 1

	Bogalusa Company
	Bank Reconciliation
	November 30, 2020
Cash balance per bank statement		17712.50
Add: Deposits in transit		1304.00
		19016.50
Less: Outstanding checks
No. 2451	1260.40
No. 2472	426.80
No. 2478	538.20
No. 2482	612.00
No. 2484	829.50
No. 2485	974.80
No. 2487	398.00
No. 2488	800.00
		5839.70
Adjusted cash balance per bank		13176.80
Cash balance per books		11073.80
Add: Electronic funds transfer received		2242.00
		13315.80
Less:
Error in recording check	45.00
Error in deposit	9.00
Check printing charge	85.00
		139.00
Adjusted cash balance per books		13176.80
2
	Debit	Credit
Nov 30     Cash	2242.00
Accounts Receivable		2242.00
(To record collection of accounts receivable)
Nov 30     Bank service charge expense/Miscellaneous expense	85.00
Cash		85.00
(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 = 1750-1705 = $45
Error in deposit is for 11/20 deposit. Error amount = 2954-2945 = $9