(Bank Reconciliation and Adjusting Entries) Presented below isinformation related to Haselhof Inc.Balance per books...(Bank...

Free

70.2K

Verified Solution

Question

Accounting

(Bank Reconciliation and Adjusting Entries) Presented below isinformation related to Haselhof Inc.
Balance per books at October 31, $41,847.85; receipts$173,523.91; disbursements $164,893.54. Balance per bank statementNovember 30, $56,274.20.
The following checks were outstanding at November 30.
#1224   ??
$1,635.29
#1230
2,468.30
#1232
2,125.15
#1233
482.17
Included with the November bank statement and not recorded by thecompany were a bank debit memo for $27.40 covering bank charges forthe month, a debit memo for $372.13 for a customer’s check returnedand marked NSF, and a credit memo for $1,400 representing bondinterest collected by the bank in the name of Haselhof Inc. Cash onhand at November 30 recorded and awaiting deposit amounted to$1,915.40.

Answer & Explanation Solved by verified expert

4.1 Ratings (700 Votes)

November 30 cash balance = October 31 cash balance + Receipts - Disbursements

= 41,847.85+173,523.91-164,893.54

= $50,478.22

Haselhof Inc
Bank Reconciliation
November 30
Bank statement balance		56,274.20	Book balance		50,478.22
Add:			Add:
Deposit in transit		1,915.40	Interest collected by bank		1,400

Less:			Less:
Outstanding check			NSF check	-372.13
Check 1224	1,635.29		Bank charges	-27.40
Check 1230	2,468.30				-399.53
Check 1232	2,125.15
Check 1233	482.17
		-6,710.91
Adjusted bank balance		$51,478.69	Adjusted book balance		$51,478.69

Date	General Journal	Debit	Credit
November 30	Cash	1,400
	Interest revenue		1,400
	( To record interest revenue)
November 30	Accounts receivable	372.13
	Cash		372.13
	( To record NSF Check)
November 30	Bank charges	27.40
	Cash		27.40
	( To record bank charges)

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: Accounting(Bank Reconciliation and Adjusting Entries) Presented below isinformation related to Haselhof Inc.Balance per books...(Bank Reconciliation and Adjusting Entries) Presented below isinformation related to Haselhof Inc.Balance per books at October 31, $41,847.85; receipts$173,523.91; disbursements $164,893.54. Balance per bank statementNovember 30, $56,274.20.The following checks were outstanding at November 30.#1224 ?? $1,635.29#1230 2,468.30#1232 2,125.15#1233 482.17Included with the November bank statement and not recorded by thecompany were a bank debit memo for $27.40 covering bank charges forthe month, a debit memo for $372.13 for a customer’s check returnedand marked NSF, and a credit memo for $1,400 representing bondinterest collected by the bank in the name of Haselhof Inc. Cash onhand at November 30 recorded and awaiting deposit amounted to$1,915.40.