Problem 8-05A a-b (Part Level

Problem 8-05A a-b (Part Level Submission) (Video)

The bank portion of the bank reconciliation for Vaughn Companyat November 30, 2020, was as follows.

 Vaughn COMPANYBank ReconciliationNovember 30, 2020 Cash balance per bank \$14,767.90 Add: Deposits in transit 2,530.20 17,298.10 Less: Outstanding checks Check Number Check Amount 3451 \$ 2,260.40 3470 720.10 3471 844.50 3472 1,426.80 3474 1,054.50 6,306.30 Adjusted cash balance per bank \$10,991.80

The adjusted cash balance per bank agreed with the cash balance perbooks at November 30.The December bank statement showed the following checks anddeposits.

 Bank Statement Checks Deposits Date Number Amount Date Amount 12-1 3451 \$2,260.40 12-1 \$ 2,530.20 12-2 3471 844.50 12-4 1,211.60 12-7 3472 1,426.80 12-8 2,365.10 12-4 3475 1,640.70 12-16 2,672.70 12-8 3476 1,300 12-21 2,945 12-10 3477 2,130 12-26 2,567.30 12-15 3479 3,080 12-29 2,836 12-27 3480 600 12-30 1,025 12-30 3482 475.50 Total \$18,152.90 12-29 3483 1,140 12-31 3485 520.80 Total \$15,418.70

The cash records per books for December showed the following.

 Cash Payments Journal Cash Receipts Journal Date Number Amount Date Number Amount Date Amount 12-1 3475 \$1,640.70 12-20 3482 \$475.50 12-3 \$ 1,211.60 12-2 3476 1,300 12-22 3483 1,140 12-7 2,365.10 12-2 3477 2,130 12-23 3484 793.50 12-15 2,672.70 12-4 3478 621.30 12-24 3485 250.80 12-20 2,954 12-8 3479 3,080 12-30 3486 889.50 12-25 2,567.30 12-10 3480 600 Total \$13,728.70 12-28 2,836 12-17 3481 807.40 12-30 1,025 12-31 1,690.40 Total \$17,322.10

The bank statement contained two memoranda:

 1 A credit of \$2,330 for the collection of Langer Company of anelectronic funds transfer. 2 A debit for the printing of additional company checks\$89.50.

At December 31, the cash balance per books was \$14,585.20, and thecash balance per the bank statement was \$19,742.60. The bank didnot make any errors, but Langer Company made twoerrors.

_____________________________________________________________

– I have already used the four steps in the reconciliationprocedure to prepare a bank reconciliation at December 31.

– I now need to prepare the adjusting entries based on thereconciliation. (Credit account titles areautomatically indented when amount is entered. Do not indentmanually. Round answers to 2 decimal places, e.g.52.75.)

Solution 1:

 VaughnCompany Bank Reconciliation – December31 Bank’s Cash balance Company’s cash balance Particulars Amount Particulars Amount Ending balance as per Bank Statements \$19,742.60 Ending Balance as per cash books \$14,585.20 Additions: Additions: Outstanding cash receipt \$1,690.40 EFT collection \$2,330.00 Deductions: Deductions: Outstanding Checks (Check no3470, 3474, 3478, 3481, 3484, 3486) (\$720.10 + \$1,054.50 + \$621.30+ \$807.40 + \$793.50 + \$889.50) \$4,886.30 Incorrect recording of deposit (\$2,954 -\$2,945) \$9.00 Check printing charges \$89.50 Incorrect recording of check no 3485 \$270.00 Up to date cash balance as per bank \$16,546.70 Up to date cash balance as per books \$16,546.70

Solution 2:

 JournalEntries Date Particulars Debit Credit 31-Dec Cash Dr \$2,330.00 To Accountsreceivables \$2,330.00 (To record EFT collection) 31-Dec Accounts receivables Dr \$9.00 To Cash \$9.00 (Correction entry for deposits) 31-Dec Miscellenous Expenses Dr \$89.50 To Cash \$89.50 (Check printing charges debited) 31-Dec Accounts payable Dr \$270.00 To Cash \$270.00 (Correction entry for check no 3485)

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