A deposit made late on October 31 for $430 is included in the general ledger bal
ID: 2354936 • Letter: A
Question
A deposit made late on October 31 for $430 is included in the general ledger balance but not in the bank statement balance.
Returned with the bank statement was a notice that a customer's check for $79 that was deposited on October 25 had been returned because the customer's account was overdrawn.
During a review of the checks that were returned with the bank statement, it was noted that the amount of Check No. 471 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56.
What is the 1. Balance per bank? 2. Balance Per Book? 3. Reonciled Balance per bank? Per Book? (- or +)
a. The October 31 cash balance in the general ledger is $839. b. The October 31 balance shown on the bank statement is $401. c. Checks issued but not returned with the bank statement were No. 462 for $24 and No. 483 for $56. d.A deposit made late on October 31 for $430 is included in the general ledger balance but not in the bank statement balance.
e.Returned with the bank statement was a notice that a customer's check for $79 that was deposited on October 25 had been returned because the customer's account was overdrawn.
f.During a review of the checks that were returned with the bank statement, it was noted that the amount of Check No. 471 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56.
Explanation / Answer
1. Balance per bank? Answer: $401 2. Balance Per Book? Answer: $839 3. Reonciled Balance per bank? 401 – 24 (No. 462) – 56 (No. 485) +430 (deposit in transit) = 751 Answer: $751 Per Book? (- or +) 839 – 79 (returned check) – 9 (error) = 751 Answer: $751
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