AT&T; 4G 1:35 AM 66%. edugen.wileyplus.com C Problem 7-4A The bank portion of th

Question

AT&T; 4G 1:35 AM 66%. edugen.wileyplus.com C Problem 7-4A The bank portion of the bank reconciliation for Langer Company at November 30, 2015, was as follows ANGER COMPANY Bank Reconciliation November 30, 2015 Cash balance per bank Add: Deposits in transit Less: Outstanding checks $14,367.90 530 16,898.10 Check Number 3451 3470 3471 3472 3474 Check Amount 2,260.40 720.10 844.50 1,426.80 Adjusted cash balance per bank 10,596.30 The adjusted cash balance per bank agreed with the cash balance per books at November 30 The December bank statement showed the following checks and deposits. Bank Statement 12-1 12-2 12-7 12-4 12-8 12-10 12-15 12-27 12-30 12-29 3451 3471 3472 475 3476 3477 3479 3480 3482 3483 $2,260.40 844.50 ,426.80 1,640.70 1,300.00 2,130.00 3,080.00 s 2,530.20 1,211.60 2,365.10 2,672.70 2,945.00 2,567.30 2,835.00 600.00 12-30 1.025.00 12-1 12-4 12-16 12-21 12-26 12-29 475.50 Total 1,140.00

Explanation / Answer

Solution:

a) LANGER COMPANY Bank Reconciliation December 31, 2015 Balance per Bank Statement $20,154.30 Add: Deposits in Transit $1,690.40 $21,844.70 Less: Outstanding Checks: 3470 $720.10 3478 $621.30 3481 $807.40 3474 $1,050.00 3484 $798.00 3486 $889.50 $4,886.30 Adjusted Cash Balance per Bank $16,958.40 Balance per Books $12,485.20 Add: Note Collected by Bank $5,145.00 $17,630.20 Less: Error in Recording Check $90.00 NSF Chek $572.80 Error in deposit $9.00 $671.80 $16,958.40 b) 1 Cash $4,145.00 Miscellaneous Expense $15.00        Notes Receivable $5,000.00        Interest Revenue $160.00 (To record collection of note receivable by bank) 2 Account Receivable-L.Rees $572.80 Cash $572.80 (To record NSF check) 3 Cash $90.00 Accounts payable $90.00 (To correct error in recording check) 4 Cash $9.00 Accounts receivable $9.00 (To correct error in deposit)

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