The bank portion of the bank reconciliation for Langer Company at November 30, 2

Question

The bank portion of the bank reconciliation for Langer Company at November 30, 2017, was as follows.

LANGER COMPANY
Bank Reconciliation
November 30, 2017

$14,657.90

2,530.20

17,188.10

Check Number

Check Amount

$ 2,260.40

720.10

844.50

1,426.80

1,057.90

6,309.70

$10,878.40

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

Checks

Deposits

Date

Number

Amount

Date

Amount

1,025.00

$18,152.90

540.80

$15,438.70

The cash records per books for December showed the following.

Cash Payments Journal

Cash Receipts Journal

Date

Number

Amount

Date

Number

Amount

Date

Amount

450.80

889.50

$13,925.30

1,690.40

$17,322.10

The bank statement contained two memoranda:

At December 31, the cash balance per books was $14,275.20, and the cash balance per the bank statement was $22,086.40. The bank did not make any errors, but two errors were made by Langer Company.

A: Prepare the adjusting entries based on reconciliation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75. For error in check and deposit use accounts payable and accounts receivable.)

LANGER COMPANY
Bank Reconciliation
November 30, 2017

Cash balance per bank

$14,657.90

Add: Deposits in transit

2,530.20

17,188.10

Less: Outstanding checks

Check Number

Check Amount

3451

$ 2,260.40

3470

720.10

3471

844.50

3472

1,426.80

3474

1,057.90

6,309.70

Adjusted cash balance per bank

$10,878.40

Explanation / Answer

Adjusting entries

Langer Company Bank Reconciliation December 31, 2017 Particulars Amount ($) Amount ($) Balance as per bank 22,086.40 Add: Deposit in transit 1,690.40 1,690.40 Less: outstanding checks: 3470 720.10 3474 1,057.90 3478 621.30 3481 807.40 3484 790.10 3486 889.50 4,886.30 Adjusted cash balance per bank 18,890.50 Cash balance as per books 14,275.20 Add: Note collected by bank (5,150+160-15) 5,295.00 Less: NSF check 580.70 Error in recording deposit (2945-2954) 9.00 Error in recording check (540.8-450.8) 90.00 Adjusted cash balance as per books 18,890.50

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