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"E7-25B(Bank Reconciliation and Adjusting Entries)...




"E7-25B(Bank Reconciliation and Adjusting Entries) Elfen Company has just received the October 31, 2012, bank statement, which is summarized below. Tri National Bank: Balance, October 1, Deposits during October, Note collected for depositor, including $40 interest, Checks cleared during October, Bank service charges, Balance, October 31. Disbursements: Checks cleared during October $54,501, Balance, October 31, 10. Receipts: Deposits during October $47,200, Note collected for depositor, including $40 interest $2,040. Balance: Balance, October 1 $21,361, Deposit during October $68,561, Note collected for depositor, including $40 interest $70,601, Checks cleared during October $16,100, Bank service charges $16,090, Balance, October 31 $16,090. The general ledger Cash account contained the following entries for the month of October. Cash: Balance, October 1 17,801, Disbursements in October 45,271, Receipts during October 45,000. Deposits in transit at October 31 are $4,800, and checks outstanding at October 31 total $1,550. Cash on hand at October 31 is $250. The bookkeeper improperly entered one check in the books at $210.00 which was written for $240.00 for supplies (expense); it cleared the bank during the month of October. Instructions: (a) Prepare a bank reconciliation dated October31, 2012, proceeding to a correct balance. (b) Prepare any entries necessary to make the books correct and complete. (c) What amount of cash should be reported in the October31 balance sheet?


Paper#2377 | Written in 18-Jul-2015

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