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P5-4 Bank reconciliation and entries

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✓ 1. Adjusted balance: $11,296.80

Aztec Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of May 31 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.

CASH ACCOUNT:

   Balance as of May 1

$9,578.00

CASH RECEIPTS FOR MONTH OF May

$5,948.81

DUPLICATE DEPOSIT TICKETS:

Date and amount of each deposit in May:

Date

Amount

Date

Amount

Date

Amount

May 2

$569.50

May 12

$580.70

May 23

$ 331.45

5

701.80

16

600.10

26

601.50

9

819.24

19

701.26

31

1,043.26

CHECKS WRITTEN:

   Number and amount of each check issued in May:

Check No.

Amount

Check No.

Amount

Check No.

Amount

614

$243.50

621

$309.50

628

$ 837.70

615

350.10

622

Void

629

329.90

616

279.90

623

Void

630

882.80

617

395.50

624

707.01

631

1,081.56

618

435.40

625

158.63

632

62.40

619

320.10

626

550.03

633

310.08

620

328.87

627

318.73

634

503.30

Total amount of checks issued in May

$8,405.01

Instructions

1. Prepare a bank reconciliation as of May 31. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales except for the note receivable of $4,000 and interest of $160 collected on May 14. All checks are written to satisfy accounts payable.

2. Illustrate the effects on the accounts and financial statements of the bank reconciliation.

3. What is the amount of Cash that should appear on the balance sheet as of May 31?

4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Briefly explain how the error would be included in a bank reconciliation and how it should be corrected.

(Warren 206-208)

Warren, Carl S. Survey of Accounting, 6th Edition. Cengage Learning, 02/2012. VitalBook file.

The citation provided is a guideline. Please check each citation for accuracy before use.