Bank The company's accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the adjusted balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. Murdstone, Inc. Reconciliation Bank Reconciliation January 31, 2015 Cash balance according to bank statement Adjustments: Add: Deposit in transit on January 31 Deduct: Outstanding Check No. 124 Outstanding Check No. 125 Outstanding Check No. 129 Total deductions Adjusted balance Cash balance according to Murdstone, Inc. Adjustments: Add: Note and interest collected by bank Deduct: Check returned because of insufficient funds $(23,475.40) Bank service charge Error in recording Check No. 123 Total deductions $(62.00) (57.00) (1,250.00) Item Cash balance according to bank statement Deposit in transit on January 31 Outstanding Check No. 124 Outstanding Check No. 125 Outstanding Check No. 129 Cash balance according to Murdstone, Inc. Check returned because of insufficient funds Note and interest collected by bank Bank service charge (250.00) (9,000.00) $23,557.98 Murcistone error in recording Check No. 123 as $12,435.00 rather than the correct amount of $21,435.00 (1,369.00) $34,314.23 $51.545.88 Adjusted balance You assist the intern to check source documents, and find that most of the dollar amounts are correct; however, two dollar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the intern. If "No." Corrected Amount 12,125.25 (32,725.40) $34,071.23 Yes Yes Yes No 15,250.75 Correct in Intern's Reconciliation? Yes Yes Yes Yes No Yes $75.00 $25.00 After asking the intern to search for other errors by comparing her reconciliation to prior bank reconciliations prepared by the former accountant, you work together to compute the corrected adjusted balance. Round your answer to two decimal places.
Bank The company's accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the adjusted balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. Murdstone, Inc. Reconciliation Bank Reconciliation January 31, 2015 Cash balance according to bank statement Adjustments: Add: Deposit in transit on January 31 Deduct: Outstanding Check No. 124 Outstanding Check No. 125 Outstanding Check No. 129 Total deductions Adjusted balance Cash balance according to Murdstone, Inc. Adjustments: Add: Note and interest collected by bank Deduct: Check returned because of insufficient funds $(23,475.40) Bank service charge Error in recording Check No. 123 Total deductions $(62.00) (57.00) (1,250.00) Item Cash balance according to bank statement Deposit in transit on January 31 Outstanding Check No. 124 Outstanding Check No. 125 Outstanding Check No. 129 Cash balance according to Murdstone, Inc. Check returned because of insufficient funds Note and interest collected by bank Bank service charge (250.00) (9,000.00) $23,557.98 Murcistone error in recording Check No. 123 as $12,435.00 rather than the correct amount of $21,435.00 (1,369.00) $34,314.23 $51.545.88 Adjusted balance You assist the intern to check source documents, and find that most of the dollar amounts are correct; however, two dollar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the intern. If "No." Corrected Amount 12,125.25 (32,725.40) $34,071.23 Yes Yes Yes No 15,250.75 Correct in Intern's Reconciliation? Yes Yes Yes Yes No Yes $75.00 $25.00 After asking the intern to search for other errors by comparing her reconciliation to prior bank reconciliations prepared by the former accountant, you work together to compute the corrected adjusted balance. Round your answer to two decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do Not Give Solution In Image Format And Fast Answering Please

Transcribed Image Text:Bank Reconciliation
The company's accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the adjusted balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern.
Murdstone, Inc.
Bank Reconciliation
January 31, 2015
Cash balance according to bank statement
Adjustments:
Add: Deposit in transit on January 31
Deduct: Outstanding Check No. 124
Outstanding Check No. 125.
Outstanding Check No. 129
Total deductions
Adjusted balance
Cash balance according to Murdstone, Inc.
Adjustments:
Add: Note and Interest collected by bank
Deduct: Check returned because of insufficient funds $(23,475.40)
Bank service charge
(250.00)
(9,000.00)
Error in recording Check No. 123
Total deductions
Item
$(62.00)
(57.00)
(1,250.00)
Cash balance according to bank statement
Deposit in transit on January 31
Outstanding Check No. 124
Outstanding Check No. 125
Outstanding Check No. 129
Cash balance according to Murdstone, Inc.
Check returned because of insufficient funds
Note and interest collected by bank
Bank service charge
$23,557.98
(32,725.40)
$34,071.23
Adjusted balance
You assist the intern to check source documents, and find that most of the dollar amounts are correct; however, two dollar amounts are incorrect. After reviewing the following table, scroll down for the next steps in helping the intern.
Correct in
If "No,"
Intern's
Reconciliation?
Corrected
Amount
Murdistone error in recording Check No. 123 as
$12,435.00 rather than the correct amount of $21,435.00
(1,369.00)
$34,314.23
$51,545.88
Yes
Yes
12,125.25
Yes
No
Yes
You
Yes
Yes
No
Yes
15,250.75
$75.00
$25.00
After asking the intern to search for other errors by comparing her reconciliation to prior bank reconciliations prepared by the former accountant, you work together to compute the corrected adjusted balance. Round your answer to two decimal places.
Corrected adjusted balance amount: $
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