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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: $
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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