Question 1 The bank portion of the bank reconciliation for Ivanhoe Company at October 31, 2017, is as follows. IVANHOE COMPANY Bank Reconciliation October 31, 2017 Cash balance per bank $12,497.90 Add: Deposits in transit 1,530.20 14,028.10 Less: Outstanding checks Check Number Check Amount 2451 $ 1,260.40 2470 684.20 2471 844.50 2472 435.75 2474 1,050.00 4,274.85 Adjusted cash balance per bank $9,753.25 The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 11-1 2470 $ 684.20 11-1 $ 1,530.20 11-2 2471 844.50 11-4 1,211.60 11-5 2474 1,050.00 11-8 990.10 11-4 2475 1,640.70 11-13 2,575.00 11-8 2476 2,830.00 11-18 1,472.70 11-10 2477 600.00 11-21 2,945.00 11-15 2479 1,720.00 11-25 2,567.30 11-18 2480 1,330.00 11-28 1,650.00 11-27 2481 695.40 11-30 1,186.00 11-30 2483 575.50 Total 16,127.90 11-29 2486 940.00 Total $12,910.30 The cash records per books for November showed the following. Cash Payments Journal Cash Receipts Journal Date Number Amount Date Number Amount Date Amount 11-1 2475 $1,640.70 11-20 2483 $ 575.50 11-3 $ 1,211.60 11-2 2476 2,830.00 11-22 2484 820.55 11-7 990.10 11-2 2477 600.00 11-23 2485 974.80 11-12 2,575.00 11-4 2478 538.20 11-24 2486 940.00 11-17 1,472.70 11-8 2479 1,702.00 11-29 2487 398.00 11-20 2,954.00 11-10 2480 1,330.00 11-30 2488 800.00 11-24 2,567.30 11-15 2481 695.40 Total $14,457.15 11-27 1,650.00 11-18 2482 612.00 11-29 1,186.00 11-30 1,434.00 Total $16,040.70 The bank statement contained two bank memoranda: 1. A credit of $2,357.00 for the collection for Ivanhoe Company of an electronic funds transfer. 2. A debit for the printing of additional company checks $93.95. At November 30, the cash balance per books was $11,336.80 and the cash balance per bank statement was $17,978.55. The bank did not make any errors, but Ivanhoe Company made two errors.
Question 1
The bank portion of the bank reconciliation for Ivanhoe Company at October 31, 2017, is as follows.
IVANHOE COMPANY
Bank Reconciliation
October 31, 2017
Cash balance per bank
$12,497.90
Add: Deposits in transit
1,530.20
14,028.10
Less: Outstanding checks
Check Number
Check Amount
2451
$ 1,260.40
2470
684.20
2471
844.50
2472
435.75
2474
1,050.00
4,274.85
Adjusted cash balance per bank
$9,753.25
The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank statement showed the following checks and deposits.
Bank Statement
Checks
Deposits
Date
Number
Amount
Date
Amount
11-1 2470 $ 684.20 11-1 $ 1,530.20
11-2 2471 844.50 11-4 1,211.60
11-5 2474 1,050.00 11-8 990.10
11-4 2475 1,640.70 11-13 2,575.00
11-8 2476 2,830.00 11-18 1,472.70
11-10 2477 600.00 11-21 2,945.00
11-15 2479 1,720.00 11-25 2,567.30
11-18 2480 1,330.00 11-28 1,650.00
11-27 2481 695.40 11-30
1,186.00
11-30 2483 575.50 Total
16,127.90
11-29 2486
940.00
Total
$12,910.30
The cash records per books for November showed the following.
Cash Payments Journal
Cash Receipts Journal
Date
Number
Amount
Date
Number
Amount
Date
Amount
11-1 2475 $1,640.70 11-20 2483 $ 575.50 11-3 $ 1,211.60
11-2 2476 2,830.00 11-22 2484 820.55 11-7 990.10
11-2 2477 600.00 11-23 2485 974.80 11-12 2,575.00
11-4 2478 538.20 11-24 2486 940.00 11-17 1,472.70
11-8 2479 1,702.00 11-29 2487 398.00 11-20 2,954.00
11-10 2480 1,330.00 11-30 2488
800.00
11-24 2,567.30
11-15 2481 695.40 Total
$14,457.15
11-27 1,650.00
11-18 2482 612.00 11-29 1,186.00
11-30
1,434.00
Total
$16,040.70
The bank statement contained two bank memoranda:
1. A credit of $2,357.00 for the collection for Ivanhoe Company of an electronic funds transfer.
2. A debit for the printing of additional company checks $93.95.
At November 30, the cash balance per books was $11,336.80 and the cash balance per bank statement was $17,978.55. The bank did not make any errors, but Ivanhoe Company made two errors.
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