Balance per bank, November 30Add: Deposits outstandingLess: Checks outstanding#363#365# 380# 381# 382Adjusted balance per bank, November 30Balance, December 1 $3,625Receipts42,650Disbursements(41,853)Balance, December 31 $ 4,422$ 3,2311,200The company's general ledger checking account showed thefollowing for December:Balance, December 1 $3,231Deposits43,000Checks processed(41,918)Service chargesNSF checks$ 1232015686340 (806)(22)(440)Balance, December 31 $ 3,851$ 3,625The December bank statement contained the followinginformation:The checks that were processed by the bank in Decemberinclude all of the outstanding checks at the end of Novemberexcept for check #365. In addition, there are some Decemberchecks that had not been processed by the bank by the end ofthe month. Also, you discover that check #411 for $320 wascorrectly recorded by the bank but was incorrectly recordedon the books as a $230 disbursement for advertising expense.Included in the bank's deposits is a $1,300 deposit incorrectlycredited to the company's account. The deposit should havebeen posted to the credit of the Los Gatos Company. The NSFchecks have not been redeposited and the company will seekpayment from the customers involved.Required:1. Prepare a bank reconciliation for the El Gato checkingaccount at December 31, 2021.2. Prepare any necessary adjusting journal entries indicated.

A company's prepared bank reconciliation statement demonstrates that the balance of its recorded…

Answered: Required: 1. Prepare a bank…

Required: 1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2021. 2. Prepare any necessary adjusting journal entries indicated.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 1COMP

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Concept explainers

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.

Question

100%

Balance per bank, November 30
Add: Deposits outstanding
Less: Checks outstanding
#363
#365
# 380
# 381
# 382
Adjusted balance per bank, November 30
Balance, December 1 $3,625
Receipts
42,650
Disbursements
(41,853)
Balance, December 31 $ 4,422
$ 3,231
1,200
The company's general ledger checking account showed the
following for December:
Balance, December 1 $3,231
Deposits
43,000
Checks processed
(41,918)
Service charges
NSF checks
$ 123
201
56
86
340 (806)
(22)
(440)
Balance, December 31 $ 3,851
$ 3,625
The December bank statement contained the following
information:
The checks that were processed by the bank in December
include all of the outstanding checks at the end of November
except for check #365. In addition, there are some December
checks that had not been processed by the bank by the end of
the month. Also, you discover that check #411 for $320 was
correctly recorded by the bank but was incorrectly recorded
on the books as a $230 disbursement for advertising expense.
Included in the bank's deposits is a $1,300 deposit incorrectly
credited to the company's account. The deposit should have
been posted to the credit of the Los Gatos Company. The NSF
checks have not been redeposited and the company will seek
payment from the customers involved.
Required:
1. Prepare a bank reconciliation for the El Gato checking
account at December 31, 2021.
2. Prepare any necessary adjusting journal entries indicated.

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