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, 2016 1 Cash balance according to bank statement $23,557.98 2 Deduct deposit of January 31, not recorded by bank 12,125.25 3 $11,432.73 4 Add outstanding checks: 5 No. 124 $62.00 6 No. 125 57.00 7 No. 129 1,250.00 1,369.00 8 Adjusted balance $12,801.73 9 10 Cash balance according to company’s records $51,540.88 11 Add check returned because of insufficient funds 23,475.40 12 $75,016.28 13 Deduct: Note and interest collected by bank $15,250.75 14 Bank service charge 200.00 15 Error in recording Check No. 123 9,000.00 24,450.75 16 Adjusted balance $50,565.53 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 table below, scroll down for the next steps in helping the intern. Item Correct in Intern’s Reconciliation? If “No,” Corrected Amount Cash balance according to bank statement Yes Deposit of January 31, not recorded by bank Yes Outstanding check No. 124 Yes Outstanding check No. 125 No $75.00 Outstanding check No. 129 Yes Cash balance according to Murdstone, Inc. Yes Amount of check returned because of insufficient funds Yes Amount of note and interest collected by bank Yes Bank service charge No $20.00 Company error in recording Check No. 123 as $12,435.00 rather than the correct amount of $21,435.00 Yes 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 calculate the corrected Adjusted Balance. Enter your answer with two decimal places. Corrected Adjusted Balance amount:

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, 2016 1 Cash balance according to bank statement $23,557.98 2 Deduct deposit of January 31, not recorded by bank 12,125.25 3 $11,432.73 4 Add outstanding checks: 5 No. 124 $62.00 6 No. 125 57.00 7 No. 129 1,250.00 1,369.00 8 Adjusted balance $12,801.73 9 10 Cash balance according to company’s records $51,540.88 11 Add check returned because of insufficient funds 23,475.40 12 $75,016.28 13 Deduct: Note and interest collected by bank $15,250.75 14 Bank service charge 200.00 15 Error in recording Check No. 123 9,000.00 24,450.75 16 Adjusted balance $50,565.53 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 table below, scroll down for the next steps in helping the intern. Item Correct in Intern’s Reconciliation? If “No,” Corrected Amount Cash balance according to bank statement Yes Deposit of January 31, not recorded by bank Yes Outstanding check No. 124 Yes Outstanding check No. 125 No $75.00 Outstanding check No. 129 Yes Cash balance according to Murdstone, Inc. Yes Amount of check returned because of insufficient funds Yes Amount of note and interest collected by bank Yes Bank service charge No $20.00 Company error in recording Check No. 123 as $12,435.00 rather than the correct amount of $21,435.00 Yes 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 calculate the corrected Adjusted Balance. Enter your answer with two decimal places. Corrected Adjusted Balance amount:

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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I JUST NEED THE CORRECTED ADJUSTED BALANCE AMOUNT PLS

Murdstone, Inc.

Bank Reconciliation

January 31, 2016

1	Cash balance according to bank statement		$23,557.98
2	Deduct deposit of January 31, not recorded by bank		12,125.25
3			$11,432.73
4	Add outstanding checks:
5	No. 124	$62.00
6	No. 125	57.00
7	No. 129	1,250.00	1,369.00
8	Adjusted balance		$12,801.73
9
10	Cash balance according to company’s records		$51,540.88
11	Add check returned because of insufficient funds		23,475.40
12			$75,016.28
13	Deduct: Note and interest collected by bank	$15,250.75
14	Bank service charge	200.00
15	Error in recording Check No. 123	9,000.00	24,450.75
16	Adjusted balance		$50,565.53

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 table below, scroll down for the next steps in helping the intern.

Item	Correct in Intern’s Reconciliation?	If “No,” Corrected Amount
Cash balance according to bank statement	Yes
Deposit of January 31, not recorded by bank	Yes
Outstanding check No. 124	Yes
Outstanding check No. 125	No	$75.00
Outstanding check No. 129	Yes
Cash balance according to Murdstone, Inc.	Yes
Amount of check returned because of insufficient funds	Yes
Amount of note and interest collected by bank	Yes
Bank service charge	No	$20.00
Company error in recording Check No. 123 as $12,435.00 rather than the correct amount of $21,435.00	Yes

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 calculate the corrected Adjusted Balance. Enter your answer with two decimal places.

Corrected Adjusted Balance amount:

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