Accounting Business Reporting For Decision Making 9th Edition – Jacequeline Birt

was shown in Illustration 7.5. It shows an unadjusted balance per bank of $14,606.73 on April 30, 2024. On this date, the cash balance per books is $4,387.55. Using the process described above, the following reconciling items can be determined. Reconciling items to the cash balance per the bank: 1. Deposits in transit (+): After comparing the deposits recorded in the books with the deposits listed in the bank statement, it was determined that the April 30 deposit of $2,201.40 was not recorded by the bank until May 3.

$2,201.40 2. Outstanding cheques (−): After comparing the cheques recorded in the books with the cheques listed in the bank statement, it was deter- mined that three cheques were outstanding: No. 437, $3,000.00; No. 438, $1,401.30; and No. 440, $1,502.70. 5,904.00 3. Bank errors (+/−): None — Reconciling items per the company’s books are as follows: 1. EFT receipts (+): Unrecorded electronic receipts from customers on account on April 3 and 16 determined from the bank statement: $2,137.50 + $4,649.68.

$6,787.18 2. Interest (+): No interest was paid on the account. — 3. EFT payments (−): None. The electronic payments on April 26 and 28 were recorded by the company when they were initiated. — 4. NSF cheques (−): Returned cheque plus NSF fee on April 21 ($425.60 + $40.00). 465.60 5. Service charges (−): Fees related to debit and credit cards, together with bank service charges on the company’s accounts.

165.00 6. Company errors (+/−): Cheque No. 439 was correctly written by Laird for $3,260.00 and was correctly paid by the bank on April 7. However, it was recorded as $3,620.00 on Laird’s books. The account is too low, so the error must be added back.

360.00 payments for the current month to the opening balance in the Cash account. Consider using a T account to help you. • When determining which side of the bank reconciliation should be adjusted for the effect of the error, identify who knows about the error (the bank or the company).

PAUL D. KIMMEL, Ph.D., CPA University of Wisconsin—Madison, Wisconsin JERRY J. WEYGANDT, Ph.D., CPA University of Wisconsin—Madison, Wisconsin JILL E. MITCHELL, M.S., M.ED., CIA Northern Virginia Community College—Annandale, Virginia BARBARA TRENHOLM, FCPA, FCA, ICD.D University of New Brunswick—Fredericton, New Brunswick WAYNE IRVINE, FCPA, FCA, CFA University of Calgary—Calgary, Alberta CHRISTOPHER D. BURNLEY, FCPA, FCA Vancouver Island University—Nanaimo, British Columbia This book was typeset in 9.5/12 STIX Two Text at Lumina Datamatics, Inc.

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