Adjusting Entries to Balance a Bank Statement
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5.) The following information is available for the Avisa Company for the month of November:
(a.) On November 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $27,202.
(b.) The company's bank statement shows a balance on November 30 of $29,279.
(c.) Outstanding checks at November 30 include check #3030 in the amount of $1,525 and check #3556 in the amount of $1,459.
(d.) A credit memo included with the bank statement indicates that the bank collected $780 on a noninterest-bearing note receivable for Avisa. The bank deducted a $10 collection fee, and credited the remainder of $770 to Avisa's account.
(e.) A debit memo included with the bank statement shows a $67 NSF check from a customer, J. Brown.
(f.) A deposit placed in the bank's night depository on November 30 totaled $1,675, and did not appear on the bank statement.
(g.) Examination of the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an account payable was correctly written for $2,450, but was recorded in the accounting records as $2,540.
(h.) Included with the bank statement was a debit memorandum in the amount of $25 for bank service charges. It has not been recorded on the company's books.
Problem: SHOW ALL WORK!!!!!!!
*Based on the above information, prepare the November bank reconciliation for the Avisa Company.
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Solution Summary
This spreadsheet illustates how to adjust the bank and book balances to complete a bank reconciliation.
Solution Preview
The key to a bank statement reconciliation is to identify which items must be added or deducted ...
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