Question

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Problem 8-05A a-b (Video) The bank portion of the bank reconciliation for Waterway Company at November 30, 2020, was as follows. Waterway COMPANY Bank Reconciliation November 30, 2020 Cash balance per bank Add: Deposits in transit $14,777.90 2,530.20 17,308.10 Less: Outstanding checks Check Number 3451 3470 3471 3472 3474 Adjusted cash balance per bank Check Amount $ 2,260.40 720.10 844.50 1,426.80 1,053.00 6,304.80 $11,003.30 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits. Bank Statement Date Date 12-1 12-1 12-4 12-8 12-2 12-7 12-4 12-8 12-10 12-15 12-27 12-30 12-29 Checks Number 3451 3471 3472 3475 3476 3477 3479 3480 Amount $2,260.40 844.50 1,426.80 1,640.70 1,300 2,130 3,080 600 12-16 12-21 12-26 12-29 12-30 Deposits Amount $ 2,530.20 1,211.60 2,365.10 2,672.70 2,945 2,567.30 2,836 1,025 $18,152.90 475.50 Total 3482 3483 3485 1,140 540.80 12-31 Total $15,438.70

Answer 1

	WATERWAY COMPANY
	Bank Reconciliation
	December 31, 2020
Cash balance per bank statement		19754.10
Add: Deposits in transit		1690.40
		21444.50
Less: Outstanding checks
No. 3470	720.10
No. 3474	1053.00
No. 3478	621.30
No. 3481	807.40
No. 3484	795.00
No. 3486	889.50
		4886.30
Adjusted cash balance per bank		16558.20
Cash balance per books		14395.20
Add: Electronic funds transfer received		2350.00
		16745.20
Less:
Error in recording check	90.00
Error in deposit	9.00
Check printing charge	88.00
		187.00
Adjusted cash balance per books		16558.20
2
Dec.31     Cash	2350.00
Notes Receivable/Accounts Receivable		2350.00
(To record collection of note receivable by bank)
Dec.31     Bank charge expense	88.00
Cash		88.00
(To record bank service charge)
Dec.31     Accounts Payable	90.00
Cash		90.00
(To correct error in recording check)
Dec.31     Accounts Receivable	9.00
Cash		9.00
(To correct error in deposit)
Note:
Error in recording check is for check 3485. Error amount = 540.80-450.80 = $90
Error in deposit is for 12/20 deposit. Error amount = 2954-2945 = $9