On May 31, 2017, Reber Company had a cash balance per books of $7,071.50. The bank statement from New York State Bank on that date showed a balance of $6,694.60. A comparison of the statement with the cash account revealed the following facts.
1.
The statement included a debit memo of $45.00 for the printing of additional company checks.
2.
Cash sales of $732.00 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $782.00. The bank credited Reber Company for the correct amount.
3.
Outstanding checks at May 31 totaled $857.25. Deposits in transit were $2,706.15.
4.
On May 18, the company issued check No. 1181 for $675 to Lynda Carsen on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Reber Company for $657.
5.
A $3,290.00 note receivable was collected by the bank for Reber Company on May 31 plus $85.00 interest. The bank charged a collection fee of $25.00. No interest has been accrued on the note.
6.
Included with the cancelled checks was a check issued by Stiner Company to Ted Cress for $1,090.00 that was incorrectly charged to Reber Company by the bank.
7.
On May 31, the bank statement showed an NSF charge of $675.00 for a check issued by Sue Allison, a customer, to Reber Company on account.
Prepare the bank reconciliation at May 31, 2017. (Round answers to 2 decimal places, e.g. 52.75. List items that increase cash balance first. Reconcile cash balance per bank first.)
REBER COMPANY Bank Reconciliation May 31, 2017
NSF checkDeposit in transitCollection of note receivableError in recording check No. 1181Error in May 12 depositCheck printing chargeCash balance per booksAdjusted cash balance per booksAdjusted cash balance per bankCash balance per bank statementBank error?Stiner checkOutstanding checks
$
AddLess:
Error in recording check No. 1181 Adjusted cash balance per bank NSF check Collection of note receivable Deposit in transit Adjusted cash balance per books Bank error?Stiner check Cash balance per books Cash balance per bank statement Error in May 12 deposit Check printing charge Outstanding checks
$
Outstanding checks Error in recording check No. 1181 Cash balance per books Adjusted cash balance per bank Adjusted cash balance per books Check printing charge Deposit in transit Bank error?Stiner check Collection of note receivable NSF check Cash balance per bank statement Error in May 12 deposit
AddLess:
Bank error?Stiner checkCheck printing chargeNSF checkAdjusted cash balance per booksError in May 12 depositError in recording check No. 1181Outstanding checksCollection of note receivableCash balance per booksCash balance per bank statementDeposit in transitAdjusted cash balance per bank
Outstanding checksCheck printing chargeError in recording check No. 1181Cash balance per booksAdjusted cash balance per bankAdjusted cash balance per booksCash balance per bank statementCollection of note receivableDeposit in transitError in May 12 depositBank error?Stiner checkNSF check
$
Bank error?Stiner checkDeposit in transitCheck printing chargeError in May 12 depositCash balance per booksError in recording check No. 1181Adjusted cash balance per booksNSF checkCollection of note receivableOutstanding checksAdjusted cash balance per bank
$
AddLess:
Cash balance per bank statmentAdjusted cash balance per bankCollection of note receivableNSF checkCash balance per booksCheck printing chargeOutstanding checksAdjusted cash balance per booksDeposit in transitError in May 12 depositBank error?Stiner checkError in recording check No. 1181
AddLess:
Bank error?Stiner check Cash balance per books Collection of note receivable Cash balance per bank statment Error in May 12 deposit Error in recording check No. 1181 Check printing charge Adjusted cash balance per books Outstanding checks NSF check Adjusted cash balance per bank Deposit in transit
$
NSF check Adjusted cash balance per bank Bank error?Stiner check Cash balance per bank statment Error in May 12 deposit Error in recording check No. 1181 Check printing charge Deposit in transit Adjusted cash balance per books Collection of note receivable Outstanding checks Cash balance per books
Deposit in transit Error in May 12 deposit Bank error?Stiner check Collection of note receivable Error in recording check No. 1181 NSF check Outstanding checks Cash balance per books Check printing charge Adjusted cash balance per books Cash balance per bank statment Adjusted cash balance per bank
Bank error?Stiner check Cash balance per bank statment Deposit in transit Collection of note receivable Outstanding checks Adjusted cash balance per books Adjusted cash balance per bank Cash balance per books NSF check Check printing charge Error in May 12 deposit Error in recording check No. 1181
Collection of note receivableAdjusted cash balance per bankError in May 12 depositCash balance per booksDeposit in transitNSF checkError in recording check No. 1181Check printing chargeAdjusted cash balance per booksCash balance per bank statmentBank error?Stiner checkOutstanding checks
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the necessary adjusting entries for Reber Company at May 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)
Date Account Titles and Explanation Debit Credit May 31
