Task1. Portland Boat Limited’s bank statement for the month of November showed the balance per bank of $7,000. The company's Cash account in the general ledger had the balance of $5,659 at November 30. Other information is given below:
(1) Cash receipts for November 30 recorded on company's books were $5,200, but this amount doesn’t appear on the bank statement.
(2) The bank statement shows debit memorandum for $40 for cheque printing charges.
(3) Cheque No. 119 payable to Lynch Company was recorded in general journal and cleared bank for $248. A review of accounts payable records shows a $36 credit balance in account of Lynch Company and that the payment to it must have been for $284.
(4) The total amount of cheques still outstanding at November 30 amounted to $5,800.
(5) Cheque No. 138 was correctly written and paid by bank for $409. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $490.
(6) The bank returned an NSF check from customer for $560.
(7) The bank comprised a credit memorandum for $1,260, which represents assortment of a customer's note by the bank for company; principal amt of note wa $1,200 and interest was $60. Interest hasn’t been accrued.
(a) Make bank reconciliation for Portland Boat Limited at November 30.
(b) Make any adjusting entries essential as a result of the bank reconciliation.