Ask Question, Ask an Expert


Ask Financial Accounting Expert

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.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M94225

Have any Question? 

Related Questions in Financial Accounting

The edge company uses a predetermined overhead rate of 5

The Edge Company uses a predetermined overhead rate of $5 per direct labor hour. In December, actual overhead amounted to $650,000 and actual direct labor hours were 132,000. For the month, overhead was: a. $50,000 overa ...

Letrsquos assume that a late twentieth century university

Let’s assume that a late twentieth century university graduate got a good job and began a savings account. She authorized the bank to transfer $75 each month from her checking account to her savings account. The bank mad ...

For each of the following items considered independently

For each of the following items considered independently, indicate whether the circumstances call for an addition modification (A), a subtraction modification (S), or no modification (N) in computing state taxable income ...

Do you think that a portion of the purchasing departments

Do you think that a portion of the purchasing department's costs should be allocated to the cost of inventory? After all, in many organizations a good deal of time and effort by the Purchasing (or Procurement or Material ...

Waterways continuing problemwaterways has two major

Waterways Continuing Problem Waterways has two major public-park projects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain wh ...

On january 1 a company issued 4 10-year bonds with a face

On January 1, a company issued 4%, 10-year bonds with a face amount of $75 million for $63,842,205 to yield 6%. Interest is paid semiannually. What was the straight-line interest expense on the December 31 annual income ...

Sandpiper company has 25000 shares of cumulative preferred

Sandpiper Company has 25,000 shares of cumulative preferred 1% stock, $150 par and 50,000 shares of $15 par common stock. The following amounts were distributed as dividends: Year 1 $93,800 Year 2 15,000 Year 3 112,500 D ...

The hartnett corporation manufactures baseball bats with

The Hartnett Corporation manufactures baseball bats with Pudge Rodriguez’s autograph stamped on them. Each bat sells for $61 and has a variable cost of $32. There are $43,790 in fixed costs involved in the production pro ...

Seller orally agrees to sell his laptop to buyer for 600

Seller orally agrees to sell his laptop to Buyer for $600. Buyer tenders the purchase price but Seller asserts the Statute of Frauds and refuses to sell the laptop to Buyer. a. Seller is bound to the agreement because it ...

You are in your second year as an auditor with dantly and

You are in your second year as an auditor with Dantly and Regis, a regional CPA firm. One of the firm's long-time clients is Mayberry-Cleaver Industries, a national company involved in the manufacturing, marketing, and s ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate