Current Account BANK STATEMENT CASH RECEIPT JOURNAL / CASH DISBURSEMENT JOURNAL
Savings Account
Time deposit
TIMING DIFFERENCE
8/31
9/1
DEPOSIT in TRANSIT
8/31 FRIDAY
OUTSTANDING CHECKS
5,200 5,000
25,000 52,000
BANK ERROR
BANK RECONCILING ITEMS
DEPOSIT in TRANSIT
OUTSTANDING CHECK check payment (receivable) but not yet deposited by payee
BANK ERROR
BOOK RECONCILING ITEMS
CREDIT MEMO Notes Receivable
DEBIT MEMO Service charge, NSF check
BOOK ERROR
UNADJUSTED BANK BALANCE
ADD Deposit in Transit
LESS Outstanding Check
+/- Bank Error
ADJUSTED BANK BALANCE
UNADJUSTED BOOK BALANCE
ADD Credit Memo
LESS Debit Memo
+/- Book Error
APATHY COMPANY
Bank Reconciliation
December 31
Unadjusted Bank Balance 108,000
Add: Deposit in Transit 80,000
Deposit in transit 188,000
Less: Outstanding Check
#102 15,000
#105 30,000
#107 50,000 - 95,000
Adjusted bank balance 93,000
Unadjusted book balance 65,000
Add: Credit Memo- Note receivable collected by the bank 30,000
Total 95,000
Less: Debit Memo - Service charge - 2,000
Adjusted book balance 93,000
2. Adjusting entries
Cash in bank 30,000
Notes receivable 30,000
Bank service charge 2,000
Cash in bank 2,000
SENSIBLE COMPANY
SENSIBLE COMPANY
Bank Reconciliation
December 31
Unadjusted bank balance 135,000
Deposits in transit 60,000
Bank Error- Check drawn by Sensitive but debited to
Sensible 8,000 68,000
Total 203,000
Outstanding checks
#770 20,000
#775 30,000
#777 40,000 - 90,000
Adjusted bank balance 113,000
Unadjusted book balance 110,000
CM - Note collected by the bank 45,000
Total 155,000
DM
NSF Check 10,000
Bank service charge 5,000
Book error - Underbooking of disbursement 27,000 - 42,000
Adjusted book balance 113,000
2. Adjusting entries:
Cash in bank 45,000
Bank service charge 5,000
Notes receivable 50,000
Accounts receivable 10,000
Cash in bank 10,000
Bank service charge 5,000
Cash in bank 5,000
Accounts payable 27,000
Cash in bank 27,000
XANTHOUS COMPANY
Unadjusted bank balance 3,265,000
Deposit in transit 450,000
Total 3,715,000
Outstanding check
#116 60,000
#122 180,000
#124 120,000
#125 250,000 - 610,000
Adjusted bank balance 3,105,000
Unadjusted book balance 2,840,000
CM - Note collected plus interest 270,000
Total 3,110,000
DM - Service charge - 5,000
Adjusted book balance 3,105,000
Cash in bank 270,000
Service charge 10,000
Notes receivable 250,000
Interest income 30,000
Service charge 5,000
Cash in bank 5,000
CHIVALRY COMPANY
BOOK Balance BANK Balance
Unadjusted balance 1,405,000 5,630,000
Deposits in transit 750,000
CM - Note collected plus interest 2,650,000
Bank error - Deposit of Cavalry credited to Chivalry - 1,100,000
DM - Bank service charge - 5,000
Book error - Overbooking of disbursement 45,000
DM - Preauthorized payment of utility and NSF check - 465,000
Outstanding check - - 1,650,000
Adjusted balance 3,630,000 3,630,000
Cash in bank 2,650,000
Notes receivable 2,500,000
Interest income 150,000
Bank service charge 5,000
Cash in bank 5,000
Cash inbank 45,000
Accounts payable 45,000
Utilities expense 245,000
Accounts receivable 220,000
Cash in bank 465,000
ZODIAC
BOOK BANK
Unadjusted balance 1,100,000 1,000,000
Outstanding check (40K+30K+60K+10K) - 140,000
DM - B.S.C and NSF check (5K+25K) - 30,000
CM - Note collected by the bank 60,000
Deposit in transit - 270,000
Adjusted balance 1,130,000 1,130,000
RADIANT UNADJUSTED UNADJUSTED
BOOK BANK
Unadjusted balance 3,670,000 3,500,000
Deposit in transit 550,000
DM - NSF check - 50,000
Outstanding check - 650,000
DM - Rental for safety deposit box - 5,000
Book error - 270,000
Book error 180,000
Unrecorded check disbursemenr - 125,000 -
3,400,000 3,400,000
URSEMENT JOURNAL
deposited by payee
