P8-5A
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Bus 1A ON1(31837)Sp08 / Midterm 4B-Ch7&8
P8-5A
Haverman Company maintains a checking account at the Commerce Bank. At July 31, selected data from the ledger
balance and the bank statement are shown below.
Cash in Bank
Per Bank
Per Books
$17,600
$16,800
81,400
82,470
77,150
Balance, July 1
July receipts
July credits
July disbursements
74,756
July debits
$21,850
Balance, July 31
$24,514
Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $3,470
for the collection of a $3,400 note plus interest revenue of $70.The July debits per bank consist of checks cleared $74,700
and a debit memorandum of $56 for printing additional company checks.
You also discover the following errors involving July checks: (1) A check for $230 to a creditor on account that cleared
the bank in July was journalized and posted as $320. (2) A salary check to an employee for $255 was recorded by the bank
for $155.
The June 30 bank reconciliation contained only two reconciling items: deposits in transit $7,000 and outstanding checks
of $6,200.
Prepare a bank reconciliation at July 31. (List multiple entries in descending order of amount.)
$
Add:
Less:
$
$
Adjusted cash balance per bank
$
Add:
$
Less:
Adjusted cash balance per books
$
Journalize the adjusting entries to be made by Haverman Company at July 31, 2008. Assume that the interest on the note
has been accrued. (List multiple debit/credit entries in descending order of amount.)
Date
Description/Account
Debit
Credit
Dec. 31
(To record collection of note receivable by bank.)
Dec. 31
(To record check printing charge.)
Dec. 31
(To record error on check.)
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4/11/2008 1:21 PM