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Problem 7-4A (Part Level Submission)

The bank portion of the bank reconciliation for Langer Company at November 30, 2017, was as follows.

LANGER COMPANY

Bank Reconciliation

November 30, 2017

Cash balance per bank

 

 

 

$14,677.90

Add: Deposits in transit

 

 

 

2,530.20

 

 

 

 

17,208.10

Less: Outstanding checks

 

 

 

 

Check Number

 

Check Amount

 

 

3451

 

$ 2,260.40

 

 

3470

 

720.10

 

 

3471

 

844.50

 

 

3472

 

1,426.80

 

 

3474

 

1,052.50

 

6,304.30

Adjusted cash balance per bank

 

 

 

$10,903.80

         

 

The adjusted cash balance per bank agreed with the cash balance per books at November 30.

The December bank statement showed the following checks and deposits.

 

Bank Statement

Checks

 

Deposits

Date

 

Number

 

Amount

 

Date

 

Amount

1

 

3451

 

$2,260.40

 

1

 

$ 2,530.20

2

 

3471

 

844.50

 

4

 

1,211.60

7

 

3472

 

1,426.80

 

8

 

2,365.10

4

 

3475

 

1,640.70

 

16

 

2,672.70

8

 

3476

 

1,300.00

 

21

 

2,945.00

10

 

3477

 

2,130.00

 

26

 

2,567.30

15

 

3479

 

3,080.00

 

29

 

2,836.00

27

 

3480

 

600.00

 

30

 

1,025.00

30

 

3482

 

475.50

 

Total

 

$18,152.90

29

 

3483

 

1,140.00

 

 

 

 

31

 

3485

 

540.80

 

 

 

 

 

 

Total

 

$15,438.70

 

 

 

 

                 

 

The cash records per books for December showed the following.

Cash Payments Journal

 

Cash Receipts Journal

Date

 

Number

 

Amount

 

Date

 

Number

 

Amount

 

Date

 

Amount

1

 

3475

 

$1,640.70

 

20

 

3482

 

$475.50

 

3

 

$ 1,211.60

2

 

3476

 

1,300.00

 

22

 

3483

 

1,140.00

 

7

 

2,365.10

2

 

3477

 

2,130.00

 

23

 

3484

 

795.50

 

15

 

2,672.70

4

 

3478

 

621.30

 

24

 

3485

 

450.80

 

20

 

2,954.00

8

 

3479

 

3,080.00

 

30

 

3486

 

889.50

 

25

 

2,567.30

10

 

3480

 

600.00

 

Total

 

 

 

$13,930.70

 

28

 

2,836.00

17

 

3481

 

807.40

 

 

 

 

 

 

 

30

 

1,025.00

 

 

 

 

 

 

 

 

 

 

 

 

31

 

1,690.40

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$17,322.10

                             

 

The bank statement contained two memoranda:

1.

 

A credit of $5,265 for the collection of a $5,120 note for Langer Company plus interest of $160.00 and less a collection fee of $15.00. Langer Company has not accrued any interest on the note.

2.

 

A debit of $575.30 for an NSF check written by L. Rees, a customer. At December 31, the check had not been redeposited in the bank.

 

At December 31, the cash balance per books was $14,295.20, and the cash balance per the bank statement was $22,081.80. The bank did not make any errors, but two errors were made by Langer Company.

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