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Homework answers / question archive / The Cash account in the ledger of Dodge Limited shows a balance of $4,570 at November 30

The Cash account in the ledger of Dodge Limited shows a balance of $4,570 at November 30

Accounting

The Cash account in the ledger of Dodge Limited shows a balance of $4,570 at November 30. The bank statement, however, shows a balance of $4.910 at the same date. The only reconciling items consist of the Collowings 1. Cash received on 30 November amounted to $3,150. It was left at the bank in the night depository chute after banking hours on 30 November and therefore was not recorded by the bank on November statement 2. Also included in November bank statement was a debit memorandum from the bank for $15 representing service charges for November 3. A credit memorandum enclosed in November bank statement indicated a 1-year 5 % note receivable for $4,000, left with the bank for collection. The principal and the interest had been collected at maturity and the proceeds are credited to the account of Dodge Limited, 4. Check no. 810 for $430, issued 15 November in payment for computer equipment had been erroneously processed and recorded by the bank as $340. The check is correctly recorded in Dodge's record. 5. Three checks issued in November had not been paid by the bank: no. 814 for $115: no. 816 for $230, no. 830 for $670 6. A check of $2,700 drawn by a customer of Dodge Limited was marked "NSF". It had been included in deposit on 27 November but had been charged back against company's account on 30 November 7. Check no. 805 for $2,300 issued for settlement of accounts payable to a supplier was incorrectly entered in Dodge's records as $3,200. Instructions c. Prepare a bank reconciliation at 30 November d. Prepare journal entries to adjust the accounts at 30 November. e. State the amount of cash included in the statement of financial position on 30 November

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