AB 116 WEEK 1 Problem 8-5A
Rodriguez Company maintains a checking account at the Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below.
Cash in Bank
Per Books Per Bank
Balance, July 1 $18,050 $16,250
July receipts 81,850
July credits 83,920
July disbursements 77,600
July debits 75,206
Balance, July 31 $22,300 $24,964
Analysis of the bank data reveals that the credits consist of $78,991 of July deposits and a credit memorandum of $4,929 for the collection of a $4,850 note plus interest revenue of $79. The July debits per bank consist of checks cleared $75,141 and a debit memorandum of $65 for printing additional company checks.
You also discover the following errors involving July checks: (1) A check for $260.00 to a creditor on account that cleared the bank in July was journalized and posted as $620.00. (2) A salary check to an employee for $755 was recorded by the bank for $655.
The June 30 bank reconciliation contained only two reconciling items: deposits in transit $8,450 and outstanding checks of $6,650.
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