The bank portion of the bank reconciliation for Phillips Company at October 31, 2014, was as follows.

Cash balance per bank$6,000
Add: Deposits in transit842
6,842
Less: Outstanding checks
Check NumberCheck Amount
2451$700
2470396
2471464
2472270
2474578
2,408
Adjusted cash balance per bank$4,434

The adjusted cash balance per bank agreed with the cash balance per books at October 31.

The November bank statement showed the following checks and deposits:

Bank Statement
ChecksDeposits
DateNumberAmountDateAmount
11-12470$ 39611-1$ 842
11-2247146411-4666
11-5247457811-8545
11-4247590311-131,416
11-824761,55611-18810
11-10247733011-211,624
11-15247998011-251,412
11-18248071411-28908
11-27248138211-30652
11-302483317Total$8,875
11-292486495
Total$7,115

The cash records per books for November showed the following.

Cash Payments JournalCash Receipts
Journal
DateNumberAmountDateNumberAmountDateAmount
11-12475$ 90311-202483$31711-3$666
11-224761,55611-22248446011-7545
11-2247733011-23248552511-121,416
11-4247830011-24248649511-17810
11-8247989011-29248721011-201,642
11-10248071411-30248863511-241,412
11-152481382Total$8,06711-27908
11-18248235011-29652
11-302,541
Total$10,592

The bank statement contained two bank memoranda:

  1. A credit of $2,375 for the collection of a $2,300 note for Phillips Company plus interest of $91 and less a collection fee of $16. Phillips Company has not accrued any interest on the note.
  2. A debit for the printing of additional company checks $34.

At November 30, the cash balance per books was $5,958, and the cash balance per the bank statement was $9,100. The bank did not make any errors, but two errors were made by Phillips Company.

Instructions

(a)Using the four steps in the reconciliation procedure described, prepare a bank reconciliation at November 30.

(b)Prepare the adjusting entries based on the reconciliation. (Hint:The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.)

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