the following information is available for its september 30 2011 reconciliation 646405

Els Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888 for $1,038.05 and No. 5893 for $484.25. The following information is available for its September 30, 2011, reconciliation.

From the September 30 Bank Statement

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PREVIOUS BALANCE

TOTAL CHECKS AND DEBITS

TOTAL DEPOSITS AND CREDITS

CURRENT BALANCE

16,800.45

9,620.05

11,182.85

18,363.25

 

CHECKS AND DEBITS

DEPOSITS AND CREDITS

DAILY BALANCE

Date

No.

5 Sep

1,103.75

31 Aug

16,800.45

3 Sep

5888

Date

Amount

Date

Amount

4 Sep

5902

12 Sep

2,226.90

3 Sep

15,762.40

7 Sep

5901

21 Sep

4,093.00

4 Sep

15,030.50

20 Sep

 

30 Sep

22.50 IN

7 Sep

14,310.00

17 Sep

5905

25 Sep

2,351.70

5 Sep

16,134.25

22 Sep

5903

30 Sep

1,385.00 CM

12 Sep

16,536.90

22 Sep

5904

   

17 Sep

15,948.65

28 Sep

5907

   

20 Sep

15,011.65

29 Sep

5909

   

22 Sep

19,104.65

       

25 Sep

18,977.25

       

28 Sep

16,625.55

       

29 Sep

18,763.40

       

30 Sep

16,955.75

       

21 Sep

18,363.25

From Els Company’s Accounting Records

Cash Receipts Deposited

Date

 

Cash
Debit

Sept.

5

 

1,103.75

 

12

 

2,226.90

 

21

 

4,093.00

 

25

 

2,351.70

 

30

 

1,582.75

     

11,358.10

 

Cash Disbursements

Check

 

 

Cash

No.

 

 

Debit

5901

 

 

1,824.25

5902

 

 

731.90

5903

 

 

399.10

5904

   

2,050.00

5905

 

 

937.00

5906

 

 

859.30

5907

 

 

213.85

5908

 

 

276.00

5909

 

 

1,807.65

 

 

 

9,099.05

 

 

 

Cash

 

Acct. No. 101

Date

 

Explanation

PR

Debit

Credit

Balance

Aug.

31

Balance

 

 

 

15,278.15

Sept.

30

Total receipts

R12

11,358.10

 

26,636.25

 

30

Total disbursements

D23

 

9,099.05

17,537.20

Additional Information

Check No. 5904 is correctly drawn for $2,080 to pay for computer equipment; however, the record keeper misread the amount and entered it in the accounting records with a debit to Computer Equipment and a credit to Cash of $2,050. The NSF check shown in the statement was originally received from a customer,

S. Nilson, in payment of her account. Its return has not yet been recorded by the company. The credit memorandum is from the collection of a $1,400 note for Els Company by the bank. The bank deducted a $15 collection fee. The collection and fee are not yet recorded.

Required

1. Prepare the September 30, 2011, bank reconciliation for this company.

2. Prepare the journal entries to adjust the book balance of cash to the reconciled balance.

3. The bank statement reveals that some of the prenumbered checks in the sequence are missing. Describe three situations that could explain this.

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