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ACC 291 Week 3 Practice Connect Practice Assignment

attempt 1

1

Florence Company received a bank statement showing a balance of $13,550 on November 30, 2019. During the bank reconciliation process, Florence’s accountant noted the following bank errors:



A check for $265 issued by Florentine, Inc., was mistakenly charged to Florence Company’s account.
Check 2782 was written for $200 but was paid by the bank as $1,200.
Check 2920 for $85 was paid by the bank twice.
A deposit for $580 on November 22 was credited by the bank for $850.


Assuming outstanding checks total $2,450, prepare the adjusted bank balance section of the November 30, 2019, bank reconciliation.

2

On January 2, The Public Legal Clinic issued Check 2108 for $450 to establish a petty cash fund. Indicate how this transaction would be recorded in a general journal.



3

Di Stefano Office Supply Company received a bank statement showing a balance of $70,005 as of March 31, 2019. The firm’s records showed a book balance of $71,487 on March 31. The difference between the two balances was caused by the following items.