Fraud, Internal Control, and Cash

The information below relates to the cash account in the ledger of Mintion Company.

Balance September 1-$17,150; Cash deposited-$64,000.
Balance September 30-$17,404; Cash written-$63,746.

The September bank statement shows a balance of $16,422 on September 30 and the following memoranda.

At September 30, deposits in transit were $5,450, and outstanding checks totaled $2,383.

Instructions

Prepare the bank reconciliation at September 30.
Prepare the adjusting entries at September 30, assuming (1) the NSF check was from a customer on account, ad (2) no interest had been accrued on the note.

Solution

a.

Mintion Company
Bank Reconciliation Statement
September 30

b.

Mintion Company
Adjusting Journal

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