2023 P7 14 El Gato Painting Company Adjust the problem with the figure replace the below amount with this

Business Finance 2023 P7-14 _ El Gato Painting Company_Bank Reconciliation

P7 14 El Gato Painting Company Adjust the problem with the figure replace the below amount with this 2023

P7-14  _ El Gato Painting Company

Adjust the problem with the figure / replace the below amount with this item:  Balance per bank 7847 & Balance per books 8418

El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as follows:

Balance per bank, November 30                                                                                               $3,231

Add: Deposits outstanding                                                                                          1,200

Less: Checks outstanding

                #363                                                                                      $123

                #365                                                                                      201

                #380                                                                                      56

                #381                                                                                      86

                #382                                                                                      340                           (806)

Adjusted balance per bank, November                                                                 $3,625

The company’s general ledger checking account showed the following for December:

                Balance, December 1                                                        $3,625

                Receipts                                                                                 42,650

                Disbursements                                                                 (41,853)

                Balance, December 31                                                   $ 4,422

The December  bank statement contained the following information:

                Balance, December 1                                                     $ 3,231

                Deposits                                                                              43,000

                Checks processed                                                            (41,918)

                Service charges                                                                       (22)

                NSF checks                                                                              (440)

                Balance, December 31                                                       $3,851


The checks that were processed by the bank in December include all of the outstanding checks at the end of November except for check #365. In addition, there are some December checks that had not been processed by the bank by the end of the month. Also, you discovered that check # 411 for $320 was correctly recorded by the bank but was incorrectly recorded on the books as a $230 disbursement for advertising expense. Included in the bank’s deposit is a $1,300 deposit incorrectly credited to the company’s account.  The deposit should have been posted to the credit of the Los Gatos Company. The NSF checks have not been re-deposited and the company will seek payment from the customers involved.

Review the information pertaining to El Gato Painting Company and prepare the following:


  1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2011.
  2. Prepare any necessary adjusting journal entries indicated.

See Why Students Trust Our Services
We are one of the world’s most reliable academic writing service providers due to our commitment to offering the best quality work to students within the stipulated time. We offer several guarantees to our customers so they can trust us entirely and get maximum satisfaction.

Place Order Now

Essayanswers.org Assignment Help Provider

We have a team of Assignment experts who are the leading assignment help providers in the worldwide platform. We have university assignment expert who help the students in the best possible manner. At Google, there are many service providers as well that might not be reliable and do not guarantee money-back. But our assignment help service company is legal and reliable and provides plagiarism-free work without any cheating. Each company has its formats of submitting the assignments and placing the order. The assignment's subject, topic, and deadline need to be provided to the service providers. Based on the following documents, the price is quoted and approved. The experts are often called academic writers who all possess extensive knowledge and experts in the field. The services of academic writings include custom help in essay writing, term paper, coursework, homework assignments, research writings, dissertation, and many more.

Step-by-step solutions. Top grades guaranteed.