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Chapter 7 ”Cash and Internal Control”

PEMBAHASAN EXERCISE DAN PROBLEM


Dosen Pengajar
Dr. Syafruddin Ginting Sugihen, S.E., MAFIS, Ak, CPA, CA

PENGANTAR AKUNTANSI I
KELOMPOK 7
Umratul Aini Sufi 190503070
Dicki Tomi Gultom 190503157
Rinaldi Syahrul Lubi 180503007
Muhammad Ardiansyah 180503008
Ardhia Regina 180503180
M Rizky Ramadhan 180503227
Apriliani H.R 170503107
Ramadhini Rafanzellia 170503157
Sri Malem Br Ginting 170503207
Refina Lewis Silalahi 170503227

S1-AKUNTANSI
FAKULTAS EKONOMI DAN BISNIS
UNIVERSITAS SUMATERA UTARA
MEDAN
2020
DAFTAR ISI

Cover ………………………………………………………………………………

Daftar Isi …………………………………………………………………………

Kata Pengantar ……………………………………………………………………

Rumusan Masalah ………………………………………………………………

Tujuan penulisan Makalah ………………………………………………………

Pembahasan

A. Kas (Cash) dan Pengendalian Internal (Internal Control)


B. Rekonsiliasi Bank (Bank Reconciliation)
C. Dana Kas Kecil (Petty Cash)
KATA PENGANTAR
Segala puji bagi Allah SWT yang telah memberikan penulis kemudahan,
sehingga penulis dapat menyelesaikan makalah ini dengan tepat waktu. Tanpa
pertolongan-Nya tentunya penulis tidak akan sanggup untuk menyelesaikan makalah ini
dengan baik. Shalawat serta salam semoga terlimpah curahkan kepada baginda tercinta
kita yaitu Nabi Muhammad SAW yang kita nanti-nantikan syafa’atnya di akhirat nanti.

Penulis mengucapkan syukur kepada Allah SWT atas limpahan nikmat sehat-
Nya, baik itu berupa sehar fisik maupun akal pikiran, sehingga penulis mampu untuk
menyelesaikan pembuatan makalah sebagai tugas akhir dari mata kuliah Pengantar
Akuntansi 1 dengan judul “CASH AND INTERNAL CONTROL”.

Penulis tentu menyadari bahwa makalah ini masih jauh dari kata sempurna dan
masih banyak terdapat kesalahan serta kekurangan di dalamnya. Untuk itu, penulis
mengharapkan kritik serta saran dari pembaca untuk makalah ini, supaya makalah ini
nantinya dapat menjadi makalah yang lebih baik lagi. Demikian, apabila terdapat
banyak kesalahan pada makalah ini penulis mohon maaf yang sebesar-besarnya.

Penulis juga mengucapkan terima kasih kepada semua pihak khususnya kepada
dosen Pengantar Akuntansi I, Bapak Syafruddin Ginting yang telah membimbing
penulis dalam menulis makalah ini.

Demikianlah yang dapat disampaikan oleh penulis, semoga makalah ini dapat
bermanfaat bagi pembaca. Terima kasih.

Medan , Desember 2020


RUMUSAN MASALAH
Rumusan masalah yang akan dibahas sebagai berikut:
1. Bagaimana bentuk penerapan pengendalian internal terhadap kas pada
perusahaan?
2. Bagaimana karakteristik rekening bank dan kegunannya terhadap pengendalian
kas perusahaan?
3. Bagaimana cara mendeskripsikan karakteristik dan membuat rekonsilasi bank
(bank reconciliation) serta membuat jurnal yang diperlukan perusahaan dalam
pengendalian kas perusahaan?
4. Bagaimana cara mendeskripsikan karakteristik dana kas keperluan khusus / dana
kas kecil (petty cash) dan membuat jurnal yang diperlukan dalam pengendalian
kas perusahaan?
TUJUAN PENULISAN MAKALAH
Sejalan dengan rumusan masalah, makalah ini disusun dengan tujuan :
1. Dapat memahami bentuk penerapan pengendalian internal terhadap kas pada
perusahaan.
2. Dapat mengetahui dan memahami Bagaimana karakteristik rekening bank dan
kegunannya terhadap pengendalian kas perusahaan.
3. Mengerti cara mendeskripsikan karakteristik dan membuat rekonsilasi bank
(bank reconciliation) serta mampu membuat jurnal yang diperlukan perusahaan
dalam pengendalian kas perusahaan.
4. Mengerti cara mendeskripsikan karakteristik dana kas keperluan khusus / dana
kas kecil (petty cash) dan mampu membuat jurnal yang diperlukan dalam
pengendalian kas perusahaan.
PEMBAHASAN

A. KAS (CASH) & PENGENDALIAN INTERNAL (INTERNAL CONTROL)


1. Kas (Cash)
Kas (cash) merupakan suatu aktiva lancar yang meliputi uang logam, uang
kertas, dan pos- pos lain yang dapat digunakan sebagai alat tukar dan mempunyai dasar
pengukuran akuntansi. Kas merupakan harta yang paling lancar (aktiva yang paling
liquid) bagi perusahaan. Disamping paling liquid, kas juga merupakan harta yang paling
riskan sehingga pengamanan terhadap kas perlu dilakukan seketat mungkin, untuk
menghindari kebocoran yang akan merugikan perusahaan.

2. Pengendalian Internal (Internal Control)


a. Tujuan Pengendalian Internal
Tujuan pengendalian internal adalah menyediakan keyakinan yang memadai
bahwa :
1) Aset telah dilindungi dan digunakan untuk keperluan bisnis, yaitu dapat
melindungi aset perusahaan dari pencurian, kecurangan, penyalahgunaan,
atau kesalahan penempatan.
2) Informasi bisnis akurat.
3) Karyawan dan manajer mematuhi hukum dan peraturan yang berlaku.

b. Unsur – Unsur Pengendalian Internal


Unsur – unsur pengendalian internal, yaitu :
1) Lingkungan pengendalian (control environment), adalah sikap keseluruhan
manajemen dan karyawan tentang pentingnya pengendalian. Tiga faktor
yang memengaruhi lingkungan pengendalian perusahaan, yaitu :
(1) filosofi manajemen dan gaya operasi,
(2) struktur organisasi perusahaan,
(3) dan, kebijakan personalia perusahaan.

2) Penilaian risiko (risk assesment). Semua perusahaan menghadapi risiko


seperti perubahan permintaan pelanggan, ancaman pesaing, perubahan
peraturan, perubahan dalam faktor – faktor ekonomi. Manajemen harus
menilai risiko tersebut dan melakukan tindakan – tindakan yang diperlukan
untuk mengendalikannya.

3) Prosedur pengendalian. Prosedur ini dibuat untuk memberikan keyakinan


yang memadai bahwa tujuan perusahaan dapat dicapai, termasuk mencegah
kecurangan. Hal – hal yang meliputi pr osedur pengendalian, yaitu :
(1) Personel yang kompeten, rotasi kerja, dan cuti wajib,
(2) Pemisahan tanggung jawab untuk operasi yang berkaitan,’
(3) Operasional, penyimpanan aset, dan akuntansi,
(4) Bukti dan langkah – langkah keamanan.
4) Pengawasan. Pengawasan terhadap pengendalian internal dapat menemukan
kelemahan dan memperbaiki efektivitas pengendalian untuk memantau
perilaku karyawan dan sinyal peringatan dari sistem akuntansi. Evaluasi
terhadap pengawasan dilakukan pada saat terjadi perubahan besar dalam
strategi, manajemen senior, struktur bisnis, atau operasi. Auditor internal
yang independen terhadap operasi biasanya bertanggung jawab atas
pengawasan sistem pengendalian internal. Auditor eksternal mengevaluasi
dan melaporkan pengendalian internal sebagai bagian dari audit tahunan
atas laporan keuangan.

5) Informasi dan Komunikasi. Informasi mengenai lingkungan pengendalian,


penilaian risiko, prosedur pengendalian, serta pengawasan dibutuhkan
manajemen untuk mengarahkan operasi dan memastikan kepatuhan pada
pelaporan, hukum, dan peraturan yang diperlukan. Manajemen juga dapat
menggunakan informasi eksternal untuk menilai kejadian dan kondisi yang
dapat berpengaruh pada pengambilan keputusan dan pelaporan eksternal.

c. Pengendalian Kas terhadap Penerimaan dan Pembayaran


1) Pengendalian terhadap Penerimaan Kas
Untuk melindungi kas dari pencurian dan penyalahgunaan, perusahaan harus
mengendalikan kas sejak diterima sampai kas disimpan di bank. Biasanya
perusahaan menerima kas melalui :
(1) Penjualan Tunai
Pengendalian untuk melindungi kas yang diterima dari penjualan
langsung-tunai adalah melalui mesin kasir. Dimeja kasir terdapat mesin kasir
(cash register) dan layar monitor menghadap ke sisi pelanggan yang
menunjukan angka penjualan, pelanggan menerima struk pembayaran yang
dibayar.
Kas dalam mesin kasir dihitung dan dicatat di formulir tanda terima
uang, kas disimpan di brankas yang aman dibawah Bagian Keuangan sampai
uang disetor ke bank, salinan struk-struk mesin disampaikan ke Bagian
Akuntansi sebagai dasar untuk pencatatan.
Kasir dapat melakukan kesalahan memberi uang kembalian untuk
pelanggan saat memasukkan nilai penjualan tunai. Akibatnya, jumlah cash on
hand berbeda dari jumlah penjualan tunai. Selisih tersebut akan dicatat dalam
akun kas kurang atau kas lebih (cash short and over).

Sebagai ilustrasi:
Menurut catatan register kas, penjualan tunai tanggal 19 Maret totalnya sebesar
$3.150,00. Setelah mengeluarkan dana kembalian, uang yang tersisa hanya
sebesar $3.142,00.
Bedasarkan transaksi tersebut, perusahaan salah memberikan dana kembalian
atas penjulan tunai. Akibatnya, nilai kas berkurang sebesar $8,00 ($3.150,00 -
$3.142,00).
Ayat jurnal untuk mencatat transaksi tersebut, sebagai berikut :
Mar. 19 Cash 3.142,00
(2) Cash Short and Over 8,00
Sales 3.150,00
Cek atau Giro

(3) Transfer Dana Elektronik (electronic fund transfer)


Kas dapat diterima dari pelanggan melalui transfer dana elektronik,
biasanya perusahaan mengirim formulir yang telah ditandatangani nasabah
kepada nasabah bank sebagai bentuk otorisasi transfer dana elektronik bulanan.
Sebagian pemegang kartu kredit memberi kuasa kepada bank untuk
membebankan tagihan – tagihan rutin seperti telepon seluler, internet, dan jasa
listrik ke kartu kreditnya. Setiap bulan, perusahaan memberi tahu pelanggan,
jumlah yang harus ditransfer dan tanggal transfer secara elektronik. Pada tanggal
jatuh tempo, perusahaan mencatat transfer elektronik sebagai penerimaan kas ke
rekening banknya dan memposting jumlah yang dibayarkan sebagai pengurang
saldo piutang ke akun pelanggan yang bersangkutan.
Alasan perusahaan menggunakan transfer dana elektronik dalam hal
penerimaan kas perusahaan, yaitu :
(1) Transfer elektronik tidak memakan biaya bila dibandingkan dengan
pembayaran melalui cek atau giro.
(2) Transfer elektronik memperkuat pengendalian internal terhadap kas,
karena kas diterima langsung oleh bank tanpa pengelolaan kas oleh
karyawan.
(3) Transfer elektronik mengurangi jumlah pembayaran yang terlambat dan
mempercepat proses penerimaan kas.

2) Pengendalian terhadap Pembayaran Kas


Pengendalian terhadap pembayaran kas harus memberikan keyakinan
yang memadai bahwa :
a. Pembayaran dilakukan hanya untuk transaksi yang telah diotorisasi.
b. Kas digunakan secara efektif dan efisien.
Pada perusahaan besar, tanggung jawab pembelian barang, pemeriksaan
barang yang diterima, dan verifikasi tagihan biasanya dilakukan oleh karyawan
yang berbeda – beda. Tanggung jawabnya harus dikoordinasikan untuk
memastikan bahwa cek untuk pembayaran yang sebenarnya telah dibuat untuk
kreditur. Pengendalian pembayaran kas dapat dilakukan dengan hal - hal
berikut.

(1) Sistem Voucher


Sistem voucher merupakan serangkaian prosedur untuk mengizinkan dan
mencatat liabilitas dan pembayaran kas. Voucher adalah suatu dokumen yang
memberikan bukti pemberian izin membayar kas atau melakukan transfer dana
elektronik. Voucher juga merupakan suatu formulir khusus untuk mencatat data
relevan mengenai kewajiban dan rincian pembayarannya.

Dalam sistem manual, sebuah voucher biasanya disiapkan setelah


seluruh dokumen pendukung yang diperlukan diterima. Dalam sistem
komputerisasi, dokumen pendukung yang telah disetujui (seperti pesanan
pembelian, laporan penerimaan, dan faktur pemasok) akan dimasukkan secara
langsung dalam data komputer.

(2) Transfer Dana Elektronik (electronic fund transfer)


Kas juga dapat dibayar melalui sistem transfer dana elektronik, seperti
perusahaan yang membayar gaji karyawan. Dengan sistem ini, karyawan
mengizinkan penyetoran gaji langsung ke rekening karyawan. Pada setiap periode
pembayaran gaji, perusahaan mengirimkan pembayaran gaji ke rekening
karyawan. Banyak perusahaan menggunakan sistem ini untuk membayar pemasok
dan pemasok lainnya.

3. Rekening Bank
Perusahaan menggunakan rekening bank sebagai pengendalian internal kas,
karena memiliki keuntungan seperti :
1) Rekening bank mengurangi jumlah cash on hand,
2) Rekening menyediakan pencatatan mandiri atas transaksi kas. Merekonsiliasi
saldo atas akun kas dalam catatan perusahaan dengan saldo kas menurut bank
adalah pengendalian yang penting,
3) Penggunaan rekening bank memfasilitasi proses transfer dana menggunakan
sistem transfer dana elektronik.

a) Laporan Bank (Bank Statement)


Laporan bank merupakan rangkuman seluruh transaksi pada rekening bank,
biasanya dikirimkan ke nasabah dalam bentuk cetakan (hard copy) maupun email
(soft copy).

Berikut merupakan contoh tampilan laporan bank standar :


Laporan bank menunjukkan saldo awal, penambahan, pengurangan, dan
saldo pada akhir periode. Saldo rekening bank nasabah dalam catatan bank
merupakan liabilitas, sehingga rekening nasabah memiliki saldo kredit dalam
catatan bank. Laporan bank disiapkan dari sudut pandang bank, sehingga ayat
jurnal memo kredit dalam laporan bank menunjukkan kenaikan (kredit) dalam
rekening nasabah dan ayat jurnal memo debit dalam laporan bank menunjukkan
penurunan (debit) dalam rekening nasabah.
Ayat jurnal memo kredit atau debit ditunjukkan dalam laporan bank, yaitu :
 EC (error correction) : Koreksi kesalahan untuk memperbaiki
kesalahan yang dilakukan oleh bank.
 NSF (not sufficient funds) : Cek yang ditolak karena dana di bank si
penerbit cek tidak mencukupi.
 SC (service charge) : Beban administrasi bank.

 ACH (automated clearing house) : Ayat jurnal kliring otomatis untuk


transfer
dana elektronik.
 MS (miscellaneous) : Lain – lain, seperti penerimaan
pembayaran
wesel tagih atas nama nasabah atau
pencairaan
pinjaman dari bank untuk nasabah.

b) Laporan Bank sebagai Alat Pengendali terhadap Kas


Laporan bank merupakan salah satu alat penting yang digunakan perusahaan
untuk mengendalikan kas, yaitu untuk membandingkan transaksi kas di catatan
akuntansinya dengan catatan yang dibuat oleh bank. Saldo kas ditunjukkan oleh bank
biasanya berbeda dari saldo kas yang ditunjukkan dalam catatan akuntansi
perusahaan. Selisih tersebut dapat disebabkan oleh tertundanya pencatatan transaksi
yang dilakukan oleh salah satu pihak. Misalnya, terdapat perbedaan waktu satu hari
atau lebih antara tanggal cek ditulis dan tanggal cek yang disampaikan ke bank untuk
pembayaran. Selain itu, selisih tersebut mungkin juga berasal dari kesalahan dalam
pencatatan transaksi yang dilakukan baik oleh perusahaan atau bank. Misalnya,
perusahaan dapat melakukan kesalahan dalam memindahkan cek yang ditulis sebesar
Rp4.500.000 menjadi Rp450.000 ke Kas, sama halnya, bank juga dapat melakukan
kesalahan dalam mencatat jumlah cek.

B. REKONSILIASI BANK (BANK RECONCILIATION)


Rekonsilasi bank (bank reconciliation) merupakan analisis informasi dan jumlah
yang menyebabkan saldo kas yang dilaporkan dalam rekening bank berbeda dari saldo
kas dalam buku besar (general ledger) perusahaan yang bertujuan untuk menghasilkan
saldo yang disesuaikan (adjusted balance). Saldo kas disesuaikan yang diperoleh dari
rekonsiliasi bank dilaporkan dalam laporan posisi keuangan.
Perusahaan secara periodik (misalnya setiap akhir bulan) akan menerima
catatan- catatan secara terperinci dari banknya yang disebut rekening koran. Dari
laporan yang diterima akan diketahui berapa saldo simpanan perusahaan tersebut di
bank yang bersangkutan dan selanjutnya sekaligus dapat dicocokkan dengan catatan-
catatan yang dibuat oleh perusahaan sendiri.
Sering terjadi antara saldo simpanan menurut laporan bank dengan catatan
perusahaan terdapat perbedaan. Perbedaan ini akan dianalisa dan selanjutnya akan
disusun suatu laporan yang dinamakan rekonsiliasi bank (bank reconciliation).
Untuk pengendalian yang efektif, rekonsiliasi bank harus disiapkan oleh
karyawan yang tidak terlibat dalam pencatatan transaksi kas, karena jika tidak,
kesalahan mungkin dapat terjadi, dan sangat mungkin terjadi pencurian atau
penyalahgunaan kas. Sebagai contoh, karyawan yang terlibat dalam seluruh tugas dapat
menyiapkan dan menguangkan cek yang tidak diotorisasi, menghilangkannya dari
catatan akuntansi, dan menghilangkannya dari rekonsiliasi.
Rekonsiliasi bank juga dapat diterapkan dalam lingkungan komputerisasi,
setoran dan cek disimpan dalam dokumen dan catatan elektronik, komputer menentukan
perbedaan antara saldo akhir bank dan saldo menurut catatan perusahaan, kemudian
membuat penyesuaian untuk setoran yang belum dicatat oleh bank dari cek yang belum
diuangkan. Selanjutnya, perbedaan yang masih tersisa akan dilaporkan untuk analisis
lebih lanjut.
Rekonsiliasi bank biasanya dibagi dalam dua bagian, yaitu :
1) Bagian bank (bank statement), dimulai dengan saldo kas menurut rekening
bank dan berakhir dengan saldo yang disesuaikan.
2) Bagian perusahaan (depositor’s record), dimulai dengan saldo kas menurut
catatan perusahaan dan berakhir dengan saldo yang disesuaikan. Kedua
jumlah saldo yang telah disesuaikan harus sama (must be equal / balance).

Penyajian rekonsiliasi bank sebagai berikut :

Dokumen yang diperlukan dalam membuat rekonsiliasi bank (bank


reconciliation),
yaitu :
1) Jurnal penerimaan kas
2) Jurnal pengeluaran kas
3) Rekening koran
4) Bukti setoran ke bank
5) Bukti penerimaan kas
6) Bukti pengeluaran kas

Hal – hal yang menyebabkan perbedaan antara catatan perusahaan dan laporan
bank, yaitu :
 Hal - hal yang sudah dicatat oleh perusahaan tetapi belum dicatat oleh
bank :
1) Setoran dalam perjalanan (deposit in transit)
Deposit in transit yaitu, perusahaan telah mencatat setoran ke bank,tetapi
bank belum mencatatnya. Deposit in transit terjadi karena perusahaan telah
menyetorkan dana ke bank tetapi bank sudah tutup buku, sehingga bank belum
mencatatnya. Oleh karena itu, deposit in transit akan menambah kas di bank.
2) Cek beredar (outstanding check)
Outstanding check yaitu, cek yang sudah dibuat oleh perusahaan dan dicatat
dalam buku perusahaan tetapi pihak ketiga (pelanggan) belum mencairkannya
sehingga mengurangi saldo kas di bank.
 Hal-hal yang dicatat oleh bank tetapi belum dicatat oleh perusahaan :
1) Notes plus Interest Collected by Bank
Penagihan notes receivable plus interest ditagih oleh bank (collected by
bank) kepada pelanggan perusahaan. Transakasi ini akan menambah kas di
perusahaan, karena berupa penerimaan account receivable dari pelanggan.

2) Interest Revenue
Banyak bank membayar interest revenue kepada nasabah yang memiliki
nilai sisa yang cukup banyak di dalam rekeningnya. Bank akan memberitahukan
kepada nasabah mengenai interest revenue ini di dalam rekening koran. Karena
perusahaan belum mencatat, maka perusahaan perlu menambahkan sejumlah
interest revenue yang telah dicatat oleh bank.

3) Non Suffecient Fund (NSF) Check


Perusahaan telah menerima check dari langganan dan telah mencatat sebagai
hasil penagihan piutang, kemudian cek tersebut dikirimkan ke bank untuk
mencairkan atau menambah simpanan, setelah diteliti ternyata check tersebut
dananya tidak mencukupi kemudian ditolak oleh bank (bank tidak melakukan
pencatatan). Mengenai penolakan ini belum sempat dilaporkan ke perusahaan,
setelah perusahaan mengetahui bahwa cek tersebut dananya tidak mencukupi,
perusahaan harus mengembalikan cek tersebut. Maka yang tadi telah dicatat oleh
perusahaan sebagai penambahan saldo dikurangi lagi supaya nilainya menjadi
nol dan perusahaan masih memiliki piutang kepada langganannya.

4) Bank Service Charge (Biaya Jasa Bank )


Biaya ini dibebankan kepada perusahaan karena bank telah memberikan jasa
pada perusahaan misalnya bank melakukan penagihan kepada nasabah. Biaya
penagihan telah dicatat oleh bank, tetapi perusahaan belum mengetahui dan baru
mengetahui setelah ada laporan rekening koran dari bank, sehingga terjadi
perbedaan antara catatan yang ada di bank dan di perusahaan. Biaya bank
mengurangi saldo kas di perusahaan.
 Error in recording (Kesalahan pencatatan yang dilakukan oleh bank
maupun perusahaan)
Kesalahan ini dapat berupa kesalahan dalam angka ataupun kesalahan dalam
rekening dan untuk menyamakan harus dilakukan jurnal koreksi baik koreksi
nama rekening maupun koreksi jumlah angka. Dan untuk angka mungkin akan
menambah saldo atau mungkin akan mengurangi saldo baik yang ada di
perusahaan maupun yang ada di bank.
 Ayat jurnal rekonsiliasi bank yang dilakukan oleh perusahaan :
1) Penagihan Oleh Bank (Notes plus Interest Collected by Bank)
Cash xxx
Notes Receivable xxx
Interest Revenue xxx

2) Pendapatan Bunga (Interest Revenue)


Cash xxx
Interest Revenue xxx

3) Biaya Administrasi Bank (Bank Service Charge)


Bank Admin. Exp. xxx
Cash xxx

4) Not Sufficient Fund Check


Account Receivable xxx
Cash xxx

5) Kesalahan Pencatatan (Error Recording)


- Apabila menambah kas perusahaan :
Cash xxx
Account payable xxx
- Apabila mengurangi kas perusahaan :
Account Payable xxx
Cash xxx

1. Langkah – Langkah Melakukan Rekonsiliasi Bank (Bank Reconciliation)


Rekonsiliasi Sisi Bank :
Langkah 1 : Masukkan saldo kas menurut bank dari saldo akhir kas menurut rekening

bank.

Langkah 2 : Tambahkan dengan deposit yang belum dicatat oleh bank.


Identifikasi deposit yang tidak dicatat oleh bank dengan cara membandingkan
setiap deposit yang terdaftar dalam rekening bank dengan deposit yang tidak
tercatat yang muncul dalam rekonsiliasi periode sebelumnya dengan periode saat
ini.
Contoh : Setoran yang belum dicatat oleh bank pada akhir periode (deposit in
transit / setoran dalam perjalanan.

Langkah 3 : Kurangkan dengan cek yang beredar yang belum dibayar oleh bank
(oustanding check).
Identifikasi cek yang beredar dengan membandingkan cek yang telah dibayar
dengan cek yang beredar yang muncul dalam rekonsiliasi periode sebelumnya
dengan cek yang tercatat.
Contoh : Cek yang sedang beredar pada akhir periode (outstanding check).

Langkah 4 : Tentukan saldo yang disesuaikan (adjusted balance) dengan


menambahkan Langkah 1 dan Langkah 2, kemudian mengurangkan
dengan Langkah 3.

Rekonsiliasi Sisi Perusahaan :


Langkah 1 : Masukkan saldo kas menurut perusahaan dari saldo akhir kas dalam buku
besar (general ledger)

Langkah 2 : Tambahkan dengan memo kredit yang belum dicatat.


Identifikasi memo kredit bank yang belum dicatat dengan membandingkan
memo kredit rekening bank ke ayat jurnal.
Contoh : Notes plus interest collected by bank (wesel tagih dan bunga yang
dikumpulkan oleh bank)

Langkah 3 : Kurangkan dengan memo debit yang belum dicatat.


Identifikasi memo debit bank yang belum dicatat oleh perusahaan dengan
membandingkan memo debit laporan bank ke ayat jurnal.
Contoh : Cek yang dananya tidak mencukupi (Not Sufficient Fund-NSF)
pelanggan, bank service charge (beban administrasi bank)

Langkah 4 : Tentukan saldo yang disesuaikan (adjusted balance) dengan


menambahkan Langkah 1 dan Langkah 2, kemudian mengurangi
Langkah 3.

2. Contoh Soal Membuat Rekonsiliasi Bank (Bank Reconciliation) & Membuat


Ayat Jurnal yang Diperlukan Perusahaan
The bank statement for Urethane Company for June 30, 2006, indicates a balance of
$9,143.11. All cash receipts are deposited each evening in a night depository, after
banking hours. The accounting records indicate the following summary data for cash
receipts and payments for June:
Cash balance as of June 1 $ 3,943.50
Total cash receipts for June 28,971.60
Total amount of checks issued in June 28,388.85

Comparing the bank statement and the accompanying canceled checks and
memorandums with the records reveals the following reconciling items:
a. The bank had collected for Urethane Company $1,030 on a note left for
collection. The face of the note was $1,000.
b. A deposit of $1,852.21, representing receipts o f June 30, had been made too late
to appear on the bank statement.
c. Checks outstanding totaled $5,265.27.
d. A check drawn for $139 had been incorrectly charged by the bank as $157.
e. A check for $30 returned with the statement had been recorded in the depositor’s
records as $240. The check was for the payment of an obligation to Avery
Equipment Company for the purchase of office supplies on account.
f. Bank service charges for June amounted to $18.20.
Instructions
1. Prepare a bank reconciliation for June.
2. Journalize the entries that should be made by Urethane Company
Penyelesaian (Answer) :
1) Bank reconciliation for June :
Urethane Company
Bank Reconciliation
June 30, 2006
Cash balance according to bank statement . . . . . . . . . . . . . . . . $ 9,143.11

Add:
Deposit of June 30 not recorded by bank . . . . . . . . . . . . . . $ 1,852.21
Bank error in charging check as $157 instead of $139 . . . . 18.00 1,870.21

$11,013.32

Deduct:
Outstanding checks . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,265.27

Adjusted balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,748.05

Cash balance according to depositor’s records . . . . . . . . . . . . . $ 4,526.25*

Add:
Proceeds of note collected by bank, including $30 interest . $1,030.00
Error in recording check . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210.00 1,240.00

$ 5,766.25

Deduct:
Bank service charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.20

Adjusted balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5 ,748.05

* Cash balance according to depositor’s records :


Cash balance, June 1 .............................................................. $ 3,943.50
Plus cash deposited in June .................................................... 28,971.60
Less checks written in June .................................................... (28,388.85)
Balance per depositor’s records, April 30............................... $ 4,526.25

2) The journal entries :


Jun. 3 Cash 1,030.00
0
Notes Receivable 1,000.00
Interest Revenue 30.00
3 Bank Administrative 18.20
0 Expense
Cash 18.20
3 Cash 210
0
Account Payable 210

C. DANA KAS KECIL (PETTY CASH)


Dana kas kecil (petty cash) adalah sejumlah uang tunai yang dimiliki perusahaan
yang dikelola oleh kasir untuk membayar pengeluaran-pengeluaran yang jumlahnya
relatif kecil, cenderung rutin dan tidak ekonomis bila dibayar dengan cek, misalnya
pembelian perangko, biaya perjalanan, membayar biaya telegram, membayar biaya taxi
dan membayar yang berjumlah kecil lainnya.
 Dalam pencatatan kas kecil, ada dua metode yang digunakan, yaitu :
1) Metode Dana Tetap (Imprest Fund Method)
Metode dana tetap (imprest fund method) adalah jumlah dalam rekening kas
kecil selalu tetap, yaitu sebesar check yang diserahkan kepada kasir untuk
membentuk dana kas kecil. Apabila jumlah kas kecil tinggal sedikit, maka
pengisian kembali kas kecilnya sebesar jumlah yang sudah dibayar dari kas kecil,
sehingga jumlah kas kecil kembali seperti semula. Pengeluaran-pengeluaran kas
kecil dicatat pada saat pengisian kembali.
2) Metode Dana Berubah (Fluctuation Fund Method)
Pembentukan dana kas kecil dilakukan dengan cara yang sama seperti
metode imprest, yaitu sebesar check yang diserahkan kepada kasir. Perbedaannya
dengan metode imprest, yaitu dalam metode fluktuasi saldo rekening kas kecil
tidak tetap, tetapi berfluktuasi sesuai dengan jumlah pengisian kembali dan
pengeluaran-pengeluaran kas kecil. Pencatatan langsung dilakukan setiap
terjadinya pengeluaran-pengeluaran dari dana kas kecil.
 Perbedaan cara pencatatan imperest fund method dan fluctuation fund
method :
Keterangan Imprest Fund Method Fluctuation Fund Method
Pada saat kas kecil Pada saat dibelanjakan tidak Pada metode fluktuasi harus
dibelanjakan perlu dijurnal (No Entry) dicatat semua jenis pengeluaran
artinya cukup membuat yang berasal dari kas kecil.
catatan kecil yang tujuannya
untuk menghitung jumlah kas
kecil yang masih tersedia.
Akan tetapi membuat bukti
pembayaran dan
menyimpannya sebagai bukti.
Sehingga, apabila pada suatu
saat dana kas kecil diperiksa
(petty cash opname),pemegang
dana kas kecil harus dapat
mempertanggungjawabkan
mengenai sisayangada
Ditambah jumlah bukti
pembayaran yang telah
dilakukan jumlahnya harus
sama dengan dana tetap kas
kecil.
Pada saat kas kecil Pada metode imprest fund, Pada metode fluctuation fund,
akan diisi kembali. mengklasifikasikan rekening tidak perlu mencapai batas
yang sejenis sesuai dengan minimum dan jumlahnya
rekening buku besar. Dan tidak perlu tetap. Artinya
pengisian kas kecil ini harus perusahaan boleh mengisi kapan
sesuai dengan kebijakan dan jumlah sesuai dengan
perusahaan, yaitu batas kebutuhan kas kecil.
minimum yang harus diisi,
sehingga jumlah kas kecil
setelah diisi harus sama
dengan
kas kecil pada saat dibentuk.

1. Ayat Jurnal pada Pencatatan Dana Kas Kecil (Petty Cash)


Keterangan Imprest Fund Method Fluctuation Fund Method
1. Saat pengisian atau Petty Cash Petty Cash
pembentukan kas kecil Cash Cash
2. Pemakaian kas kecil Expense
No entry
Petty Cash
3. Pengurangan kas kecil Cash Cash
Petty Cash Petty Cash
4. Penambahan kas kecil Petty Cash Petty Cash
Cash Cash
5. Pengisian kembali kas Expense Petty Cash
Kecil Cash Cash

2. Contoh Soal Pembentukan Dana Kas Kecil (Petty Cash) & Jurnalnya
PT Sentosa menetapkan kas kecil untuk pembayaran pengeluaran dalam nominal yang
kecil. Tanggal 1 Juni 2018, dibentuk kas kecil sebesar Rp.1.000.000,-. Kas kecil akan
diisi setiap tanggal 15.
Jurnal pembentukan petty cash pada imprest fund method dan fluctuation fund
method :
Jun. 1 Petty Cash 1.000.000
Cash 1.000.000

Tanggal 2 Juni 2018, dibeli kertas, karbon dan tinta (office supplies)


sebesar Rp.400.000,-
Tanggal 10 Juni 2018, dilakukan pembayaran untuk langganan koran dan majalah
(miscellaneous administrative expense ) sebesar 100.000,-
Jurnal untuk mencatat pengeluaran petty cash :
 Imprest fund method

 Fluctuation fund method


Jun. 2 Office Supllies 400.000
Petty Cash 400.000
10 Miscellaneous 100.000
Administrative Exp.
Petty Cash 100.000

Tanggal 15 Juni 2018, dana kas kecil diisi kembali.


Jurnal untuk mencatat pengisian petty cash kembali :
 Imprest fund method
Jun. 15 Office Supllies 400.000
Miscellaneous 100.000
Administrative Exp.
Petty Cash 500.000

 Fluctuation fund method


Jun. 1 Petty Cash 700.000
Cash 700.000
EXERCISE

E7-1 The procedures used for over-the-counter receipts are as follows. At the close of
each day’s business, the sales clerks count the cash in their respective cash drawers,
after which they determine the amount recorded by the cash register and prepare the
memorandum cash form, noting any discrepancies. An employee from the cashier’s
office counts the cash, compares the total with the memorandum, and takes the cash to
the cashier’s office.
a. Indicate the weak link in internal control.
b. How can the weakness be corrected?
Answer :
a. The sales clerks should not have access to the cash register tapes.
b. The cash register tapes should be locked in the cash register and the key retained by
the cashier. An employee of the cashier’s office should remove the cash register
tape, record the total on the memorandum form, and note discrepancies.

E7-2 Deana Crisman works at the drive-through window of Awesome Burgers.


Occasionally, when a drive-through customer orders, Deana fills the order and pockets
the customer’s money. She does not ring up the order on the cash register.
 Identify the internal control weaknesses that exist at Awesome Burgers, and
discuss what can be done to prevent this theft.
Answer :
Awesome Burgers could stop this theft by limiting the drive-through clerk to tak-ing
customer orders, entering them on the cash register, accepting the custom-ers’
payments, returning customers’ change, and handing customers their orders that another
employee has assembled. By making another employee responsible for assembling
orders, the drive-through clerk must enter the orders on the cash register. This will
produce a printed receipt or an entry on a computer screen at the food bin area,
specifying the items that must be assembled to fill each order. Once the drive-through
clerk has entered the sale on the cash register, the clerk cannot steal the customer’s
payment because the clerk’s cash drawer will not balance at the end of the shift. This
change also makes the drive-through more efficient and could reduce the time it takes to
service a drive-through customer.
If another employee cannot be added, the weakness in internal control could be
improved with more thorough supervision. The restaurant manager should be di-rected
to keep a watchful eye on the drive-through area in order to detect when a clerk takes an
order without ringing up the sale.

E7-3 The mailroom employees send all remittances and remittance advices to the
cashier. The cashier deposits the cash in the bank and forwards the remittance advices
and duplicate deposit slips to the Accounting Department.
a. Indicate the weak link in internal control in the handling of cash receipts.
b. How can the weakness be corrected?
Answer :
a. The remittance advices should not be sent to the cashier.
b. The remittance advices should be sent directly to the Accounting Department by
the mailroom.
E7-4 The actual cash received from cash sales was $17,572.40, and the amount
indicated by the cash register total was $17,589.65. Journalize the entry to record the
cash receipts and cash sales.
Answer :
Cash. ........................................................................ $ 17,572.40
Cash Short and Over................................................ 17.25
Sales................................................................. $17,589.65

E7-5 The actual cash received from cash sales was $6,973.60, and the amount
indicated by the cash register total was $6,932.15. Journalize the entry to record the
cash receipts and cash sales.
Answer :
Cash................................................................................. $6,973.60
Sales.................................................................... $6,932.15
Cash Short and Over........................................... 41.45

E7-6 Migraine Co. is a medium-size merchandising company. An investigation


revealed that in spite of a sufficient bank balance, a significant amount of available cash
discounts had been lost because of failure to make timely payments. In addition, it was
discovered that several purchases invoices had been paid twice.
 Outline procedures for the payment of vendors’ invoices, so that the possibilities
of losing available cash discounts and of paying an invoice a second time will be
minimized.
Answer :
The use of the voucher system is appropriate, the essentials of which are out-lined
below. (Although invoices could be used instead of vouchers, the latter more
satisfactorily provide for account distribution, signatures, and other signifi-cant data.)
 Each voucher should be approved for payment by a designated official only after
completion of the following verifications: (a) that prices, quantities, terms, etc.,
on the invoice are in accordance with the provisions of the pur-chase order,
(b) that all quantities billed have been received in good condi-tion, as indicated
on a receiving report, and (c) that all arithmetic details are correct.
 The file for unpaid vouchers should be composed of 31 compartments, one for
each day of the month. Each voucher should be filed in the compartment
representing the last day of the discount period or the due date if the invoice is
not subject to a cash discount.
 Each day, the vouchers should be removed from the appropriate section of the
file and checks issued by the disbursing official. If the bank balance is in-
sufficient to pay all of the vouchers, those that remain unpaid should be re-filed
according to the date when payment should next be considered.
 At the time of payment, all vouchers and supporting documents should be
stamped or perforated “Paid” to prevent their resubmission for payment. They
should then be filed in numerical sequence for future reference.
E7-7 Satchell Company, a communications equipment manufacturer, recently fell
victim to an embezzlement scheme masterminded by one of its employees. To
understand the scheme, it is necessary to review Satchell’s procedures for the purchase
of services. The purchasing agent is responsible for ordering services (such as repairs to
a photocopy machine or office cleaning) after receiving a service requisition from an
authorized manager. However, since no tangible goods are delivered, a receiving report
is not prepared. When the Accounting Department receives an invoice billing Satchell
for a service call, the accounts payable clerk calls the manager who requested the
service in order to verify that it was performed. The embezzlement scheme involves
Drew Brogan, the manager of plant and facilities. Drew arranged for his uncle’s
company, Brogan Industrial Supply and Service, to be placed on Satchell’s approved
vendor list. Drew did not disclose the family relationship. On several occasions, Drew
would submit a requisition for services to be provided by Brogan Industrial Supply and
Service. However, the service requested was really not needed, and it was never
performed. Brogan would bill Satchell for the service and then split the cash payment
with Drew.
 Explain what changes should be made to Satchell’s procedures for ordering and
paying for services in order to prevent such occurrences in the future.
Answer :
To prevent the embezzlement scheme described, Satchell must separate responsibilities
for related operations. As in the past, all service requisitions should be submitted to the
Purchasing Department. After receiving the service request, Purchasing should
complete a Service Verification form, stating what service has been ordered and the
name of the company that will provide the service. This form should be delivered via
intercompany mail to the person responsible for verifying that the service was
performed. This person should be someone who has firsthand knowledge of whether the
service has been performed. This person, who must be someone other than the manager
requesting the service, should fill in the date and time the service was received and sign
the form. In ad-dition, the vendor providing the service should sign the form before
leaving the premises. When completed, the Service Verification form should be
forwarded to the Accounting Department. Accounting will authorize payment of the
vendor’s invoice after the Service Verification form has been compared with the
invoice.
E7-8 Identify each of the following reconciling items as: (a) an addition to the cash
balance according to the bank statement, (b) a deduction from the cash balance
according to the bank statement, (c) an addition to the cash balance according to the
depositor’s records, or (d) a deduction from the cash balance according to the
depositor’s records. (None of the transactions reported by bank debit and credit
memorandums have been recorded by the depositor.)
1. Check drawn by depositor for $300 but incorrectly recorded as $3,000.
2. Check of a customer returned by bank to depositor because of insufficient
funds, $775.
3. Bank service charges, $35.
4. Check for $129 incorrectly charged by bank as $219.
5. Outstanding checks, $6,137.68.
6. Deposit in transit, $7,500.
7. Note collected by bank, $12,000.
Answer :
a. Addition to the balance per bank: (4), (6)
b. Deduction from the balance per bank: (5)
c. Addition to the balance per depositor’s records: (1), (7)
d. Deduction from the balance per depositor’s records: (2), (3)

E7-9 Which of the reconciling items listed in Exercise 7-8 require an entry in the
depositor’s accounts?
Answer : The reconciling items listed in Exercise 7-8 require an entry in the depositor’s
accounts are (1), (2), (3), (7)

E7-10 The following data were accumulated for use in reconciling the bank account of
Kidstock Co. for March:
a. Cash balance according to the depositor’s records at March 31, $7,671.45.
b. Cash balance according to the bank statement at March 31, $4,457.25.
c. Checks outstanding, $2,276.20.
d. Deposit in transit, not recorded by bank, $5,780.40.
e. A check for $145 in payment of an account was erroneously recorded in the
check register as $451.
f. Bank debit memorandum for service charges, $16.00. Prepare a bank
reconciliation, using the format shown in Exhibit 6.
Answer :

KIDSTOCK CO.
Bank Reconciliation
March 31, 20—

Cash balance according to Cash balance according to


bank statement…................... $ 4,457.25 depositor’s records....................... $7,671.45
Add deposit in transit, not Add error in recording
recorded by bank.................... 5,780.40 check........................................... 306.00
$10,237.65 $7,977.45
Deduct outstanding checks ........ 276.20 Deduct bank service charge.............. 16.00
Adjusted balance......................... $ 7,961.45 Adjusted balance $7,961.45

E7-11 Using the data presented in Exercise 7-10, journalize the entry or entries that
should be made by the depositor.
Answer :
Cash ........................................................................................ $306.00
Accounts Payable.................................................................................... $306.00
Miscellaneous Administrative Expense...................................................... $16.00
Cash ........................................................................................ $16.00

E7-12 Accompanying a bank statement for Covershot Company is a credit


memorandum for $15,300, representing the principal ($15,000) and interest ($300) on a
note that had been collected by the bank. The depositor had been notified by the bank at
the time of the collection, but had made no entries. Journalize the entry that should be
made by the depositor to bring the accounting records up to date. An accounting clerk
for Dubitzky Co.
 prepared the following bank reconciliation:

Answer :
Cash.............................................................................. 15,300.00
Notes Receivabl.............................................. 15,000.00
Interest Revenue............................................. l.300.00

E7-13 An accounting clerk for Dubitzky Co. prepared the following bank reconciliation:
Dubitzky Co.
Bank Reconciliation
July 31, 2006
Cash balance according to depositor’s records . . . . . . . . . . . $ 8,100.75
Add: Outstanding checks . . . . . . . . . . . . . . . . . . . . . . . . $6,557.12
Error by Dubitzky Co. in recording Check
No. 4217 as $6,315 instead of $3,615 . . . . . . . . 2,700.00
Note for $3,600 collected by bank, including interest . . 3,672.00 12,929.12
$21,029.87
Deduct: Deposit in transit on July 31 . . . . . . . . . . . . . . $7,150.00
Bank service charges . . . . . . . . . . . . . . . . . . . . . . . . 20.00 7,170.00
Cash balance according to bank statement. . . . . . . . . . . $13,859.87
a. From the data in the above bank reconciliation, prepare a new bank reconciliation for
Dubitzky Co., using the format shown in the illustrative problem.
b. If a balance sheet were prepared for Dubitzky Co. on July 31, 2006, what amount
should be reported for cash?
Answer :
a. DUBITZKY CO.
Bank Reconciliation
July 31, 2006
Cash balance according to bank statement........................................... $13,859.87
Add: Deposit in transit on July 31......................................................... 7,150.00
21,009.87
Deduct: Outstanding checks................................................................... 6,557.12
Adjusted balance..................................................................................... $ 4,452.75

Cash balance according to depositor’s records...................................... $8,100.75


Add: Error in recording Check No. 4217 as $6,315
instead of $3,615….................................................................... $2,700.00
Note for $3,600 collected by bank, including................................ 3,672.00 6,372.00
14,472.75
Deduct: Bank service charges….............................................. 20.00
Adjusted balance…............................................................... $14,452.75

b. $14,452.75, should be reported for cash


E7-14 Identify the errors in the following bank reconciliation:

Imaging Services Co.


Bank Reconciliation
For the Month Ended April 30, 2006
Cash balance according to bank statement . . . . . . . . . . . . $ 9,767.76
Add outstanding checks:
No. 821 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 345.95
839 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272.75
843 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 759.60
844 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 501.50 1,879.80
$11,647.56
Deduct deposit of April 30, not recorded by bank . . . . . . . 1,010.06
Adjusted balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,637.50
Cash balance according to depositor’s records . . . . . . . . . . $ 1,118.32
Add: Proceeds of note collected by bank:
Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,000.00
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280.00
Service charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.00 $8,298.00
$ 9,416.32
Deduct: Check returned because
insufficient funds . . . . . . . . . . . . . . . . . . . . . . . . . $ 752.30
Error in recording April 10 deposit of $4,850 as $4,580 270.00 1,022.30
Adjusted balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,394.02
Answer :

1. The heading should be for April 30, 2006, and not For the Month Ended April
30, 2006.
2. The outstanding checks should be deducted from the balance per bank.
3. The deposit of April 30, not recorded by the bank, should be added to the
balance per bank.
4. In deducting the deposit of April 30, not recorded by the bank, the adjusted
balance of $9,637.50 is mathematically incorrect. It should be $10,637.50.
5. Service charges should be deducted from the balance per depositor’s records.
6. The error in recording the April 10 deposit of $4,850 as $4,580 should be added
to the balance per depositor’s records.

A correct bank reconciliation would be as follows:


IMAGING SERVICES CO.
Bank Reconciliation
April 30, 2006

Cash balance according to bank statement........... $9,767.76


Add: deposit of April 30, not recorded by bank….... 1,010.06
$10,777.82
Deduct outstanding checks:
No. 821............................................................ $345.95
839............................................................ 272.75
843............................................................ 759.60
844............................................................ 501.50 1,879.80
Adjusted balance….............................................. $ 8,898.02

Cash balance according to depositor’s


Records..................................................... $ 1,118.32
Add: Proceeds of note collected by bank:
Principal…........................................ $8,000.00
Interest...................................................... 280.00
Error in recording April 10 deposit as
$4,580 instead of $4,850........................ 270.00 8,550.00
9,668.32
Deduct: Check returned because
of insufficient fund….......................... 752.30
Service charges........................................ 18.00 770.30
Adjusted balance….............................................. $ 8,898.02

E7-15 Prometheus Co. records all cash receipts on the basis of its cash register tapes.
Prometheus Co. discovered during April 2006 that one of its sales clerks had stolen an
undetermined amount of cash receipts when she took the daily deposits to the bank. The
following data have been gathered for April:

Cash in bank according to the general ledger $12,573.22

Cash according to the April 30, 2006 bank statement 13,271.14

Outstanding checks as of April 30, 2006 1,750.20


Bank service charge for April 45.10

Note receivable, including interest collected by bank in April 5,200.00

No deposits were in transit on April 30, which fell on a Sunday.

a. Determine the amount of cash receipts stolen by the sales clerk.

b. What accounting controls would have prevented or detected this theft?

Answer :
a. The amount of cash receipts stolen by the sales clerk can be determined by
attempting to reconcile the bank account. The bank reconciliation will not reconcile by
the amount of cash receipts stolen. The amount stolen by the sales clerk is $6,207.18,
determined as shown below.

PROMETHEUS CO.
Bank Reconciliation
April 30, 2006

Cash balance according to bank statement.................................................. $13,271.14


Deduct: Outstanding checks........................................................................ $1,750.20
Adjusted balance......................................................................................... 11,520.94

Cash balance according to depositor’s records........................................... 12,573.22


Add: Note collected by bank, including interest......................................... 5,200.00
$17,773.22
Deduct: Bank service charges..................................................................... 45.10
Adjusted balance......................................................................................... $17,728.12

Amount stolen: $6,207.18 ($17,728.12 – $11,520.94)

b. The theft of the cash receipts might have been prevented by having more than one
person make the daily deposit. Collusion between two individuals would then have
been necessary to steal cash receipts. In addition, two employees making the daily
cash deposits would tend to discourage theft of the cash receipts from the
employees on the way to the bank.

Daily reconciliation of the amount of cash receipts, comparing the cash register
tapes to a receipt from the bank as to the amount deposited (a duplicate deposit
ticket), would also discourage theft of the cash receipts. In this latter case, if the
reconciliation were prepared by an employee independent of the cash function, any
theft of cash receipts from the daily deposit would be discovered immediately. That
is, the daily deposit would not reconcile against the daily cash receipts.

E7-16 Journalize the entries to record the following:


a. Check No. 2715 is issued to establish a petty cash fund of $750.

b. The amount of cash in the petty cash fund is now $119.57. Check No. 3120 is
issued to replenish the fund, based on the following summary of petty cash receipts:
office supplies, $415.83; miscellaneous selling expense, $107.90; miscellaneous
administrative expense, $88.10. (Since the amount of the check to replenish the fund
plus the balance in the fund do not equal $750, record the discrepancy in the cash short
and over account.)

Answer :

a. Petty Cash......................................................... 750.00


Cash…......................................................... 750.00

b. Office Supplies.................................................. 415.83


Miscellaneous Selling Expense.......................... 107.90
Miscellaneous Administrative Expense.............. 88.10
Cash Short and Over.......................................... 18.60
Cash............................................................. 630.43

E7-17 For a recent fiscal year, Circuit City’s quarterly balances of cash and cash
equivalents were as follows:
End of February $885 million End of May $1,176 million
End of August $847 million End of November $438 million
 What would you expect would be the cause of the variation in Circuit City’s
balances of cash and cash equivalents?
Answer :
Retailers experience a seasonal trend in cash and cash equivalents. Circuit City’s lowest
level of cash flows is in the fall, when merchandise that has been ordered for the holiday
season must be paid for. During the remainder of the year, Circuit City has higher levels
of cash and cash equivalents. Its cash and cash equiva-lents peak in May, just prior to the
fall buying season.

E7-18 The financial statements for Home Depot are presented in Appendix E at the end
of the text.

a. Compute the doomsday ratio for Home Depot for 2003 and 2002.

b. What conclusions can be drawn from comparing the ratios for 2003 and
2002?

Answer :

a. 2003: 0.27 ($2,188,000,000 ÷ $8,035,000,000)

2002: 0.38 ($2,477,000,000 ÷ $6,501,000,000)

b. The doomsday ratio is normally less than one. Although there is little risk of
Home Depot going out of business, the trend from 2002 to 2003 indicates
less safety for short-term creditors. The doomsday ratio is most useful for
companies that are likely to enter bankruptcy.

PROBLEM SERIES A

P7-1A The following procedures were recently installed by The Geodesic Company:
a. All sales are rung up on the cash register, and a receipt is given to the
customer. All sales are recorded on a record locked inside the cash register.
b. Vouchers and all supporting documents are perforated with a PAID
designation after being paid by the treasurer.
c. Checks received through the mail are given daily to the accounts receivable
clerk for recording collections on account and for depositing in the bank.
d. At the end of a shift, each cashier counts the cash in his or her cash register,
unlocks the cash register record, and compares the amount of cash with the
amount on the record to determine cash shortages and overages.
e. Each cashier is assigned a separate cash register drawer to which no other
cashier has access.
f. The bank reconciliation is prepared by the accountant.
g. Disbursements are made from the petty cash fund only after a petty cash
receipt has been completed and signed by the payee.

Instructions
 Indicate whether each of the procedures of internal control over cash represents
(1) a strength or (2) a weakness. For each weakness, indicate why it exists.

Answer :
Strengths: a, b, e, and g
Weaknesses:
c. Cash receipts should not be handled by the accounts receivable clerk. This violates
the segregation of duties between the handling of cash receipts and the recording of
cash receipts.
d. An independent person (for example, a supervisor) should count the cash in each
cashier’s cash register, unlock the record, and compare the amount of cash with the
amount on the record to determine cash shortages or overages.
f. The bank reconciliation should be prepared by someone not involved with the
handling or recording of cash.

P7-2A The Orchid Company completed the following selected transactions during June
2006:

June 1.Established a petty cash fund of $600.


6.The cash sales for the day, according to the cash register records, totaled
$7,998.50. The actual cash received from cash sales was $8,008.15.
30. Petty cash on hand was $50.75. Replenished the petty cash fund for the following
disbursements, each evidenced by a petty cash receipt:
June 3.Store supplies, $30.75.
8.Express charges on merchandise purchased, $100.75 (Merchandise Inventory).
12.Office supplies, $74.30. 15. Office supplies, $35.20.
19.Postage stamps, $52.00 (Office Supplies).
20.Repair to fax, $110.00 (Miscellaneous Administrative Expense).
21.Repair to printer, $51.50 (Miscellaneous Administrative Expense).
22.Postage due on special delivery letter, $18.00 (Miscellaneous Administrative
Expense).
27.Express charges on merchandise purchased, $65.50 (Merchandise Inventory).
30.The cash sales for the day, according to the cash register records, totaled
$9,009.50. The actual cash received from cash sales was $8,988.35.
30.Decreased the petty cash fund by $150.

Instructions
 Journalize the transactions.

Answer :

Journalize the transactions, june 2006 :

June 1 Petty Cash............................................... 600.00


Cash................................................... 600.00

6 Cash....................................................... 8,008.15
Cash Short and Over............................ 9.65
Sales................................................... 7,998.50

30 Store Supplies......................................... 30.75


Merchandise Inventory............................. 166.25
Office Supplies........................................ 161.50
Miscellaneous Administrative Expense....... 179.50
Cash Short and Over................................ 11.25
Cash................................................... 549.25

30 Cash........................................................ 8,988.35
Cash Short and Over................................. 21.15
Sales.................................................... 9,009.50

30 Cash......................................................... 150.00
Petty Cash............................................. 150.00
P7-3A The cash account for Showtime Systems at February 28, 2006, indicated a
balance of $19,144.15. The bank statement indicated a balance of $31,391.40 on
February 28, 2006. Comparing the bank statement and the accompanying canceled
checks and memorandums with the records reveals the following reconciling items:
a. Checks outstanding totaled $11,021.50.
b. A deposit of $6,215.50, representing receipts of February 28, had been made
too late to appear on the bank statement.
c. The bank had collected $6,300 on a note left for collection. The face of the
note was $6,000.
d. A check for $1,275 returned with the statement had been incorrectly recorded
by Showtime Systems as $2,175. The check was for the payment of an
obligation to Wilson Co. for the purchase of office supplies on account.
e. A check drawn for $855 had been incorrectly charged by the bank as $585.
f. Bank service charges for February amounted to $28.75.

Instructions
1. Prepare a bank reconciliation.
2. Journalize the necessary entries. The accounts have not been closed.
Answer :
1.

SHOWTIME SYSTEMS
Bank Reconciliation
February 28, 2006
Cash balance according to bank statement........................... $31,391.40
Add deposit of February 28, not recorded by bank............. 6,215.50
37,606.90
Deduct: Outstanding checks ............................................ $ 11,021.50
Bank error in charging check as $585 instead
of $855.......................................................... 270.00 11,291.50
Adjusted balance.................................................................. 26,315.40

Cash balance according to depositor’s records................... $19,144.15


Add: Proceeds of note collected by bank, including
$300 interest........................................................ $ 6,300.00
Error in recording check............................................ 900.00 7,200.00
26,344.15
Deduct bank service charges................................................ 28.75
Adjusted balance................................................................... 26,315.40
2. Cash............................................................... 7,200.00
Notes Receivable........................................ 6,000.00
Interest Revenue......................................... 300.00
Accounts Payable—Wilson Co................... 900.00

Miscellaneous Administrative Expense......... 28.75


Cash......................................................... 28.75

P7-4A The cash account for Alpine Sports Co. on April 1, 2006, indicated a balance of
$16,911.95. During April, the total cash deposited was $65,500.40, and checks written
totaled $68,127.47. The bank statement indicated a balance of $18,880.45 on April 30,
2006. Comparing the bank statement, the canceled checks, and the accompanying
memorandums with the records revealed the following reconciling items:

a. Checks outstanding totaled $5,180.27.

b. A deposit of $3,481.70, representing receipts of April 30, had been made too
late to appear on the bank statement.

c. A check for $620 had been incorrectly charged by the bank as $260.

d. A check for $479.30 returned with the statement had been recorded by Alpine
Sports Co. as $497.30. The check was for the payment of an obligation to Bray
& Son on account.

e. The bank had collected for Alpine Sports Co. $3,424 on a note left for
collection. The face of the note was $3,200.

f. Bank service charges for April amounted to $25.

g. A check for $880 from Shuler Co. was returned by the bank because of
insufficient funds.
Instructions
1. Prepare a bank reconciliation as of April 30.

2. Journalize the necessary entries. The accounts have not been closed.

Answer :

ALPINE SPORTS CO.


Bank Reconciliation
April 30, 2006

Balance per bank statement.................................................... 18,880.45


Add deposit of April 30, not recorded by bank................... 3,481.70
22,362.15
Deduct: Outstanding checks......................................... 5,180.27
Bank error in charging check as $260
instead of $620.......................................... 360.00 5,540.27
Adjusted balance............................................................. 16,821.88

Balance per depositor’s records........................................ 14,284.88*


Add: Proceeds of note collected by bank,
including $224 interest.................................... 3,424.00
Error in recording check....................................... 18.00 3,442.00
17,726.88
Deduct: Check returned because of insufficient funds.... 880.00
Bank service charges...................................... 25.00 905.00
Adjusted balance........................................................... 16,821.88

*Cash balance, April 1.............................................................. $ 16,911.95


Plus cash deposited in April.................................................... 65,500.40
Less checks written in April................................................... (68,127.47)
Balance per depositor’s records, April 30............................... $ 14,284.88

2. Cash............................................................... 3,442.00
Notes Receivable..................................... 3,200.00
Interest Revenue...................................... 224.00
Accounts Payable—Bray & So.............. 18.00
Accounts Receivable—Shuler Co................ 880.00
Miscellaneous Administrative Expense....... 25.00
Cash........................................................ 905.00
P7-5A Rocky Mountain Interiors deposits all cash receipts each Wednesday and Friday
in a night depository, after banking hours. The data required to reconcile the bank
statement as of May 31 have been taken from various documents and records and are
reproduced as follows. The sources of the data are printed in capital letters. All checks
were written for payments on account.

BANK RECONCILIATION FOR PRECEDING MONTH (DATED APRIL 30):

Cash balance according to bank statement . . . . . . . . . . . . . $10,422.80


Add deposit of April 30, not recorded by bank . . . . . . . . . 780.80

$11,203.60
Deduct outstanding checks:
No.580 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $310.10
No. 602 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85.50
No. 612 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.50
No. 613 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137.50 625.60
Adjusted balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,578.00

Cash balance according to depositor’s records . . . . . . . . . $10,605.70


Deduct service charges . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.70
Adjusted balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,578.00

CASH ACCOUNT:
Balance as of May 1 $10,578.00
CASH RECEIPTS FOR MONTH OF MAY 6,630.60
CHECKS WRITTEN:

Number and amount of each check issued in May:


Check No. Amount Check No. Amount Check No. Amount
614 $243.50 621 $309.50 628 $ 837.70
615 350.10 622 Void 629 329.90
616 279.90 623 Void 630 882.80
617 395.50 624 707.01 631 1,081.56
618 435.40 625 158.63 632 624.00
619 320.10 626 550.03 633 310.08
620 238.87 627 318.73 634 303.30
Total amount of checks issued in May $8,676.61
MAY BANK STATEMENT:

DUPLICATE DEPOSIT TICKETS:

Date and amount of each deposit in May:

Date Amount Date Amount Date Amount


May 2 $569.50 May 12 $580.70 May 23 $ 731.45
5 701.80 16 600.10 26 601.50
9 819.24 19 701.26 31 1,325.05
Instructions
1. Prepare a bank reconciliation as of May 31. If errors in recording deposits or
checks are discovered, assume that the errors were made by the company.
Assume that all deposits are from cash sales. All checks are written to satisfy
accounts payable.

2. Journalize the necessary entries. The accounts have not been closed.

3. What is the amount of Cash that should appear on the balance sheet as of May
31?

4. Assume that a canceled check for $1,375 has been incorrectly recorded by the
bank as $1,735. Briefly explain how the error would be included in a bank
reconciliation and how it should be corrected.

Answer :

1.

ROCKY MOUNTAIN INTERIORS


Bank Reconciliation
May 31, 20
Cash balance according to bank statement........................... $14,145.54
Add deposit of May 31, not recorded by bank..................... 1,325.05
15,470.59
Deduct outstanding checks:
No. 602................................................................. 85.50
628................................................................. 837.70
634....................................................................... 303.30 1,226.50
Adjusted balance................................................................... 14,244.09

Cash balance according to depositor’s records..................... 8,531.99*


Add proceeds of note collected by bank:
Principal................................................................... 5,000.00
Interest..................................................................... 400.00
Add error in recording Check No. 632........................ 561.60 5,961.60
14,493.59
Deduct: Check returned because of insufficient funds...... 225.40
Service charges.................................................. 24.10 249.50
Adjusted balance.................................................................. 14,244.09
*Balance per cash in bank account, May .................... 10,578.00
Add May receipts...................................................... 6,630.60
Deduct May disbursements....................................... (8,676.61)
Balance per cash in bank account, May ................... 8,531.99

2. Cash............................................................................ 5,961.60
Notes Receivable................................................. 5,000.00
Interest Revenue................................................... 400.00
Accounts Payable................................................. 561.60

Accounts Receivable.................................................. 225.40


Miscellaneous Administrative Expense.................... 24.10
Cash...................................................................... 249.50

3. $14,244.09

4. The error of $360 in the canceled check should be added to the “balance according
to bank statement” on the bank reconciliation. The canceled check should be
presented to the bank, with a request that the bank balance be corrected.

PROBLEM SERIES B

P7-1B The following procedures were recently installed by Pancreas Company:

a. At the end of each day, an accounting clerk compares the duplicate copy of
the daily cash deposit slip with the deposit receipt obtained from the bank.
b. The bank reconciliation is prepared by the cashier, who works under the
supervision of the treasurer.
c. At the end of the day, cash register clerks are required to use their own funds
to make up any cash shortages in their registers.
d. Along with petty cash expense receipts for postage, office supplies, etc.,
several post-dated employee checks are in the petty cash fund.
e. The accounts payable clerk prepares a voucher for each disbursement. The
voucher along with the supporting documentation is forwarded to the treasurer’s
office for approval.
f. All mail is opened by the mail clerk, who forwards all cash remittances to the
cashier. The cashier prepares a listing of the cash receipts and forwards a copy
of the list to the accounts receivable clerk for recording in the accounts.
g. After necessary approvals have been obtained for the payment of a voucher,
the treasurer signs and mails the check. The treasurer then stamps the voucher
and supporting documentation as paid and returns the voucher and supporting
documentation to the accounts payable clerk for filing.
h. At the end of each day, any deposited cash receipts are placed in the bank’s
night depository.

Instructions
 Indicate whether each of the procedures of internal control over cash represents
(1) a strength or (2) a weakness. For each weakness, indicate why it exists.

Answer :

Strengths: a, e, g, and h

Weaknesses:

b. The bank reconciliation should be prepared by someone not involved with the
handling or recording of cash.
c. Requiring cash register clerks to make up any cash shortages from their own
funds gives the clerks an incentive to short-change customers. That is, the
clerks will want to make sure that they don’t have a shortage at the end of the
day. In addition, one might also assume that the clerks can keep any overages.
This would again encourage clerks to short-change customers. The short-
changing of customers will create customer complaints, etc. The best policy is
to report any cash shortages or overages at the end of each day. If a clerk is
consistently short or over, then corrective action (training, removal, etc.) could
be taken.
d. Employees should not be allowed to use the petty cash fund to cash personal
checks. In any case, post-dated checks should not be accepted. In effect, post-
dated checks represent a receivable from the employees.
f. The mail clerk should prepare an initial listing of cash remittances before
forwarding the cash receipts to the cashier. This establishes initial
accountability for the cash receipts. The mail clerk should forward a copy of the
listing of remittances to the accounts receivable clerk for recording in the
accounts.

P7-2B Kewpie Company completed the following selected transactions during March
2006:

Mar. 1. Established a petty cash fund of $850.


18. The cash sales for the day, according to the cash register records, totaled
$11,970.60. The actual cash received from cash sales was $12,007.50.
Mar. 31. Petty cash on hand was $20.18. Replenished the petty cash fund for the
following disbursements, each evidenced by a petty cash receipt:
Mar. 3. Store supplies, $198.10.
6. Express charges on merchandise sold, $120 (Transportation Out).
9. Office supplies, $13.75.
18. Office supplies, $49.30.
20. Postage stamps, $74 (Office Supplies).
21. Repair to office printer, $150.00 (Miscellaneous Administrative
Expense). 22. Postage due on special delivery letter, $40.00
(Miscellaneous Administrative Expense).
24. Express charges on merchandise sold, $125 (Transportation Out).
27. Office supplies, $41.15.
31. The cash sales for the day, according to the cash register records, totaled
$9,055.50. The actual cash received from cash sales was $9,010.25.
31. Increased the petty cash fund by $100.
Instructions
 Journalize the transactions

Answer :
Journalize the transactions, june 2006
Mar. 1 Petty Cash...................................................... 850.00
Cash........................................................... 850.00

18 Cash.............................................................. 12,007.50
Cash Short and Over.................................... 36.90
Sales.......................................................... 11,970.60

31 Store Supplies................................................. 198.10


Transportation Out........................................... 245.00
Office Supplies............................................... 178.20
Miscellaneous Administrative Expense............... 190.00
Cash Short and Over........................................ 18.52
Cash........................................................... 829.82

31 Cash............................................................... 9,010.25
Cash Short and Over........................................ 45.25
Sales.......................................................... 9,055.50

31 Petty Cash....................................................... 100.00


Cash............................................................ 100.00

P7-3B The cash account for Pickron Co. at April 30, 2006, indicated a balance of
$13,290.95. The bank statement indicated a balance of $18,016.30 on April 30, 2006.
Comparing the bank statement and the accompanying canceled checks and
memorandums with the records revealed the following reconciling items:
a. Checks outstanding totaled $7,169.75.
b. A deposit of $5,189.40, representing receipts of April 30, had been made too
late to appear on the bank statement.
c. The bank had collected $3,240 on a note left for collection. The face of the
note was $3,000.
d. A check for $1,960 returned with the statement had been incorrectly recorded
by Pickron Co. as $1,690. The check was for the payment of an obligation to
Jones Co. for the purchase of office equipment on account.
e. A check drawn for $1,680 had been erroneously charged by the bank as
$1,860.
f. Bank service charges for April amounted to $45.00.

Instructions
1. Prepare a bank reconciliation.

2. Journalize the necessary entries. The accounts have not been closed.

Answer :

1.

PICKRON CO.
Bank Reconciliation
April 30, 2006
Cash balance according to bank statement........................ 18,016.30
Add: Deposit of April 30, not recorded by bank............. 5,189.40
Bank error in charging check as $1,860 instead
of $1,680................................................................... 180.00 5,369.40
23,385.70
Deduct outstanding checks.............................................. 7,169.75
Adjusted balance.................................................................. 16,215.95

Cash balance according to depositor’s records.................. 13,290.95


Add proceeds of note collected by bank, including
$240 interest............................................................ 3,240.00
16,530.95
Deduct: Error in recording check.................................. 270.00
Bank service charges...................................... 45.00 315.00
Adjusted balance............................................................. 16,215.95

2. Cash.................................................................... 3,240.00
Notes Receivable............................................. 3,000.00
Interest Revenue............................................. 240.00
Accounts Payable—Jones Co.................................. 270.00
Miscellaneous Administrative Expense..................... 45.00
Cash............................................................... 315.00

P7-4B The cash account for Seal-Tek Co. at December 1, 2006, indicated a balance of
$3,945.90. During December, the total cash deposited was $31,077.75, and checks
written totaled $30,395.78. The bank statement indicated a balance of $5,465.50 on
December 31. Comparing the bank statement, the canceled checks, and the
accompanying memorandums with the records revealed the following reconciling items:
a. Checks outstanding totaled $3,003.84.
b. A deposit of $2,148.21, representing receipts of December 31, had been made
too late to appear on the bank statement.
c. The bank had collected for Seal-Tek Co. $1,908 on a note left for collection.
The face of the note was $1,800.
d. A check for $120 returned with the statement had been incorrectly charged by
the bank as $1,200.
e. A check for $318 returned with the statement had been recorded by Seal-Tek
Co. as $138. The check was for the payment of an obligation to Kenyon Co. on
account.
f. Bank service charges for December amounted to $30.
g. A check for $636 from Fontana Co. was returned by the bank because of
insufficient funds

Instructions
1. Prepare a bank reconciliation as of December 31.
2. Journalize the necessary entries. The accounts have not been closed.
Answer :
1.

SEAL-TEK CO.
Bank Reconciliation
December 31, 2006
Balance per bank statement.......................................... $ 5,465.50
Add: Deposit of December 31 not recorded by bank..... 2,148.21
Bank error in charging check as $1,200 instead
of $120............................................................ 1,080.00 3,228.21
$ 8,693.71
Deduct outstanding checks........................................... 3,003.84
Adjusted balance......................................................... $ 5,689.87

Balance per depositor’s records.................................... $ 4,627.87*


Add proceeds of note collected by bank,
including $108 interest......................................... 1,908.00 6,535.87

Deduct: Check returned because of insufficient funds.. 636.00


Bank service charges................................... 30.00
Error in recording check............................. 180.00 846.00
Adjusted balance....................................................... $ 5,689.87

*Cash balance, December…................................................ 13,945.90


Plus cash deposited in December........................................ 31,077.75
Less checks written in December...................... ................ (30,395.78)
Balance per depositor’s books, December.......... ............... 314,627.87

2. Cash....................................................................... 1,908.00
Notes Receivable....................................... 1,800.00
Interest Revenue........................................ 108.00

Accounts Payable—Kenyon Co..................... 180.00


Accounts Receivable—Fontana Co. .............. 636.00
Miscellaneous Administrative Expense.......... 30.00
Cash........................................................... 846.00

P7-5B Heritage Furniture Company deposits all cash receipts each Wednesday and
Friday in a night depository, after banking hours. The data required to reconcile the
bank statement as of November 30 have been taken from various documents and
records and are reproduced as follows. The sources of the data are printed in capital
letters. All checks were written for payments on account.
NOVEMBER BANK STATEMENT:
CASH ACCOUNT:

Balance as of November 1 $7,317.40

CASH RECEIPTS FOR MONTH OF NOVEMBER $8,651.58

DUPLICATE DEPOSIT TICKETS:

Date and amount of each deposit in November:

Date Amount Date Amount Date Amount


Nov. 1 $1,080.50 Nov.10 $ 896.61 Nov.22 $ 537.34
3 854.17 15 882.95 24 942.71
8 840.50 17 1,606.74 29 1,010.06
CHECKS WRITTEN:

Number and amount of each check issued in November:

Check No. Amount Check No Amount Check No. Amount


740 $237.50 747 Void 754 $ 449.75
741 495.15 748 $450.90 755 272.75
742 501.90 749 640.13 756 113.95
743 671.30 750 276.77 757 407.95
744 506.88 751 299.37 758 259.60
745 117.25 752 337.01 759 901.50
746 298.66 753 380.95 760 486.39
Total amount of checks issued in November $8,105.66

BANK RECONCILIATION FOR PRECEDING MONTH:

Heritage Furniture Company


Bank Reconciliation
October 31,20

Cash balance according to bank statement . . . . . . . . . . . . . $7,447.20


Add deposit for October 31, not recorded by bank . . . . . 690.25
$8,137.45
Deduct outstanding checks:
No. 731 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $162.15
736 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345.95
738 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251.40
739 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.55 820.05
Adjusted balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,317.40
Cash balance according to depositor’s records . . . . . . . . . . $7,352.50
Deduct service charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.10
Adjusted balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,317.40
Instructions
1. Prepare a bank reconciliation as of November 30. If errors in recording
deposits or checks are discovered, assume that the errors were made by the
company. Assume that all deposits are from cash sales. All checks are written to
satisfy accounts payable.
2. Journalize the necessary entries. The accounts have not been closed.
3. What is the amount of Cash that should appear on the balance sheet as of
November 30?
4. Assume that a canceled check for $580 has been incorrectly recorded by the
bank as $850. Briefly explain how the error would be included in a bank
reconciliation and how it should be corrected.
Answer :

1. HERITAGE FURNITURE COMPANY


Bank Reconciliation
November 30, 20
Cash balance per bank...................................... 11,091.76
Add: deposit of November 29,
not recorded by bank........................ 1,010.06
12,101.82
Deduct: outstanding checks:
No. 736................................................. 345.95
755................................................. 272.75
758................................................. 259.60
759................................................. 901.50 1,779.80
Adjusted balance.............................................. 10,322.02

Cash balance per book


Records................................................... 7,863.32*
Add: Proceeds of note collected by bank:
Principal.......................................... 2,500.00
Interest............................................ 125.00
Error in recording November 22
Deposit............................................ 360.00 2,985.00
848.32
Deduct: Check returned because of
insufficient funds (NSF)................. 291.90
Error in recording Check No. 752....... 200.00
Service charges................................. 34.40 526.30
Adjusted balance................................................ 10,322.02

*Balance per cash account,


November .......................................................... 17,317.40
Add November receipts............................................... 8,651.58
Deduct November disbursements.................................. (8,105.66)
7,863.32
2. Cash..................................................................... 2,985.00
Notes Receivable............................................... 2,500.00
Interest Revenue................................................ 125.00
Sales................................................................ 360.00

Accounts Payable................................................... 200.00


Accounts Receivable............................................... 291.90
Miscellaneous Administrative Expense..................... 34.40
Cash................................................................ 526.30

3. $10,322.02

4. The error of $270 in the canceled check should be added to the “balance according
to bank statement” on the bank reconciliation. The canceled check should be
presented to the bank, with a request that the bank balance be corrected.

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