Essay
The unadjusted cash account balance for Cali Company at December 31, 2013 is $12,342. The bank statement showed an ending balance of $18,350 at December 31, 2013. The following information is available from an examination of the bank statement and the company's accounting records: 
Check #433 for the purchase of inventory was written correctly and paid by the bank correctly for $234, but was recorded on the books at $432. Cali uses the perpetual inventory system.
Required:
1) Prepare a bank reconciliation for December, 2013.
2) Prepare the necessary journal entries at December 31, 2013.
Correct Answer:
Verified
Correct Answer:
Verified
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