10) Counte Company's cash balance at the end of the month was $ 5,500. After comparing the company's records with the monthly bank statement, Counte's accountant identified the following reconciling items: outstanding checks, $ 900; deposits in transit, $ 600; bank service charge, $ 20; NSF check, $ 200. What is the adjusted bank balance? A) $5,280 B) $ 5,580 C) $4,980 D) The adjusted bank balance cannot be determined.

10) Counte Company's cash balance at the end of the month was $ 5,500. After comparing the company's records with the monthly bank statement, Counte's accountant identified the following reconciling items: outstanding checks, $ 900; deposits in transit, $ 600; bank service charge, $ 20; NSF check, $ 200. What is the adjusted bank balance? A) $5,280 B) $ 5,580 C) $4,980 D) The adjusted bank balance cannot be determined.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Refer to the Information given below: a. The August 31 balance shown on the bank statement is $9,050. b. There is a deposit in transit of $1,300 at August 31. c. Outstanding checks at August 31 totaled $1,620. d. Interest credited to the account during August but not recorded on the company's books amounted to $68. e. A bank charge of $44 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived. f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $142 had been recorded as a disbursement of $412 g. The August 31 balance in the general ledger Cash account, before reconciliation, is $8,436. Required: Prepare a bank reconciliation as of August 31 from the above Information. Balance per bank Add: Deduct: Reconciled balance Bank Reconciliation August 31 Balance per books Add: Deduct: Reconciled balance
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Refer to the information given below: a. The August 31 balance shown on the bank statement is $9,050. b. There is a deposit in transit of $1,300 at August 31. c. Outstanding checks at August 31 totaled $1,620. d. Interest credited to the account during August but not recorded on the company's books amounted to $68. e. A bank charge of $44 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived. f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $142 had been recorded as a disbursement of $412. g. The August 31 balance in the general ledger Cash account, before reconciliation, is $8,436. Required: a-1. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on August 31. (Use amounts with + for increases and amounts with for decreases.) Cash Assets…
In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information: Cash balance per company books on April 30 Deposits in transit at month-end Outstanding checks at month-end Bank charge Note collected by bank on Donahue's behalf A check paid to Donahue during the month by a customer is returned by the bank as NSF The adjusted cash balance per the books on April 30 is: $6,275 $1,300 $ 620 $ 45 $770 $ 480
Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash.
The accountant of ABC has collected the following information for the month of July 2019. ABC’s bank statement for July 2019 shows the following data: Balance on 1 July as per bank $29,500 Balance on 31 July as per bank $15,907.45 The cash balance as per company records as of July 31 is $11,589.45. Further review of the data reveals the following information: Errors: Check no115 for $1,226. The bank correctly paid the amount, but ABC recorded the check as $1,262. Outstanding checks on July 31, total $5,904 Deposits in transit on July 31 total $2,201.40 Bank statement shows: A. Debit-NSF check: $425.60 B. Debit-bank fee $30 C. Credit- collection of note receivable for $1,000 plus interest earned $50 and bank collection fee $15. Required:Prepare bank reconciliation on July 31, 2019.
Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2 Service Fee Expense selected answer correct 85 selected answer correct Notes receivable incorrect answer please help me finish the problem i keep getting stuck. Its not -85 for credit and its not -35 so what is it
A company's Cash account shows a balance of $3,460 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($50), an NSF check from a customer ($370), a customer's note receivable collected by the bank ($1,600), and interest earned ($130). Required: Record the necessary entry(ies) to adjust the company's balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the items that increase cash. 2 Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general Journal
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prepare journa entries and bank rencoliation