117) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance $ 13,162 + Deposit in transit $ 14,237 +4,500 -3,900 -50 +1,725 Outstanding checks Adjusted bank balance $ 14,837 Adjusted book balance $ 14,837 Book balance Bank service fees Note collected - A journal entry that Clayborn must record as a result of the bank reconciliation includes:

117) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance $ 13,162 + Deposit in transit $ 14,237 +4,500 -3,900 -50 +1,725 Outstanding checks Adjusted bank balance $ 14,837 Adjusted book balance $ 14,837 Book balance Bank service fees Note collected - A journal entry that Clayborn must record as a result of the bank reconciliation includes:

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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The following information is available for the ABC Company for its March 31 bank reconciliation: From the March 31 bank statement: Previous Balance $9,908 Total Checks and Total Deposits and Debits $7,805 Current Balance Credits $11,905 $14,008 Checks and Debits Date 03/03 03/11 03/15 03/25 03/29 03/30 Deposits and Credits Daily Balance Date No. 2874 2906 2905 2909 2908 Amount 1,210 3,850 170 725 1,350 500 NSF Amount 4,340 7,270 Amount 9,908 14,248 1,038 9,188 9,018 8,293 15,563 14,213 Date 03/02 03/01 03/02 03/27 03/31 295 IN 03/03 03/11 03/15 03/25 03/27 03/29 03/30 03/31 NSF: A check from a customer, Booker Co. in payment of their account. 13,713 14,008 IN: Interest earned on the account. Check 2874 was outstanding at the end of last month. From the ABC Company's accounting records: Cash Receipts Deposited Cash Debit 4,340 7,270 2,090 13,700 Cash Payments Check No. Cash Credit 2905 2906 2907 2908 2909 2910 Date March 27 31 170 3,850 460 1,350 725 340 6,895 CashAcct. No. 101 Date…
The bank reconciliation shows the following adjustments: Outstanding checks: $987 Error by bank recorded customer check twice: $436 Notes receivable collected by bank: $2,500; interest: $145 Deposits in transit: $1,698 Bank charges: $70 PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the adjustments. Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR CR and DR CR CR PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
1. Based on the above information, prepare a bank reconciliation for the Wisconsin Company.2. Prepare the necessary general journal entries to bring Cash to the reconciled balance.3. Post to the Cash t-account
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Cash balance per company records, September 30 $2,607 Deposits in transit 474 816 21 Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check Determine the adjusted balance on September 30. a. $2,156 b. $1,501 Oc. $3,262 Od. $2,296 1,580 140
The following data were gathered to use in reconciling the bank account of Reddan Company: $ 17,900 10,300 Balance per bank Balance per company records Bank service charges 40 Deposit in transit Note collected by bank with $170 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 3,400 4,900 6,140 b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
6, 7, A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Note: Enter debits before credits. Date October 31 Bank Reconciliation October 31 Journal entry worksheet Cash $ 6,482 3 291 6,773 79 $ 6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Book balance Add: 4 Collection of a note Interest earned Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. Saved General Journal $ 400 64 Debit 63 61 $ 6,354 Credit 464 6,818 124 $6,694
Using the following information: The bank statement balance is $3,093. The cash account balance is $3,305. Outstanding checks amounted to $767. Deposits in transit are $815. The bank service charge is $155. A check for $40 for supplies was recorded as $31 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co.Bank ReconciliationAugust 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
The bank reconciliation shows the following adjustments: Outstanding checks: $987 Error by bank recorded customer check twice: $436 Notes receivable collected by bank: $2,500; interest: $145 Deposits in transit: $1,698 Bank charges: $70 PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the adjustments. Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR CR and DR CR CR PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Buffy's Cash account shows a balance of $16,670 at December 31. On December 31, Buffy Insurance received the following bank statement: (Click the icon to view the December bank statement.) Requirement 1. Prepare the bank reconciliation of Buffy Insurance at December 31, 2024. Prepare the bank portion of the reconciliation, followed by the book portion of the reconciliation. Bank: ADD: LESS: Buffy Insurance Bank Reconciliation December 31, 2024 Requirements 1. Prepare the bank reconciliation of Buffy Insurance at December 31, 2024. 2. Journalize any required entries from the bank reconciliation. s example Print Get more help. Done - X Data table Date Dec. 4 $ 9 14 17 31 C Cash Receipts Cash Debit 4,250 490 Cash Payments Check No. 1416 $ 1417 590 1418 1,950 1419 1,840 1420 1421 1422 More info i (Click the icon to view the additional information.) Read the requirements Print Cash Credit 890 210 650 1,190 1,420 1,300 590 Done - a. The EFT credit was a receipt of rent. The EFT debit was an…
Using the following information: a. The bank statement balance is $5,050. b. The cash account balance is $5,612. c. Outstanding checks amounted to $655. d. Deposits in transit are $1,133. e. The bank service charge is $75. f. A check for $62 for supplies was recorded as $53 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records $1 Adjustments: Total adjustments Adjusted balance %24 %24 %24 %24
Prepare a bank reconciliation from the following information:a. Balance per bank statement as of May 31, $17,755.44b. Balance per books as of May 31, $12,211.94c. Deposits in transit, $2,254.81d. Outstanding checks, $7,819.16e. Bank service charge, $20.85
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