14. Prepare the bank reconciliation statement using the following data and also record the necessary journal entry to reconcile the statement: Bank Balance = $4,487 Book Balance = $5,899 Interest income = $35 Deposit in transit = $1,590 NSF check = $586 Outstanding checks = $729

14. Prepare the bank reconciliation statement using the following data and also record the necessary journal entry to reconcile the statement: Bank Balance = $4,487 Book Balance = $5,899 Interest income = $35 Deposit in transit = $1,590 NSF check = $586 Outstanding checks = $729

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Place a check mark in the column that indicates the location of each item that would be found on a bank reconciliation. Assume that the checks written by the company are written correctly. Item | Add to bank statement balance | Subtract from bank statement balance | Add to ledger balance of cash | Subtract from ledger balance of cash.. 1. Outstanding checks 2. Deposit in transit 3. A check written for $52 recorded incorrectly as $25 4. Check printing charge 5. An NFS check received from a customer. 6. A bank service charge 7. A deposit for $197 listed incorrectly on the bank statement as $179
Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor. This item would be included on the bank reconciliation as a(n) ____. a.addition to the cash balance per bank b.deduction from the cash balance per books c.deduction from the cash balance per bank d.addition to the cash balance per books
The treasurer preparing the October bank reconciliation identified the following items: Cash balance per the company's records $32,700, Deposits in Transit $4,300, Outstanding Checks $2,200, Interest earned on the checking account $200, Customer NSF check $400. What is the company's adjusted cash balance at Oct. 31? A. $34,900 B. $32,700 C. $32,500 D. $34,800
Using the following information: The bank statement balance is $4,256. The cash account balance is $4,421. Outstanding checks amounted to $878. Deposits in transit are $1,008. The bank service charge is $26. A check for $35 for supplies was recorded as $26 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $fill in the blank 3 fill in the blank 5 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: $fill in the blank 10 fill in the blank 12 Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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
On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
Based on the following information, determine the true balance in your checking account. Balance in your checkbook Balance on bank statement $ 453 597 23 Interest earned on the account Total of outstanding checks Deposits in transit Service charge and other fees True balance $6 223 62
The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 12,045 Bank service charges 30 Deposit in transit 3,500 Note collected by bank with $160 interest 4,160 Outstanding checks 5,575 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank. ? ? ? ? ? ? ? ? ? ? ? ? ? Please don't provide images in answers thank you
Using the following information: 1. The bank statement balance is $2,803. 2. The cash account balance is $3,256. 3. Outstanding checks amounted to $501. 4. Deposits in transit are $802. 5. The bank service charge is $143. 6. A check for $63 for supplies was recorded as $54 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance $
The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $25,750 Balance per company records 19,140 Bank service charges 45 Deposit in transit 2,300 Note collected by bank with $200 interest 5,200 Outstanding checks 3,755 a. What is the adjusted balance on the bank reconciliation? 24,295 V
Answer with in a hour for upvotes?