ThstructionS:1. Prepare a bank reconciliation.Deaver ConsultingBank ReconciliationOctober 31, 20Y6Cash balance according to bank statement31,095Add: Deposit of October 31, not recorded by bank4,12035,215Add: Outstanding checks10,125Deduct: Bank error in charging check as $230 instead of $3209010,215Adjusted balance25,000Cash balance according to Deaver Consulting15,750Add: Proceeds of note collected by bank, including $400 interest10,00010.400Deduct: Error in recording check by the company as $120 instead of $1,2001,080Deduct: Bank service charges701,150Adjusted balance25,0002. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select "Noeffect" from the dropdown and leave the co 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select "reffect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows asnegative amounts.Increases to Cash:Balance SheetAssetsLiabilitiesStockholders' EquityCashAccounts ReceivableNotes PayableRetained EarningsOct. 31.10,40010,000Statement of Cash FlowsIncome StatementDecreases to Cash:Balance SheetAssetsLiabilitiesStockholders' EquityCashAccounts ReceivableNo EffectRetained EarningsOct. 31.1,080Statement of Cash FlowsIncome Statement

Bank reconciliation statement is the Statement that provides the reason or explaination of…

2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Increases to Cash: Balance Sheet Assets Liabilities Stockholders' Equity Cash Accounts Receivable Notes Payable Retained Earnings Oct. 31. 10,400 10,000 Statement of Cash Flows Income Statement Decreases to Cash: Balance Sheet Assets Liabilities Stockholders' Equity Cash Accounts Receivable No Effect Retained Earnings Oct. 31. 1,080 Statement of Cash Flows Income Statement

2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Increases to Cash: Balance Sheet Assets Liabilities Stockholders' Equity Cash Accounts Receivable Notes Payable Retained Earnings Oct. 31. 10,400 10,000 Statement of Cash Flows Income Statement Decreases to Cash: Balance Sheet Assets Liabilities Stockholders' Equity Cash Accounts Receivable No Effect Retained Earnings Oct. 31. 1,080 Statement of Cash Flows Income Statement

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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Your company writes a check for $123 but records it as $132. To adjust for this in a bank reconciliation, you would: reduce the book balance by $9 O reduce the bank balance by $9 O increase the bank balance by $9 O increase the book balance by $9
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Interest on Loan account, debited by the bank will a. Decrease in Bank book balance. b. Increase in Bank book balance. c. Increase in Cash book balance. d. Decrease in Cash book balance.
From the give Problem 2, What is the adjusted cash in bank on December 31?
Sky Company is unable to reconcile the bank balance at January 31. Sky's reconciliation is as follows. Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books (a) $5,300 1,570 35 $6,835 $5,705 750 1,950 $6,905 Prepare a correct bank reconciliation. (List items that increase cash balance first.) V SKY COMPANY Bank Reconciliation V V > > $ $ $ $
Mazaya Company assembled the following information in completing its October bank reconciliation balance per bank R.O.15.280; outstanding checks R.O.3,100, deposits in transit R.O5,000, NSF check R.O 320, bank service charge RO 100, credit memo from bank R.O. 320, cash balance per books RO.17,600. As a result of this reconciliation, Mazaya will Select one: a. reduce its cash account by R.O.420. O b Reduce its cash account by R.O.100. c. Reduce its cash account by R.O.1,900. d. Increase its cash account by R.O.320.
Choices are: a. 3,550,000 b. 3,660,000 c. 3,610,000 d. 3,655,000 Question: What amount was reported as unadjusted cash in bank balance per book? Show solution and explanation
Question Help please explain entries and calculations In seperate boxes for numbers 1-4 so i can learn to do it Thank You. 1.) Bank Reconciliation 2.) General Journal 3.) Bad Debt Calculations 4.) Notes Recievable Calculations In June, Bill commented to you that he could never figure out his bank statement, “it never matches the balance in my accounting records” he tells you. So you explain that a bank reconciliation is a tool used to balance the bank statement to the accounting books. He gives you his bank statement for June, 2014 (shown below). The general ledger shows a balance for the account cash of $14,319.00 on June 30, 2014 (detail transactions below). Bill’s business only has one checking account and no other cash accounts. Bill has begun to have problems collecting some of his credit accounts and is considering writing off a couple of customer account balances. He asks you how these bad debts should be recorded and has asked you to begin recording bad debt using the allowance…
do i add the opening balance after the difference of opening balance of bank statement and cash book gives me zero when i update the cash book?
SHOW FORMULAS USING EXCELNO FORMULAS = NO UPVOTESKIP IF YOU ALREADY DID THIS OR ELSE DOWNVOTE
Please solve both the questions with a detailed explanation.
In a bank reconciliation, to adjust for the bank's deducting $980 for a company check that you wrote and booked for $890 requires A. increasing the book balance by $90 B. reducing the book balance by $90 C. increasing the bank balance by 590 D. reducing the bank balance by $90