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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Match the term with its definition. Allowance Method Cash Factoring Net Realizable Value Percentage-of-Receivables Method Restricted Cash A procedure that records unc [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 18 Hours, 38 Minutes, 32 Seconds The amount of the accounts receivable balance that the company actually expects to receive. Correct Answer A procedure that records uncollectible accounts by recording the bad debt expense on an estimated basis in the accounting period in which the sale on accout takes place. C A method of selling accounts receivable where the seller guarantees payment to the purchaser in the event the debtor fails to pay. Correct Answer short term investments with a maturity date of three months or less Generated through transactions from customers for goods bought or services rendered. Correct Answer When material, is required to be segregated and shown as either a current or long term asset on the balance sheet depending on it's expected…
I am trying to figure out what I am doing wrong. for some reason my balance and my bank balance are not equalling each other. What have I done wrong?
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 > > $ $ $ $
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?
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Please Need Correct answer