22. Snickers Co. has the following information relating to its month-end reconciliation. Month-end bank statement balance $ 54,000 $ 18,000 $ 600 Check erroneously charged by the bank against the account $ 75 $ 25 Outstanding checks Deposit-in-transit Bank Service Charge The adjusted bank balance at month end is: a. $36,675. b. $71,325. c. $36,525. d. $35,475.

22. Snickers Co. has the following information relating to its month-end reconciliation. Month-end bank statement balance $ 54,000 $ 18,000 $ 600 Check erroneously charged by the bank against the account $ 75 $ 25 Outstanding checks Deposit-in-transit Bank Service Charge The adjusted bank balance at month end is: a. $36,675. b. $71,325. c. $36,525. d. $35,475.

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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Jamison Company gathered the following reconciling information in preparing its June bank reconciliation. Cash balance per bank, June 30 $10,580 Note receivable collected by bank 5,781 8,771 3,495 127 1,779 Outstanding checks Deposits in transit Bank service charge NSF check Determine the cash balance per company records (before adjustment) on June 30. a. $9,179 b. $22,846 OC. $5,304 d. $1,429
Copeland Company's bank reconciliation as of February 28 is shown below. Bank balance $ 38,943 3,600 + Deposit in transit - Outstanding checks Adjusted bank balance. Book balance Note collection Check printing - 2,380 $ 40,163 Adjusted book balance One of the journal entries that Copeland must record as a result of the bank reconciliation includes: Multiple Choice O Debit Cash $3,600; credit Accounts Receivable $3,600. Debit Cash $875; credit Notes Receivable $875. Debit Miscellaneous Expense $50, credit Accounts Payable $50. Debit Cash $3,600; credit Sales $3,600 $ 39,338 +875 -50 $ 40,163
5. Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381, whereas Johnson's cash account shows a balance of $22,025 on October 31. The following additional information is available: 6. A $855 deposit made on October 31 was not recorded by the bank until November. 7. At the end of October, outstanding checks total $1,222. 8. The bank statement shows bank service charges of $125 not yet recorded by the company. 9. The company erroneously recorded as $973 a check that it had actually written for $379. It was correctly processed by the bank. 10. A $480 check from a customer, deposited by the company on October 29, was returned with the bank statement for lack of funds. Required: 1. Prepare the October bank reconciliation for Johnson Corporation.
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
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An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $7,150 Adjustments: Outstanding checks $3,430 Error by Chesner Co. in recording Check No. 1056 as $830 instead of $380 450 Note for $11,200 collected by bank, including interest 11,650 Deposit in transit on July 31 (7,280) Bank service charges (40) Total adjustments 8,210 Cash balance according to bank statement $15,360 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank acc4df036010fde_1 fill in the…
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 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 [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
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The bank reconciliation shows the following adjustments: Deposits in transit: $892 Notes receivable collected by bank: $1,030; interest: $25 Outstanding checks: $590 Error by bank: $340 Bank charges: $34 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank.
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Duke Company's unadjusted bank balance at March 31 is $3,850. The bank reconciliation revealed outstanding checks amounting to $580 and deposits in transit of $460. What is the true cash balance? Multiple Choice $3,730 $3,530 $3,930 $4,230
3. Bank Reconciliation Barb Lee Inc. (BLI) is about to reconcile its bank statement for the month of May. Pertinent information follows: Bank statement balance $11,003.74. General ledger balance $8, 284.07. BLI mailed a deposit of $899.14 to the bank on May 28. The bank had not yet received it by month end. BLI issued cheques # 124 for $2,041.25; # 126 for $951.56; and #129 for $1,000 in May; however, these were not returned with the May 31 bank statement. BLI received notification that a cheque for $313 deposited to BLI's account was returned NSE. The bank levied a $32 returned cheque charge. The bank statement included a $29 service charge for the month.Required:a) Prepare the cash reconciliation for Barb Lee Inc. as at May 31. b) Prepare adjusting journal entries to correct for items noted in the cash reconciliations.