5489 Bank Reconciliation- CQuiz The cash account for CAP Co. at October 31, 2016, indicated a balance of $12,525. The bank statement indicated a balance of $16,050 on October 31, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3000. A deposit of $2,000, representing receipts of June 30, had been made too late to appear on the bank statement. The bank had collected $2,600 on a note left for collection. The face of the note was $2,500. A check for $100 returned with the statement had been incorrectly recorded by CAP Co. as $10. The check was for the purchase of supplies. A check received for $100 had been erroneously recorded by the bank as $150. Bank service charges for June amounted to $35.

5489 Bank Reconciliation- CQuiz The cash account for CAP Co. at October 31, 2016, indicated a balance of $12,525. The bank statement indicated a balance of $16,050 on October 31, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3000. A deposit of $2,000, representing receipts of June 30, had been made too late to appear on the bank statement. The bank had collected $2,600 on a note left for collection. The face of the note was $2,500. A check for $100 returned with the statement had been incorrectly recorded by CAP Co. as $10. The check was for the purchase of supplies. A check received for $100 had been erroneously recorded by the bank as $150. Bank service charges for June amounted to $35.

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

None
On March 31, 20XX, Able Company received its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation: Balance per ledger, P1,460,000 Note collected by bank, P100,000 Interest earned on note, P10,000 NSF check of customer, P130,000 Bank service charge on NSF check, P2,000 Other bank service charges, P3,000 Outstanding checks, P202,000 Deposit placed in night depository, P85,000 Check issued by Axle Company charged to Able's account, P20,000 What is the balance per bank statement?
None
Do not give answer in image
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
Bank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $7,735. The bank statement indicated a balance of $9,930 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3,570. A deposit of $3,720, representing receipts from October 31, had been made too late to appear on the bank statement. The bank had collected $1,940 on a note left for collection. The face of the note was $1,840. A check for $550 returned with the statement had been incorrectly recorded by Deaver Consulting as $500. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. A check drawn for $530 had been incorrectly charged by the bank as $30. Bank service charges for October amounted to $45. Instructions: 1. Prepare a bank reconciliation. Deaver…
Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a balance of $11,670. The bank statement indicated a balance of $13,640 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,910. A deposit of $5,120, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,660 on a $2,520 note, including interest of $140. A check for $770 returned with the statement had been incorrectly recorded by American Medical Co. as $700. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $40 had been erroneously charged by the bank as $400. Bank service charges for April amounted to $50. Required: 1. Prepare a bank reconciliation. 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The…
None
Entries for bank reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 2016: 1. Cash balance according to the company's records at August 31, 518,130. 2. Cash balance according to the bank statement at August 31, $19,240. 3. Checks outstanding, $3,600. 4. Deposit in transit not recorded by bank, $2,960. 5. A check for $270 in payment of an account was erroneously recorded in the check register as $720. 6. Bank debit memo for service charges, $60. Journaline the entries that should be made by the company that (a) increase cash and (b) decrease cash. If an amount box does not require an entry, leave blank a: 2016 August 31 Cash b. August 31 Accounts Payable ✓
Problem #1: Bank Reconciliation Using the information provided below, complete 1) a bank reconciliation and 2) the necessary journal entries. The cash account for Vin D Co. at June 30, 2014, indicated a balance of $13,935, The bank statement indicated a balance of $21,550 on June 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: The bank had collected $7,000 on a note left for collection. The face of the note was $6,600. A deposit of $5,000, representing receipts of June 30, had been made too late to appear on the bank statement. Checks outstanding totaled $6,000. A check for $1000 returned with the statement had been incorrectly recorded by Vin D Co, as $1100. The check was for the payment of an obligation to Hirsch Co. for the purchase on ассount. A check drawn for $50 had been erroneously charged by the bank as $500. Bank service charges for June amounted to $35. casn of 2, 550 banh state…
Activities: Prepare a bank reconciliation statement. Write your answer on a separate sheet of paper. IV. Activity 1 The bank statement of the Fast Company shows a balance of P10,000 on 31 January 2015 whereas the company's ledger shows a balance of P8,525. The following reasons have been identified for this discrepancy. 1. An amount of P822 sent to the bank for a deposit on January 31, 2015, does not appear in the bank statement. 2. The following checks issued during January have not yet been cleared by the bank. a. Check No: 201, Issue date: 15 January 2015, Amount; P200. b. Check No: 212, Issue date: 19 January 2015, Amount; P20. c. Check No: 216, Issue date: 25 January 2015, Amount; P610. 3. A note receivable amounting to P1,588 has been collected by the bank for the company. 4. The bank statement shows that interest amounting to P50 has been earned on average account balance during January. 5. The bank has charged P10 for the collection of a note. 6. A check of P100 deposited by…
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $25,520. Cash balance according to the bank statement at August 31, $26,850. Checks outstanding, $5,180. Deposit in transit, not recorded by bank, $4,160. A check for $480 in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co.Bank ReconciliationAugust 31, 20Y6 Cash balance according to bank statement $fill in the blank - Select - - Select - Adjusted balance $fill in the blank Cash balance according to company's records $fill in the blank - Select - - Select - Adjusted balance $fill in the blank b. If the balance sheet were…