S8-7 Preparing a bank reconciliationThe Cash account of Ranger Security Systems reported a balance of $2480 at 31 May. Therewere outstanding cheques totalling $900 and a 31 May deposit in transit of $200. The bankstatement, which came from CitiPark Bank, listed a 31 May balance of $3800. Included in thebank balance was a collection of $630 on account from Kelly Brooks, a Ranger customer whopays the bank directly. The bank statement also shows a $20 service charge and $10 of interestrevenue that Ranger earned on its bank balance.RequirementPrepare Ranger's bank reconciliation at 31 May.

Ranger's bank reconciliation Statement as on 31 May

58-7 Preparing a bank reconciliation The Cash account of Ranger Security Systems reported a balance of $2480 at 31 May. There were outstanding cheques totalling $900 and a 31 May deposit in transit of $200. The bank statement, which came from CitiPark Bank, listed a 31 May balance of $3800. Included in the pank balance was a collection of $630 on account from Kelly Brooks, a Ranger customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Ranger earned on its bank balance. Requirement Prepare Ranger's bank reconciliation at 31 May.

58-7 Preparing a bank reconciliation The Cash account of Ranger Security Systems reported a balance of $2480 at 31 May. There were outstanding cheques totalling $900 and a 31 May deposit in transit of $200. The bank statement, which came from CitiPark Bank, listed a 31 May balance of $3800. Included in the pank balance was a collection of $630 on account from Kelly Brooks, a Ranger customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Ranger earned on its bank balance. Requirement Prepare Ranger's bank reconciliation at 31 May.

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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Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: 3. The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the general ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 in deposits were received during the month. 4. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of September, the Company books show that $11,670 of cheques were issued, yet the bank statement showed that $10,500 of cheques cleared the bank in September. There were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 11) What were the deposits in transit at September 30? f) $2,260 g) $2,150 h) $1,960 i) $2,650 j) None of the above 12) What were the outstanding cheques at September 30? f) $2,020 g) $2,120 h) $1,170 i) $1,980 j) None of the above FlDage 13) Which of the following is are the…
18 The May 31 balance per bank statement was $12,400. The cash balance per books was $17,000. Outstanding checks amounted to $1,700, and deposits in transit were $4,800. The bank statement contained an NSF check for $1,100, a service charge for $50, and a debit memo for direct payment of the telephone bill of $350. Required: a. Prepare a bank reconciliation to determine the true cash balance at May 31. b. Indicate how each of the required adjusting entries impact the financial statements. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate how each of the required adjusting entries impact the financial statements. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Outstanding checks Horizontal Statements Model Balance Sheet Income Statement Item Assets Liabilities Cash Accounts Receivables Stockholders' Equity Revenue Expenses Net Income Statement of Cash Flows (1.700)…
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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.
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Bank reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $21,570. 2. Cash balance according to the bank statement at August 31, $22,760. 3. Checks outstanding, $4,380. 4. Deposit in transit not recorded by bank, $3,520. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Line Item Description Cash balance according to bank statement Amount Adjusted balance Cash balance according to company's records $ Adjusted balance b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)?
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Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $25,940. 2. Cash balance according to the bank statement at August 31, $27,390. 3. Checks outstanding, $5,270. 4. Deposit in transit not recorded by bank, $4,230. 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, $40. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. a. 20Y6 Aug. 31 b. Aug. 31