6. Austin's bank has a $45 overdraft fee. On Friday morning Austin had $345.78 in his checking account. Friday night a payment to AT&T was automatically withdrawn from his account in the amount of $210.15. Over the weekend Austin withdrew $100 cash and made purchases with his debit card in the amounts of $65.34, $24.99, $6.75 and $42.87. What was Austin's balance on Monday morning?
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- Rosita Flores owns Rosita’s Mexican Restaurant in Tempe, Arizona. Rosita’s is an affordablerestaurant near campus and several hotels. Rosita accepts cash and checks. Checks are depositedimmediately. The bank charges $0.50 per check; the amount per check averages $75. “Bad”checks that Rosita cannot collect make up 3 percent of check revenue.During a typical month, Rosita’s has sales of $45,000. About 80 percent are cash sales.Estimated sales for the next three months are as follows:April $32,000May 45,000June 56,000 Required:Prepare a schedule of cash receipts for May and June. (Round all amounts to the nearestdollar.)Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. a. August 31 cash receipts of $3,140 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. Deduct b. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $3,020. d. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. Prepare a bank reconciliation using the above information. Bank statement balance i Add: Adjusted bank balance ORGANIC FOOD COMPANY Bank Reconciliation August 31 $ 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0 09. When preparing a check and you commit an error, what should you do? a. Get a pencil eraser and erase the error. b. Get a white ink pen and erase the error. 6. c. Cancel the check and prepare a new one. d. Call an ambulance. 10. It is a report issued by a bank (on a monthly basis) which shows the deposits and withdrawals during the period and the cumulative balance of a depositor's bank account. a. Credit card billing statement b. ATM card c. Bank statement d. T- account
- Carl Roen had a balance of $1,700 in his checking account at First National Bank on a day when the bank received the following five checks for processing against his account. Check Number Check Amount Number Amount 3150 $135 3165 $750 3162 400 3166 1,710 3169 380 Assuming a $130 fee assessed by the bank for each bounced check, how much fee revenue would the bank generate if it processed checks (1) from largest to smallest, (2) from smallest to largest, and (3) in order of check number? Fee revenue (1) Largest to smallest $ so (2) Smallest to largest $ 30 (3) In order of check number $ 60On 30th June, 2015, D’s Cash Book showed that he had an overdraft of $ 300 on his Current Account at the bank. On checking the Cash Book with the bank statement you find the following: (a) Cheques drawn amounting to $ 500 had been entered in the Cash Book but had not been Presented; (b) Cheques received, amounting to $ 400, had been entered in the Cash Book but had not been credited by the bank ; (c) On instructions from D the bank had transferred interest, $ 60, from his deposit account to his current account recording the transfer on 5th July 2015. This amount had, however, been credited in the Cash Book as on 30th June, 2015. (d) Bank charges, $ 35, shown in the Bank statement had not been entered in the Cash Book; (e) The payment side of the Cash Book had been undercast by $ 10 ; (f) Dividends amounting to $ 200 had been paid direct to the Bank and not entered in the Cash Book ; (g) A cheque of $ 50 drawn on deposit account had been shown in…Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,937 debit balance and its bank statement shows $15,527 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,119. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,513 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 Bank reconciliation LO P3 Prepare its bank reconciliation using the above information. X Answer is not complete. DEL GATO CLINIC Bank Reconciliation June 30 15,937 24 15,527 O Book balance…
- On April 3, Erin Gardner received her bank statement showing a balance of $2,086.93. Her checkbook showed a balance of $1,912.47. Outstanding checks were $234.15, $317.80, $78.10, $132.42, and $212.67. The account earned $20.43. Deposits in transit amount to $814.11, and there is a service charge of $7.00. Use the form below to calculate the reconciled balance. CHECKBOOK BALANCE Add: Interest Earned & Other Credits SUBTOTAL Deduct: Service Charges & Other Debits ADJUSTED CHECKBOOK BALANCE tA ta ta ta tA STATEMENT BALANCE Add: Deposits in Transit SUBTOTAL Deduct: Outstanding Checks LA tA ·SA $ LA ADJUSTED STATEMENT BALANCE $ LA EK Adjusted Bank Balance. Mary's last bank statement showed an ending balance of $156.45. This month, she deposited $548.61 in her account and withdrew a total of $230.67. Furthermore, Mary wrote a total of five checks, two of which have cleared. The two checks that have cleared total $133 55 The three remaining checks total $100.44. Mary pays no fees at her bank. What is the balance shown this month on Mary's bank statement? What is the adjusted bank balance? CETTS The balance show this month on Mary's bank statement is 5 (Round to the nearest cent)Kameron Gibson's bank statement showed a balance of $612.85. Kameron's checkbook had a balance of $215.20. Check Number 104 for $139.80 and check Number 105 for $19.55 were outstanding. A $799.30 deposit was not on the statement. He has his payroll check electronically deposited to his checking account-the payroll check was for $1,069.10. There was also a $10.80 teller fee and an $20.70 service charge. Prepare Kameron Gibson's bank reconciliation. Note: Input all amounts as positive values. Round your answers to 2 decimal places. Kameron's checkbook balance Add: Subtotal Deduct Subtotal Reconciled balance BANK RECONCILIATION Bank balance Add: Subtotal Deduct: + Reconciled balance
- Kameron Gibson's bank statement showed a balance of $1,020.35. Kameron's checkbook had a balance of $282.10. Check Number 104 for $150.70 and check Number 105 for $16.35 were outstanding. A $666.60 deposit was not on the statement. He has his payroll check electronically deposited to his checking account-the payroll check was for $1,260.90. There was also a $10.70 teller fee and an $12.40 service charge. Prepare Kameron Gibson's bank reconciliation. Note: Input all amounts as positive values. Round your answers to 2 decimal places. Kameron's checkbook balance Add: Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATION Bank balance Add: Subtotal Deduct: Reconciled balanceNaomi Greenwell fills out a deposit slip for her saving account. She deposits a check for $445.96. She also has $215.44 in cash and $23.17 in coins. What is her total deposit?[The following information applies to the questions displayed below.] Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks. Section A: Record the entry to correct the error created while recording check for inventory. Section B: Record…