7. Monet’s checkbook at the end of October showed a balance of ₱22,189.50. An examination of the bank statement showed that a deposit of ₱2,146.05 had not been entered on the stub and that check no. 486 for ₱4,055.40 had been entered on the stub as ₱4,355.40. Find the correct checkbook balance.

7. Monet’s checkbook at the end of October showed a balance of ₱22,189.50. An examination of the bank statement showed that a deposit of ₱2,146.05 had not been entered on the stub and that check no. 486 for ₱4,055.40 had been entered on the stub as ₱4,355.40. Find the correct checkbook balance.

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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Iron Company receives a bank statement dated April 30 that shows a balance of $3,276.82. Iron’s checkbook balance, as of April 30, is $3,205.37. The bank has not processed check 892 for $45 or check 895 for $640. A $550 deposit made on April 30 does not appear on the bank statement. The bank statement shows a few items that Iron is unaware of: check printing charges of $65 and interest earned of $11.45. Iron recorded check 890 as $122, but the bank processed the check correctly as $132. Find the reconciled balance by completing the bank reconciliation:
On April 30, the bank reconciliation of Metlock, Inc. shows three outstanding checks: no. 254, $630; no. 255, $870; and no. 257, $500. The May bank statement and the May cash payments are shown as follows. Date 5/4 5/2 5/17 5/12 5/20 5/29 5/30 Date 5/2 Bank Statement 5/5 5/10 5/15 5/22 5/24 5/29 Checks Paid Check No. 254 257 258 259 261 263 262 Cash Payments Checks Issued 258 259 260 261 262 263 264 Amount Check No. Amount $630 Check No. " 500 289. 215 590 460 770 $289 215 980 590 770 460 Using Step 2 in the reconciliation procedure, list the outstanding checks at May 31. 540 Total $ Amount
On December 10, you receive your bank statement showing a balance of $2,981.97. Your checkbook shows a balance of $2,782.86. Outstanding checks are $387.86 and $175.56. The account earned $122.85. Deposits in transit amount to $479.16, and there is a service charge of $8.00. Calculate the reconciled balance. O $199.11 $2,668.01 $2,897.71 O $4,024.55
please step by step solution.
Demetrio's bank statement showed a balance of $909.27. He had the following outstanding checks: Check 440 for $12.95, Check 441 for $80.25, Check 442 for $10.10, and Check 443 for $28.07. The bank deducted a $15.50 service charge. Demetrio's balance in his checkbook was $793.40. What was the checkbook balance after reconciliation? a. $808.90 b. $777.90 c. $778.00 d. $631.03
On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
The cash account for American Medical Co. at April 30 indicated a balance of $14,350. The bank statement indicated a balance of $16,340 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 $5,880. A deposit of $6,130, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $3,190 on a $3,020 note, including interest of $170. A check for $880 returned with the statement had been incorrectly recorded by American Medical Co. as $800. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $90 had been erroneously charged by the bank as $900. Bank service charges for April amounted to $60. Required: 1. Prepare a bank reconciliation.
Math Corp's checkbook balance on Dec 31 was P27,200. In addition ABC held the following items in its safe: 1. A check for P450 from a customer received on Dec 30 and not yet recorded in the books 2. An NSF check from another customer, P700 was returned by the bank on Dec29. The check was redeposited the following month. 3. Coins and currencies, P1,450 The proper amount to be reported on ABC 's balance sheet for cash at Dec 31 is? 26,950 27,500 27,950 28,400
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The beginning checkbook balance of Shamma Co. was $5,559.10. The bank statement showed a bank balance of $7,888.44. The bookkeeper of Shamma Co. noticed a $111.10 deposit in transit along with check numbers 90 and 97 for $499.88 and $1,256.45, respectively, as outstanding. The bank statement credited Shamma's account for $750.99 for a note collected. The bank statement revealed a check printing charge of $66.88. The reconciled balance is:
the December bank statement has a balance of $5,300 before reconciliation. after reconciliation the adjust balance is 4100. if one deposit in transit amounted to 800 what was the total of the outstanding checks, assuming no other adjustments would be made to the bank statement
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $49,910. Cash balance according to the bank statement at July 31, $48,250. Checks outstanding, $4,460. Deposit in transit, not recorded by bank, $6,450. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Question Content Area a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co.Bank ReconciliationJuly 31 Cash balance according to bank statement $fill in the blank 8740c9ff3f91023_1 - Select - - Select - Adjusted balance $fill in the blank 8740c9ff3f91023_6 Cash balance according to company's records $fill in the blank 8740c9ff3f91023_7 - Select - - Select - Adjusted balance $fill in the blank 8740c9ff3f91023_12 Question Content Area b. If the…