Need help A bank reconciliation revealed cash per the bankstatement of $1,484, cash per company records of $1,681,bank charges of $21, deposits in transit of $317,outstanding checks of $231, and NSF checks of $90. Thecorrect cash balance is:a. $1,479b. $1,570c. $1,490d. $1,777e. None of these

Step 1: Define Bank ReconciliationPerforming periodic bank reconciliation is significant as it…

Answered: A bank reconciliation revealed cash per…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 7EB: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance:...

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Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: $2,928 Deposits in transit: $1,111 Outstanding checks: $679 Bank charges: $35 Notes receivable: $1,325; interest: $235
Hajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.
Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.
Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.
Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bank
The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
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Prepare a bank reconciliation from the following information:a. Balance per bank statement as of May 31, $17,755.44b. Balance per books as of May 31, $12,211.94c. Deposits in transit, $2,254.81d. Outstanding checks, $7,819.16e. Bank service charge, $20.85
A company received a bank statement with a balance of $6,100. Reconciling items included a bookkeeper error of $300—a $300 check recorded as $800—two outstanding checks totaling $830, a service charge of $20, a deposit in transit of $250, and interest revenue of $21. What is the adjusted bank balance? A. $5,220 B. $5,061 C. $5,520 D. $4,721
The bank reconciliation statement shows a debit balance of RM2,470 as per the cash book, unpresented cheque amounting to RM858, and a credit balance of RM1,198 as per the bank statement. What is the amount of the deposits not yet credited ?
Bank reconciliation and entriesThe cash account for Pala Medical Co. at June 30, 20Y1, indicated abalance of $166,436. The bank statement indicated a balance of $195,688on June 30, 20Y1. Comparing the bank statement and the accompanyingcanceled checks and memos with the records revealed the followingreconciling items:A. Checks outstanding totaled $19,427.B. A deposit of $12,300, representing receipts of June 30, had beenmade too late to appear on the bank statement.C. The bank collected $26,500 on a $25,000 note, including interestof $1,500. D. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. Thecheck was for the payment of an obligation to Skyline Supply Co. for a purchase on account.E. A check drawn for $195 had been erroneously charged by the bank as $915.F. Bank service charges for June amounted to $55.Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries.3. If a balance sheet were prepared for Pala…

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A bank reconciliation revealed cash per the bank statement of $1,484, cash per company records of $1,681, bank charges of $21, deposits in transit of $317, outstanding checks of $231, and NSF checks of $90. The correct cash balance is: a. $1,479 b. $1,570 c. $1,490 d. $1,777 e. None of these