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…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter8: Internal Control And Cash

Section: Chapter Questions

Problem 21E

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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
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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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The following information was available to reconcile Montrose Company's book balance of Cash with its bank statement balance as of October 31, 2023:a. After all posting was completed on October 31, the company's Cash account had a $17,613 debit balance but its bank statement showed a $39.192 balance.b. Cheques #296 for $1,781 and #307 for $17,028 were outstanding on the September 30 bank reconciliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $1.192 and cheque #321 for $2,670, both written in October, were not among the cancelled cheques returned with the statement.c. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for the October rent was correctly written for $4.110 but was erroneously entered in the accounting records as $4,920.d. A credit memo enclosed with the bank statement indicated that there was an electronic…
Duncan, Inc.'s unadjusted book balance showed cash balance of $1,847 before preparing the bank reconciliation. Given the bank reconciliation shows outstanding checks of $696, deposits in transit of $965, NSF check of $156, and interest earned on the bank account of $17, the company's up-to-date ending cash balance equals:$_____

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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