I need help with problem A bank statement shows a balance of $8,445 at June 30. The bankreconciliation is prepared and includes outstanding checks of $2,790,deposits in transit of $1,350, and a bank service charge of $30. Amongthe paid checks returned by the bank was check no. 900 in the amountof $600, which the company had erroneously recorded in theaccounting records as $60. The "adjusted cash balance" at June 30 is:A. $6,975.B. $6,465.C. $7,005.D. $7,575.

Step 1: Introduction to the Outstanding Checks:Outstanding Checks are already issued checks and…

Answered: A bank statement shows a balance of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...

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Similar questions

Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
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
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.
Hajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.
The records of Rossiter Company indicate a May 31 cash in bank balance of P242,310.50, which includes undeposited receipts for May 30 and 31. The cash balance on the bank statement as of May 31 is P225,400. This balance includes a note pf P30,000.00 plus P900.00 interest collected by the bank but not recorded in the journal. Checks outstanding on May 31 were as follows: No. 421, P8,434; No. 488, P4,300; No. 522, P6,524; No. 992, P9,551.50; No. 995, P4,577; and No.996, P5,961.On May 12, the cashier resigned effective at the end of the month. Before leaving on May 31, the cashier prepared the following reconciliation:Balance per books, May 31Add: Outstanding checks 992 P9,551.50 995 4,577.00 996 5,961.00 18,089.50Total P260,400.00Less: Undeposited receipts…
A company general ledger shows a checking account balance of $22,830 on July 31, Year 1. The July cash receipts of $1,745, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $41. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,320. The bank statement shows a balance of $22,364 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on July 31, Year 1. (Amounts to be deducted should be indicated with a minus sign.)
The records of Parker Company indicate a July 31 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is $10,575. This balance includes a note of $2,250 plus $150 interest collected by the bank but not recorded in the journal. Checks outstanding on July 31 were as follows: No. 2670, $1,050; No. 3679, $675; No. 3690, $1,650; No. 5148, $225; No. 5149, $750; and No. 5151, $800. On July 25, the cashier resigned, effective at the end of the month. Before leaving on July 31, the cashier prepared the following bank reconciliation: Cash balance per books, July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,400 Add outstanding checks: No. 5148 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $225 5149 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750…
The records of Parker Company indicate a July 31 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is $10,575. This balance includes a note of $2,250 plus $150 interest collected by the bank but not recorded in the journal. Checks outstanding on July 31 were as follows: No. 2670, $1,050; No. 3679, $675; No. 3690, $1,650; No. 5148, $225; No. 5149, $750; and No. 5151, $800. On July 25, the cashier resigned, effective at the end of the month. Before leaving on July 31, the cashier prepared the following bank reconciliation: Subsequently, the owner of Parker Company discovered that the cashier had stolen an unknown amount of undeposited receipts, leaving only $1,500 to be deposited on July 31. The owner, a close family friend, has asked for your help in determining the amount that the former cashier stole. Determine the amount the cashier stole from Parker Company. Show your computations in…
The records of Parker Company indicate a July 31 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is $10,575. This balance includes a note of $2,250 plus $150 interest collected by the bank but not recorded in the journal. Checks outstanding on July 31 were as follows:No. 2670, $1,050; No. 3679, $675; No. 3690, $1,650; No. 5148, $225; No. 5149, $750; and No. 5151, $800.

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