What is the reconciled cash balance that should be reported? A company named Vitar Manufacturing has a cash account with abalance of $1,236 as of August 31. The bank statement for thisaccount shows a balance of $1,895 as of August 31. There areoutstanding checks totaling $925 and a deposit in transit of $125.The bank statement shows interest earned of $24, servicecharges of $45, a customer's returned check of $150, and acheck printing fee of $75. What is the reconciled cash balancethat should be reported on the company's balance sheet as ofAugust 31? I need answer in Table format.

Explanation of Bank Reconciliation: Bank reconciliation is the process of comparing a company's…

Answered: A company named Vitar Manufacturing has…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 4PA

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Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
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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 E
On July 31, Cullumber Ltd. had a cash balance of $10,870 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $18,276. A comparison of the bank statement with the Cash account revealed the following: 1. The bank statement included service charges and debit and credit card processing fees of $94. 2. The bank statement included electronic collections from customers on account totalling $4,400. Cullumber had not recorded the EFT. 3. A deposit of $2,600 made by another company was incorrectly added to Cullumber’s account by the Caisse Populaire. 4. Salaries of $3,520 were paid electronically during the month. The company has already recorded these. 5. Cheques outstanding on June 30 totalled $2,310. Of these, $1,810 worth cleared the bank in July. All cheques written in July cleared the bank in July. PART A) Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.)…
On October 1, Jessica Clay received her bank statement showing a balance of $374.52.Her checkbook records indicate a balance of $338.97. There was a service charge for themonth of $4.40 on the statement. The outstanding checks were for $47.10, $110.15, $19.80,and $64.10. The deposits in transit totaled $125.50. There was a $75.70 debit for automaticpayment of her telephone bill. Use the following form to reconcile Jessica's checking account.Debits Checks OutstandingAmount AmountSvc. Chg.Total TotalCHECKBOOK BALANCE STATEMENT BALANCEAdd: Interest & Other Credits Add: Deposits in TransitSUB TOTAL SUB TOTALDeduct: Service Charges & Other Debits Deduct: Outstanding ChecksADJUSTED CHECK BOOK BALANCE ADJUSTED STATEMENT BALANCE
Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $20,400. The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,450, outstanding checks of $3,900, an NSF check of $2,600, bank service charges of $125 and the EFT from a customer in payment of the customer's account of $3,400. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)?
Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Please do journal enteries
ABC Corp.'s cash account has a Cash Book balance of $1,200 as of December 31. The bank statement for this account shows a balance of $1,800 as of December 31. There are outstanding checks of $960 and a deposit in transit of $200. The bank statement shows interest earned of $40; a customer returned a check of $150, and service charges of $50. After preparing the bank reconciliation statement, the reconciled balance that will appear on the company’s balance sheet on December 31 is:.

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