A company's bank statement shows $715 direct debits and $353 investment income not recorded in the cash book. The bank statement does not show a customer's cheque for $875 entered in the cash book on the last day of the accounting period. If the cash book shows a credit balance of $610, what balance appears on the bank statement? $1.847 debit $1.847 credit $972 credit $972 debit

A company's bank statement shows $715 direct debits and $353 investment income not recorded in the cash book. The bank statement does not show a customer's cheque for $875 entered in the cash book on the last day of the accounting period. If the cash book shows a credit balance of $610, what balance appears on the bank statement? $1.847 debit $1.847 credit $972 credit $972 debit

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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On June 30, 2018, Roddick Company had a cash balance in its general ledger of $11,595. The company's bank statement froui Bank One showed a June 30 balance of $12,540. The following facts have come to your attention: a. Roddick's June 30 deposit of $2,500 was not included on the bank statement because it was dropped in the night depository after bank hours on June 30. b. The bank's general service charge for the month was $40. c. The bank collected a note receivable of $2,000 for Roddick Company along with an additional $58 for interest. The bank deducted a $10 fee for this service. Roddick Company had not accrued any interest on the note. d. Roddick's bookkeeper erroneously recorded a payment to Federer Company for $892 as $829. The check cleared the bank for the correct amount of $892. R e. Roddick's outstanding checks at June 30 totaled $1,500. Reptis . Msint Exp. Requirements 1. Prepare a bank reconciliation as of June 30. 2. Prepare the necessary adjustment to update the records…
• A bank service charge of $10 is deducted by the bank and appears on the November 30 bank statement. 1. The following information is available for Hapley Co. • November 30 bank statement shows a $1,895 balance. • The general ledger shows a $1,742 balance at November 30. • A $795 deposit placed in the bank's night depository on November 30 does not appear on the November 30 bank How will the customer's note appear on Hapley's November 30 bank reconciliation? a. $320 appears as an addition to the book balance of cash. b. $320 appears as a deduction from the book balance of cash. c. $320 appears as an addition to the bank balance of cash. d. $320 appears as a deduction from the bank balance of cash. e. $335 appears as an addition to the bank balance of cash. statement. • Outstanding checks amount to $638 at November 30. • A customer's $320 note was collected by the bank and deposited in Hapley's account in November.
The following data apply to Pro Beauty Supply Incorporated for May, Year 2: Balance per the bank on May 31, $12,030. Deposits in transit not recorded by the bank, $1,590. Bank error; check written by Best Beauty Supply was charged to Pro Beauty Supply’s account, $800. The following checks written and recorded by Pro Beauty Supply were not included in the bank statement: 3013 $ 280 3054 550 3056 1,110 Note collected by the bank, $850. Service charge for collection of note, $9. The bookkeeper recorded a check written for $678 to pay for the May utilities expense as $588 in the cash disbursements journal. Bank service charge in addition to the note collection fee, $45. Customer checks returned by the bank as NSF, $165. Required: Determine the amount of the unadjusted cash balance per Pro Beauty Supply’s books.
Nolan Company's cash account shows a $29,193 debit balance and its bank statement shows $28,152 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,801. b. The June 30 bank statement lists $32 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $80 check written by the company was mistakenly recorded in the company's books as $89. d. June 30 cash receipts of $3,853 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $34 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information. NOLAN COMPANY Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance
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