A company's bank statement shows $715 direct debits and S353 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?

A company's bank statement shows $715 direct debits and S353 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?

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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Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. a. August 31 cash receipts of $3,140 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. Deduct b. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $3,020. d. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. Prepare a bank reconciliation using the above information. Bank statement balance i Add: Adjusted bank balance ORGANIC FOOD COMPANY Bank Reconciliation August 31 $ 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0 0
The following information pertains to Moon designing Company. Cash balance per bank, July 31, $8,000. July bank service charge not recorded by the depositor $37. Cash balance per books, July 31, $8,021. Deposits in transit, July 31, $1,500. Bank collected $900 note for Moon in July, plus interest $36, less fee $20. The collection has not been recorded by Moon, and no interest has been accrued. Outstanding checks, July 31, $600. Required Prepare a bank reconciliation at July 31. Journalize the adjusting entries at July 31 on the books of Moon designing Company.
On March 31, 20XX, Able Company received its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation: Balance per ledger, P1,460,000 Note collected by bank, P100,000 Interest earned on note, P10,000 NSF check of customer, P130,000 Bank service charge on NSF check, P2,000 Other bank service charges, P3,000 Outstanding checks, P202,000 Deposit placed in night depository, P85,000 Check issued by Axle Company charged to Able's account, P20,000 What is the balance per bank statement?
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
If deposits per the cash ledger are $2,200, deposits per the bank ledger are $1,800, and the bank erroneously recorded a $400 deposit as $40, an adjustment of $360 for deposits in transit will be recorded on the bank reconciliation. O True O False
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9. The August 31 bank statement of Kelvin Inc. showed a balance of P113,000. Deducted in arriving at this amount was a customer's NSF check for P2,400 that had been returned. Kelvin had received no prior notice concerning this check. In addition to the bank statement, other records showed there were deposits in transit totaling P17,200 and that outstanding checks totaled P10,800. What is the cash balance per books at August 31 (prior to adjustments)? a. P121,800 c. P117,000 d. P115,400 b. P119,400 (Adapted)
A company has the following information related to its cash balance at the end of the period.1. Cash on hand at the company and not yet deposited at the bank. $ 3,6002. EFT for monthly utility bill not yet recorded by the company. 1,2003. Note collected by the bank and not yet recorded by the company. 10,0004. Interest collected by the bank from note in #3 not yet recorded by the company. 1,0005. Debit card used to purchase supplies not yet recorded by the company. 8006. Checks written by the company but not yet processed by the bank. 3,1007. Service fee charged by bank but not yet recorded by the company. 1008. Customer checks determined by the bank to have nonsufficient funds. 2,7009. Bank balance at the end of the period. 17,30010. Company balance at the end of the period (prior to reconciliation). 11,600Required:(a) Reconcile the bank’s balance and the company’s balance, (b) verify that the two balances per reconciliation are equal, (c) record the entries to update the company’s…
For which of the following errors would the appropriate amount be added to the balance per books on a bank reconciliation? Deposit of $770 recorded by the bank as $77. O Check written for $73, but recorded by the company as $37. O A returned $470 check recorded by the bank as $47. Check written for $57, but recorded by the company as $75.
Wright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on deposit at the close of business on May 31. The May 31 bank statement lists $250 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $7,100. May 31 cash receipts of $7,700 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $550 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $300 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.
The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.