A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($330), a customer's note receivable collected by the bank ($1,500), and interest earned ($190).Prepare the necessary entries to adjust the balance of cash. *(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)***Instructions:**- Click "View transaction list" to see details.- Record the entries that increase cash.- Record the entries that decrease cash.**User Interface:**- There is an editable input section for making entries, divided into: - Part A: Record entries that increase cash. - Part B: Record entries that decrease cash. **Note:**- A green dot indicates that a journal entry has been entered.- Buttons include "Record entry," "Clear entry," and "View general journal."The graph or table is dedicated to recording credit transactions with multiple input rows available.

Bank reconciliation statement is used to determine the differences between the bank statement…

Answered: A company's Cash account shows a…

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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Peterson Company's general ledger shows a cash balance of $7,520 on May 31. May cash receipts of $1,290, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check from a customer for $160 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,850. The bank statement shows a balance of $7,850 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement Bank balance per reconciliation PETERSON COMPANY Bank Reconciliation May 31 Company's Cash Balance Per general ledger Company balance per reconciliation
A company's Cash account shows a balance of $5,630 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as deposits outstanding ($1,270), checks outstanding ($2,410), bank service fees ($44), an NSF check from a customer ($240), a customer's note receivable collected by the bank ($570), and interest earned ($70). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list :X: A Record the entries that increase cash. Record the entries that decrease cash. Credit Note : = journal entry has been entered %D Record entry Clear entry View general journal :X:
A company's Cash account shows a balance of $3,420 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($400), a customer's note receivable collected by the bank $(1,400), and interest earned $(170). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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Infinity Emporium Company received the monthly statement for its bank account, showing a balance of $67,300 on August 31. The balance in the Cash account in the company's accounting system at that date was $72,628. The company's accountant reviewed the statement and the company's accounting records and noted the following. 1. 2. 3. After comparing the cheques written by the company with those deducted from the bank account in August, the accountant determined that all six cheques (totalling $6,180) that had been outstanding at the end of July were processed by the bank in August. However, five cheques written in August, totalling $4,500, were outstanding on August 31. A review of the deposits showed that a deposit made by the company on July 31 for $11,532 was recorded by the bank on August 1, and an August 31 deposit of $13,300 was recorded in the company's accounting system but had not yet been recorded by the bank. The August bank statement also showed: a service fee of $24 a…
Hathaway Company’s general ledger shows a cash account balance of $23,290 on July 31, 2024. Cash sales of $1,839 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $51 and an NSF check from a customer of $310. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,470. The bank statement shows a balance of $22,560 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. 2. Record the necessary entry(ies) to adjust the balance for cash.
You are the accountant for Georgia Company, and you have recently received the bank statement for your company's account and need to reconcile it with your general ledger cash account. Georgia's records show an ending balance for the month of $12,802.40 while the bank's records show an ending balance of $12,573.76. The bank charged $7.50 in service fees and paid $26.15 in interest. All but three checks written during the month were processed by the bank without incident during the month. The three exceptions were: • Check # 841 was correctly processed by the bank as $841.27 but was mistakenly recorded by you as $741.27. Check #853 for $70.57 had not yet been processed by the bank. • Check #855 for $723.46 had not yet been processed by the bank. All but two of the deposits made during the month were processed by the bank without incident. The two exceptions were: • A customer check for $321.95, which had been deposited during the month, was returned NSF. • A deposit totaling $619.37 had…
Marin Company’s general ledger indicates a cash balance of $22,340 as of September 30, 2018. Early in OctoberMarin received a bank statement indicating that during September Marin had an NSF check of $1,500 returnedto a customer and incurred service charges of $45. Marin also learned it had incorrectly recorded a checkreceived from a customer on September 15 as $500 when in fact the check was for $550. Calculate Marin’s correct September 30, 2018, cash balance.
Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $19,500. The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,000, outstanding checks of $3,000, an NSF check of $1,700, bank service charges of $80 and the EFT from a customer in payment of the customer's account of $2,500. What is the up-to-date ending Cash balance? Multiple Choice $18,500 O $17,780 $20,500 $22,620
Brangelina Adoption Agency's general ledger shows a cash balance of $4,586. The balance of cash in the March-end bank statement is $7,331. A review of the bank statement reveals the following information: checks outstanding of $2,796, bank service fees of $78, and interest earned of $27. Calculate the correct balance of cash at the end of March. (Amounts to be deducted should be indicated with a minus sign.)

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