A review of the March 30 bank statement and other data of Sangster Aviation revealed a $16,220 balance at March 31 on the bank statement and S15,940 asthe balance in the cash account in the company's ledger. In addition, the following information was determined:1.NSF Check from J. Beiber in payment of account .$ 1802.Collection of a customer electronic payment by the bank .2,2003.Deposits in transit at March 314.Outstanding checks at March 315.A check written by Sangster to Copytronics for a copy machine repair on March 13 wasrecorded at $1,320 but correctly cleared the bank at $1,230.6.A check drawn on the account of Halen Electronics for $650 was mistakenly charged against Sangster's account by the bank.Instructions: As of March 31, prepare:1. The bank reconciliation for the month of March (omit heading)2. Related journal entries..2,920.1,7401.BANK RECONCILIATION:AmountAmountBalance per bank statement$16,220Balance per books$15,940Adjusted balance per banks Adjusted balance per bookss2.ENTRIES:Account TitlesDebitCredit

A Bank Reconciliation Statement (BRS) is a document that compares the cash balance on a company’s…

Answered: A review of the March 30 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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The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: Cash balance according to the company's records at August 31, $16,840. Cash balance according to the bank statement at August 31, $17,570. Checks outstanding, $3,420. Deposit in transit, not recorded by bank, $2,740. A check for $340 in payment of an account was erroneously recorded by Kaycee Sisters Inc. as $430. Bank debit memo for service charges, $40. Prepare a bank reconciliation, using the format shown in Exhibit 12.
Peterson Company's general ledger shows a cash balance of $7,720 on May 31. May cash receipts of $1,340, 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 for $190 and a service fee of $60. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,710. The bank statement shows a balance of $7,840 on May 31. Prepare a bank reconciliation to calculate the correct ending balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Before reconciliation After reconciliation PETERSON COMPANY Bank Reconciliation May 31 SA Company's Cash Balance Before reconciliation 0 After reconciliation SA 0
The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: Cash balance according to the company's records at August 31, S14,190. Cash balance according to the bank statement at August 31, $18,330. Checks outstanding, $5,710. Deposit in transit, not recorded by bank, $2,150. A check for $180 in payment of an account was erroneously recorded by Kaycee Sisters Inc. as $810. Bank debit memo for service charges, $50. Prepare a bank reconcllation, using the format shown in Exhibit 12 Kaycee Sisters Inc. Bank Reconcillation August 31, 20Y9 Cash balance according to bank statement Add deposit In translt, not recorded by bank Deduct outstanding checks Adjusted balance Cash balance according to Kaycee Sisters Inc. Add error In recording check as $810 by the company Instead of $180 Deduct bank service charges Adjusted balance
The following information pertains to Crane Company. 1. 2. 3. 4. 5. Cash balance per books, August 31, $7,424. Cash balance per bank, August 31, $7,388. Outstanding checks, August 31, $711. August bank service charge not recorded by the depositor $63. Deposits in transit, August 31, $3,860. In addition, $3,176 was collected for Crane Company in August by the bank through electronic funds transfer. The collection has not been recorded by Crane Company.
uiz Saved McDermott Company's bank statement for September 30 showed an ending cash balance of $1,574. The company's Cash account in Its general ledger showed a $1,235 debit balance. The following information was also available as of September 30. The bank deducted $205 for an NSF check from a customer deposited on September 15 The September 30 cash recelpts, $1,410, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement A $31 debit memorandum for checks printed by the bank was Included with the canceled checks. Outstanding checks amounted to $1,385. Included with the bank statement was a credit memo in the amount of $955 for an EFT in payment of a customer's account. Included with the canceled checks was a check for $355, drawn on the account of another company. E Required: a. Prepare a bank reconciliation as of September 30. b. Prepare the journal entries for the items on the company's bank…
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $49,910. Cash balance according to the bank statement at July 31, $48,250. Checks outstanding, $4,460. Deposit in transit, not recorded by bank, $6,450. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Question Content Area a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co.Bank ReconciliationJuly 31 Cash balance according to bank statement $fill in the blank 8740c9ff3f91023_1 - Select - - Select - Adjusted balance $fill in the blank 8740c9ff3f91023_6 Cash balance according to company's records $fill in the blank 8740c9ff3f91023_7 - Select - - Select - Adjusted balance $fill in the blank 8740c9ff3f91023_12 Question Content Area b. If the…
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Rexrode Company's bank statement at January 31 showed an ending balance of $24,712.80. The unadjusted cash account balance for Rexrode is $21,245.75. The following data were gathered by Rexrode's accountant: Outstanding checks as of January 31: $4,895.44 ● NSF check from customer: $183.62 • Debit memo related to the returned deposit: $20.00 Credit memo for interest earned: $12.00 • Deposits in transit: $1,236.77 Required: a. Prepare a bank reconciliation for Rexrode Company at January 31. b. Indicate how each of the required adjusting entries impact the financial statements. . • Complete this question by entering your answers in the tabs below. Required A Required B Indicate how each of the required adjusting entries impact the financial statements. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Round your answers to 2 decimal places. Item Outstanding checks NSF check from a customer Debit memo related to the…
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $18,670. Cash balance according to the bank statement at August 31, $19,920. Checks outstanding, $3,790. Deposit in transit not recorded by bank, $3,040. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. If an amount box does not require an entry, leave it blank. DateAccount Debit Credit a. 20Y6 August 31 Cash Accounts Payable b. August 31 Miscellaneous Expense Cash
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $49,910. Cash balance according to the bank statement at July 31, $48,250. Checks outstanding, $4,460. Deposit in transit, not recorded by bank, $6,450. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co.Bank ReconciliationJuly 31 Cash balance according to bank statement $fill in the blank eca92700cf91005_1 - Select one of 1-6 - Select one of 1-6 Adjusted balance $ Cash balance according to company's records $ - Select one of 1-6 - Select one of 1-6 Adjusted balance $ b. If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash?$ c. Must a bank…
Accounting please answer asap? John Corporation's bank statement for April 30 showed an ending cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of April 30: • The bank deducted $125 for an NSF check from a customer deposited on April 15. • The April 30 cash receipts, $1,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the April 30 bank statement. • A$15 debit memorandum (service charges) for checks printed by the bank was included with the canceled checks. • Outstanding checks amounted to $1,145. • Included with the bank statement was a credit memo in the amount of $875 for an EFT in payment of a customer's account. • Included with the canceled checks was a check for $275, drawn on the account of another company by error. Required: 1. Prepare a bank reconciliation as of April 30. 2. Prepare the journal entries for the…
The phone data where accumulated for use and reconciling the bank account of Mathers Co. For July: 1. Cash balance according to the company's records at July 31st $18,310. 2. Cash balance according to the bank statement at July 31st, $19,360. 3. Checks outstanding, $3,720. 4 . Deposit in transit, not recorded by Bank $2,980. 5. A check for $480 in payment of an account was erroneously record it in the check register as $840. 6. Bank debit memo for service charges, $50. A. Prepare a bank reconciliation, using the format showing in exhibit 14 Mather Co. Bank Reconciliation July 31 ___________________________________________ Cash balance according to bank statement $ _______ _______ ______ Adjusted balance. $_____ Cash balance according to companies records $ ___ ________ ________ Adjusted balance.…

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