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A. At July 31, Ramirez Company has the following bank information: cash balance per bank $8,039, outstanding checks $691, deposits in transit $1,163, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. B. Differences between when a company records a transaction and when the bank records the same transaction are called timing differences. True or False? C. When performing a bank reconciliation, checks outstanding are added back to the bank balance. True or False?

A. At July 31, Ramirez Company has the following bank information: cash balance per bank $8,039, outstanding checks $691, deposits in transit $1,163, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. B. Differences between when a company records a transaction and when the bank records the same transaction are called timing differences. True or False? C. When performing a bank reconciliation, checks outstanding are added back to the bank balance. True or False?

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter8: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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A. At July 31, Ramirez Company has the following bank information: cash balance per bank $8,039, outstanding checks $691, deposits in transit $1,163, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. B. Differences between when a company records a transaction and when the bank records the same transaction are called timing differences. True or False? C. When performing a bank reconciliation, checks outstanding are added back to the bank balance. True or False?
Transcribed Image Text:A. At July 31, Ramirez Company has the following bank information: cash balance per bank $8,039, outstanding checks $691, deposits in transit $1,163, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. B. Differences between when a company records a transaction and when the bank records the same transaction are called timing differences. True or False? C. When performing a bank reconciliation, checks outstanding are added back to the bank balance. True or False?
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