a. The bank statement balance is $7,650. b. The cash account balance is $6,422 c. Outstanding checks totaled $1,650. d. Deposits in transit are $900. e. The bank service charge is $22. f. Collection of note by bank, $500. What is Hammond's reconciled adjusted cash balance on June 30?

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.4.3P
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a. The bank statement balance is $7,650.
b. The cash account balance is $6,422
c. Outstanding checks totaled $1,650.
d. Deposits in transit are $900.
e. The bank service charge is $22.
f. Collection of note by bank, $500.
What is Hammond's reconciled adjusted cash balance on June 30?
Transcribed Image Text:a. The bank statement balance is $7,650. b. The cash account balance is $6,422 c. Outstanding checks totaled $1,650. d. Deposits in transit are $900. e. The bank service charge is $22. f. Collection of note by bank, $500. What is Hammond's reconciled adjusted cash balance on June 30?
If a bank reconciliation included deposits in transit amounting to $3,700, the journal entry to record this reconciling item should:
А.
debit Cash and credit Deposit in Transit for $3,700.
В.
debit Accounts Receivable and credit Cash for $3,700.
С.
No entry is required.
D. debit Deposit in Transit and credit Cash for $3,700.
Transcribed Image Text:If a bank reconciliation included deposits in transit amounting to $3,700, the journal entry to record this reconciling item should: А. debit Cash and credit Deposit in Transit for $3,700. В. debit Accounts Receivable and credit Cash for $3,700. С. No entry is required. D. debit Deposit in Transit and credit Cash for $3,700.
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