AB Ltd. had $3,602 in outstanding cheques at the end of July and half of that amount in deposits in transit. Bank service charges are $64 for July and there are no other reconciling items in the July bank reconciliation. Required 1: By how much the adjusted balance shown on the balance sheet is higher or lower than the trial balance? $| Required 2: What is the total credits on the cash account because of the Adjusting Journal entries based on the above information? $

AB Ltd. had $3,602 in outstanding cheques at the end of July and half of that amount in deposits in transit. Bank service charges are $64 for July and there are no other reconciling items in the July bank reconciliation. Required 1: By how much the adjusted balance shown on the balance sheet is higher or lower than the trial balance? $| Required 2: What is the total credits on the cash account because of the Adjusting Journal entries based on the above information? $

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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In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information: Cash balance per company books on April 30 Deposits in transit at month-end Outstanding checks at month-end Bank charge Note collected by bank on Donahue's behalf A check paid to Donahue during the month by a customer is returned by the bank as NSF The adjusted cash balance per the books on April 30 is: $6,275 $1,300 $ 620 $ 45 $770 $ 480
From the give Problem 2, What is the adjusted cash in bank on December 31?
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The following items were included in Wong Company's January Year 1 bank reconciliation. Required: Determine whether each item will require adjustments to the book balance of Wong's cash account and indicate the amount of any necessary adjustment. Note: Amounts to be deducted should be indicated with a minus sign. a. Service charges of $14 for the month of January were listed on the bank statement. b. The bank charged a $164 check drawn on Wing Restaurant to Wong's account. The check was included in Wong's bank statement. c. A check of $29 was returned to the bank because of insufficient funds and was noted on the bank statement. Wong received the check from a customer and thought that it was good when it was deposited into the account. d. A $908 deposit was recorded by the bank as $980. e. Four checks totaling $328 written during the month of January were not included with the January bank statement. f. A $84 check written to OfficeMax for office supplies was recorded as $48. g. The…
JW Company’s cash balance at the end of the month was $4,500. After comparing the company’s records with the monthly bank statement, JW’s accountant identified the following reconciling items: outstanding checks, $800; deposits in transit, $700; bank service charge, $30; NSF check, $200. The cash receipt of the NSF check was previously wrongly recorded by the JW company as $250. What is the adjusted bank balance? (Assumption, no fraud in this case)
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Prepare a bank reconciliation under the adjusted balance method. Make adjusting entries.