Accounting Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2021 bank statement included the following information: Balance, July 1, 2021 $ 58,178 Deposits 181,500 Checks processed (194,610) Service charges (75 NSF checks (2,200 Monthly payment on note, deducted directly by bank from account (4,320 (includes $320 in interest) Balance, July 31, 2021 $ 38,473 The company's general ledger account had a balance of $41,823 at the end of July. Deposits outstanding totaled $8,300 and all checks written by the company were processed by the bank except for those totaling $8,620. In addition, a $4,000 July deposit from a credit customer was recorded as a $400 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $75 disbursement was incorrectly processed by the bank as a $750 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account.

Accounting Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2021 bank statement included the following information: Balance, July 1, 2021 $ 58,178 Deposits 181,500 Checks processed (194,610) Service charges (75 NSF checks (2,200 Monthly payment on note, deducted directly by bank from account (4,320 (includes $320 in interest) Balance, July 31, 2021 $ 38,473 The company's general ledger account had a balance of $41,823 at the end of July. Deposits outstanding totaled $8,300 and all checks written by the company were processed by the bank except for those totaling $8,620. In addition, a $4,000 July deposit from a credit customer was recorded as a $400 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $75 disbursement was incorrectly processed by the bank as a $750 disbursement. Required: 1. Prepare a bank reconciliation for the month of July. 2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On December 10, you receive your bank statement showing a balance of $2,981.97. Your checkbook shows a balance of $2,782.86. Outstanding checks are $387.86 and $175.56. The account earned $122.85. Deposits in transit amount to $479.16, and there is a service charge of $8.00. Calculate the reconciled balance. O $199.11 $2,668.01 $2,897.71 O $4,024.55
Michelle Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records June 30 Bank Reconciliation Balance per bank $36,400 Add Deposits in transit 8,008 Deduct: Outstanding checks (10.400) Balance per books $34,008 Month of July Results Per Bank Balance July 31 July deposits July checks July note collected (not included in July deposits) July bank service charge $44.980 Per Books $48.100 23,400 30.212 20.800 16,120 7.800 78 July NSF check from a customer, returned by the bank (recorded by bank as a chargel 1742 (a) Your answer is correct Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance, Outstanding checks from the June reconciliation cleared the bank in July
give answer of this question please
Dinesh bhai
The Cash account of Ranger Security Systems reported a balance of $2,550 at December 31, 2025. There were outstanding checks totaling $800 and a December 31 deposit in transit of $100. The bank statement, which came from Tri Cities Bank, listed the December 31 balance of $3,910. Included in the bank balance was a collection of $670 on account from Sally Jones, a Ranger Security Systems customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Ranger Security System earned on its bank balance. Prepare Ranger Security System's bank reconciliation at December 31. Ranger Security Systems Bank Reconciliation Bank: Balance, December 31, 2025 ADD: Deposit in transit December 31, 2025 LESS: Outstanding checks Adjusted bank balance, December 31, 2025 Book: Balance, December 31, 2025 ADD: LESS: Service charge Adjusted book balance, December 31, 2025
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
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.
The following information is available for the FRAN Company for the month of December 2019 1. On December 31, 2019 the balance in the company's Cash account has a balance of $ 15,862 . 2. The company's bank statement shows a balance December 31, 2019 of $ 19,454 . 3. Outstanding checks at December 31, 2019 total $ 2,967 . 4. A deposit placed in the bank's night depository on December 31, 2019 totaling $ 1,351 did not appear on the bank statement. 5. Included with the bank statement was a debit memorandum in the amount of $ 26 for bank service charges. It has not been recorded on the company's books. 6. Included with the bank statement was a credit memorandum for collection of a notes receivable for $ 1,243 . It has not been recorded on the company’s books. 7. A cash sales on December 15, 2019 that totaled $ 916 was incorrectly journaled and posted as $ 961 . 8. A cash sales on December 27, 2019 that totaled $ 461 was incorrectly journaled and posted as $ 416 . 9. Check #145 was written…
answer in text form please (without image)
i need the answer quickly
Help with Correct Answer
On June 30, 2019, Wally Company's bank statement showed a $7,500.10 bank balance. Wally has a beginning checkbook balance of $9,800.00. The bank statement also showed that it collected a $1,200.50 note for the company. A $4,500.10 June 30 deposit was in transit. Check No. 119 for $650.20 and check No. 130 for $381.50 are outstanding. Wally's bank charges $.40 cents per check. This month, 80 checks were processed. Prepare a reconciled statement. (Round your answers to the nearest cent.) Checkbook balance Wally's checkbook balance Add: Deduct: Reconciled balance WALLY COMPANY Bank Reconciliation as of June 30, 2019 Bank balance Add: Deduct: Reconciled balance Bank balance