A company's Cash account shows a balance of $5,630 at the end of the month. Comparing the company's Cash account with themonthly bank statement reveals several additional cash transactions such as deposits outstanding ($1,270), checks outstanding($2,410), bank service fees ($44), an NSF check from a customer ($240), a customer's note receivable collected by the bank ($570),and interest earned ($70).Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction list:X:ARecord the entries that increase cash.Record the entries that decrease cash.CreditNote := journal entry has been entered%DRecord entryClear entryView general journal:X:

Answered: A company's Cash account shows a…

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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Peterson Company's general ledger shows a cash balance of $7,480 on May 31. May cash receipts of $1,320, 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 from a customer for $160 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,830. The bank statement shows a balance of $7,760 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.)
A company's general ledger shows a cash balance of $2,350. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as deposits outstanding of $1,750, note collected by the bank on the company's behalf of $1,400, and interest earned of $33. The company also finds an error by the bank of an additional deposit of $140. Calculate the correct balance of cash. Cash balançe
Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2 Service Fee Expense selected answer correct 85 selected answer correct Notes receivable incorrect answer please help me finish the problem i keep getting stuck. Its not -85 for credit and its not -35 so what is it
A company's Cash account shows a balance of $3,460 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($50), an NSF check from a customer ($370), a customer's note receivable collected by the bank ($1,600), and interest earned ($130). Required: Record the necessary entry(ies) to adjust the company's balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the items that increase cash. 2 Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general Journal
Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $5.750. The bank reconciliation for the month contained the following items: Deposits in transit Outstanding checks Interest earned NSF check returned to bank Bank service charge Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice $4,980. O $5,300. $ 770 495 20 120 20 $5,630.
Spielberg Company’s general ledger shows a cash account balance of $23,220 on July 31, 2024. Cash sales of $1,885 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $55 and an NSF check from a customer of $250. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,460. The bank statement shows a balance of $22,490 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.
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)
On July 31, 2022, Carla Vista Co. had a cash balance per books of $6,335.00. The statement from Dakota State Bank on that date showed a balance of $7,885.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $19.00. 2. The bank collected $1,715.00 from a customer for Carla Vista Co. through electronic funds transfer. 3. The July 31 receipts of $1,394.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $374.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $347.00. 5. Checks outstanding on July 31 totaled $2,046.10. 6. On July 31, the bank statement showed an NSF charge of $770.00 for a check received by the company from W. Krueger, a customer, on account.…
Bridgeport Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679, of which $5,295 was outstanding at January 31. The bank statement shows a debit memorandum for $135 for cheque printing charges. Cheque no. 119 payable to Sunland Company was recorded in the general journal and cleared the bank for $343. A review of the Accounts Payable subsidiary ledger shows a $131 credit balance in the account of Sunland Company and that the payment to it should have been for $474. The total amount of cheques written during January was $75,126, of which $5,979 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $109. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $190. The bank returned an NSF cheque from a…
Nickleson Company had an unadjusted cash balance of $9,116 as of May 31. The company's bank statement, also dated May 31, included a $92 NSF check written by one of Nickleson's customers. There were $1,078 in outstanding checks and $250 in deposits in transit as of May 31. According to the bank statement, service charges were $100, and the bank collected a $900 note receivable for Nickleson. The bank statement also showed $18 of interest revenue earned by Nickleson. Required Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance
Peterson Company's general ledger shows a cash balance of $7,420 on May 31. May cash receipts of $1,220, 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 from a customer for $120 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,900. The bank statement shows a balance of $7,910 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement PETERSON COMPANY Bank Reconciliation May 31 Company's Cash Balance Per general ledger Bank balance per reconciliation $ 0 Company balance per reconciliation $ 0
At the end of April, Meyer Company had a $7,890 balance in its cash account, while its bank state-ment for April showed an ending cash balance of $7,200. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer’s customers. Meyer’s records show a $600 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.

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