Accounts obtained from the books of accounts LMN Trading Company on December 31, 20X1 will enable you to make a multistep income statement. Cash in Bank Accounts Receivable P Dr. 155,000 600,000 Cr.
Q: bank statement Date Check No. Debits Credits Balance Nov. 1 10,000.00 Nov. 4 339 34,000.00 44,000.00…
A: Bank Reconciliation Statement (BRS) BRS is a report or a statement made with the motive to match the…
Q: A review of the March 30 bank statement and other data of Sangster Aviation revealed a $16,220…
A: Reconciliation statement helps in finding out the differences between the bank balance and cash…
Q: The following information is for Ivanhoe Company in September. 1. Cash balance per bank, September…
A: A reconciliations statement that compares the cash balance on a company's balance sheet to the…
Q: 1. Identify and list the deposits in transit at the end of December. (You may select more than one…
A: Bank reconciliation statements (BRS): The corporation keeps a cash book, whereas banks keep a…
Q: The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT…
A: Bank Reconciliation statement Bank Reconciliation Statement is the statement which is prepared to…
Q: On December 15, you received your bank statement showing a balance of $2,275.34. Your checkbook…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Inner Resources Company received the following bank statement. Bank Statement Beginning balance…
A: The difference in book balance and bank balance is occurring due to the bank service charges. The…
Q: A company received a bank statement with a balance of $6,100. Reconciling items included a…
A: As the balance of the bank statement is given, the adjustments related to only bank statement will…
Q: Prepare the journal entry to reconcile the bank statement.
A: Prepare a bank reconciliation statement.
Q: [The following information applies to the questions displayed below.] The December bank statement…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: the following bank information: cash balance per bank $8,070, outstanding checks $722, deposits in…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: adjusted bank balance
A: Adjusted bank balance is the corrected balance of bank after taking into consideration of missed…
Q: The following information is available for Pyle Garage for March, Year 2: BANK STATEMENT HAZARD…
A: A Bank Reconciliation Statement or BRS for short is used to reconcile bank balance as per books and…
Q: The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT…
A: An outstanding deposit is a company's receipts which have been recorded by the company, but the…
Q: [The following information applies to the questions displayed below.] The December bank statement…
A: Working Note; Outstanding checks = 50+5700 = 5750
Q: The following items may appear on a bank statement: 1. Bank correction of an error from recording…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: Domingo Company received the following bank statement. Bank Statement Beginning balance $0…
A: Journal Entries are the entries to be recorded in the accounting books of the business books for all…
Q: At April 30, Kessler Company has the following bank information: Cash balance per bank $6,900…
A: Lets undertand the basics. Bank reconciliation statement is prepared by entity in order to reconcile…
Q: HH Using the following information: a. The bank statement balance is $4,799. b. The cash account…
A: Hello student! Bank Reconciliation determines the correct balance that should reflect the bank's…
Q: Using the following information: The bank statement balance is $4,044. The cash account balance is…
A: Bank Reconciliation is statement prepared to reconcile the difference between balance in bank…
Q: At April 30, Novak Corp. has the following bank information: Cash balance per bank $4400…
A: The bank reconciliation has two parts, namely bank balance and book balance. Both of these balances…
Q: At April 30, Kessler Company has the following bank information: Cash balance per bank $6,900…
A: INTRODUCTION: The "adjusted balance method" of accounting bases finance charges on the amount(s)…
Q: Instructions The following data were gathered to use in reconciling the bank account of Reddan…
A: Bank reconciliation is prepared to reconcile the bank statement balance and bank balance as per…
Q: Using the stylized balance sheet below, please 1) finish the balance sheet, and 2) use that…
A: Part 2: Explanation:Step 1: Calculate Interest Income:- Calculate interest income from assets: -…
Q: This information relates to the Cash account in the ledger of Carla Vista Company. Balance…
A: Prepare the bank reconciliation at September 30, 2022.
Q: The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date…
A: The journal keep the record for transactions on regular basis. The bank reconciliation statement…
Q: Question. At April 30, Kessler Company has the following bank information: Cash balance per bank…
A: INTRODUCTION: The accounting technique known as the "adjusted balance method" bases finance charges…
Q: 6. A portion of your bank statement is shown. Your previous balance was $228.73. What is your…
A: Data given: Date Particulars Deposits and Credits ($) Checks and Other Charges ($) Previous…
Q: This information relates to the Cash account in the ledger of Cullumber Company. Balance September…
A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…
Q: A Company's Checking account has a balance of $7,575 on its bank statement as of May 1. The bank…
A: Bank balance is also one of the asset for the business. Interest earned on bank deposit will be…
Q: Required information Skip to question [The following information applies to the questions…
A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…
Q: Accompanying the bank statement was a debit memo for an NSF check received from a customer. What…
A: Correct option is (b) Debit Accounts Receivables and Credit Cash
Q: At April 30, Marigold Company has the following bank information: cash balance per bank $2360;…
A: Lets undertand the basics.Bank reconciliation statement is prepared by entity in order to reconcile…
Q: The September 30 bank statement for Bennett Company and the September ledger account for cash are…
A: A journal entry is used to record the day-to-day transactions of an organization by debiting and…
Q: At December 31, Year 1, Kale Co. had the following balances in the accounts it maintains at First…
A: Cash and cash equivalents represent assets that can be turned into cash quickly and with little…
Q: Given the following April data per bank: 3/31 balance $100 April receipts $40 April disbursements…
A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…
Q: Continue using the journal and journalize the following transaction: Mar. 31. Received bank…
A: Journal is one of the initial steps of accounting cycle. Journal includes the recording of financial…
Q: ash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck…
A: A bank reconciliation statement is a statement that is prepared to reconcile the bank balance as per…
Q: On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a…
A: Bank Reconciliation Statement: It is also called BRS. BRS is prepared to reconcile the cash balance…
Q: a Prepare a bank reconciliation at November 30. b Prepare adjusting entries (in general journal…
A:
Q: Prepare a bank reconciliation from the following information: a. Balance per bank statement as of…
A: Bank reconciliation statement is used to determine the differences between the bank statement…
Q: A deposit of $25,000 made by Federal Trading appeared on the bank statement of Fidel Trading. hello,…
A: The cashbook is prepared to record the cash transactions of the business.
Q: Requlred Informatlon (The following information applies to the questions displayed below.) The…
A: Deposits that are made by the company but are yet to be cleared by the bank are deposits in transit.…
Q: The following data were gathered to use in reconciling the bank account of Photo Op. Company:…
A: A bank reconciliation statement compares the cash balance in the books of a company with the amount…
Step by step
Solved in 2 steps
- The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance $ 48, 000 40, 380 67,830 53,930 ৪9,938 88,970 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 6. 11 17 23 36, e00 26 960 30 19, 200 19,000 NSF* $300 31 Interest earned 50 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 23 48, 000 28, e0e 36, eee Checks written during December: 7,620 550 30 13,900 960 19, e00 31 13,e00 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 3. Prepare a bank reconciliation for December. STEWART COMPANY Bank Reconciliation At December 31 Bank Statement Company's Books Ending Balance Per Bank Statement Ending Balance Per Cash Account Additions: Additions: Deductions: Deductions: Up-to-Date Cash Balance Up-to-Date Cash BalanceLong Branch Company's Cash account shows an ending balance of $650. The bank statement shows a $12 service charge and an NSF check for $200. A $270 deposit is in transit, and outstanding checks total $450. What is Long Branch's adjusted cash balance? A. $438 B. $470 OC. $258 D. $862 OOO1 2 3 A co 4 567 8 9 10 11 DATE GENERAL JOURNAL DESCRIPTION 20-- May 16 Accounts Payable-Sunshine Suppliers Cash in Bank Check 111 20 Cash in Bank 23 Advertising Expense Cash in Bank Check 112 Accounts Rec.-Tim McGraw, Inc. Receipt 54 POST. REF. DEBIT 79500 52500 65.00 PAGE CREDIT 3 79500 52 500 6500 IN 2 3 4 5 6 7 co loo 9 10 11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
- As of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,170 August 2 $ 100 13,070 August 3 $ 9,000 22,070 August 4 200 21,870 August 5 150 21,720 August 9 490 21,230 August 10 110 21,120 August 15 3,000 24,120 August 21 200 23,920 August 24 14,900 9,020 August 25 5,500 14,520 August 30 600 13,920 August 30 Interest earned $ 20 13,940 August 31 Service charge 10 13,930 Cash (A) Debit Credit August 1 Balance 13,170 Deposits Checks written August 2 9,000 100 August 1 August 12 3,000 200 August 2 August 24 5,500 150 August 3 August 31 4,000 110 August 4 490 August 5 190 August 15 250 August 17 600 August 18 200 August 19 14,900 August 23 August 31 Balance 17,480 No deposits were in transit and no checks were…This information relates to the Cash account for Cullumber Company. Balance September 1-$17,090; Cash deposited-$64,000 Balance September 30-$18,290; Checks written-$62,800 The September bank statement shows a balance of $17,190 at September 30 and the following memoranda. Credits Collection of electronic funds transfer Interest earned on checking account $1,990 50 Debits NSF check: H. Kane Safety deposit box rent $720 65 At September 30, deposits in transit were $4,903 and outstanding checks totaled $2,548.
- a. The bank statement balance is $3,240. b. The cash account balance is $3,407. c. Outstanding checks amounted to $736. d. Deposits in transit are $698. e. The bank service charge is $196. f. A check for $32 for supplies was recorded as $23 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance 000 00The information below relates to the Cash Account in the Ledger of Vaughn Company. Balance September 1-$17,060; Cash Deposited-$64,330. Balance September 30-$17,784: Checks written-$63,606. The September bank statement shows a balance of $16,802 on September 30 and the following memoranda. CREDITS Collection of $1684 note plus interest $36 $1720 Interest earned on checking account $51 DEBITS NSF check: Richard Nance $615 Safety Deposit box Rent $71 At September 20, Deposits in Transit were $4640, and outstanding checks totaled $2573 Make a bank RecociliationBank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…
- Brown Company's bank statement for September 30 showed: Bank statement balance Book balance of cash $2,790 $3,724 The following information was also available as of September 30: a. A customer's check for $150 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $10 processing fee b. The September 30 cash receipts, $3,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the Septemt bank statement. c. Outstanding checks amounted to $2, 190. d. A check for rent expense was written for $326 but by mistake was recorded in the accounting records as $362.The December bank statement and cash T-account for Stewart Company follow: 55 December 1 December 1 December 6 December 11 December 17 December 23 December 26 December 30 December 31 December 31 NSF check from J. Left, a customer. Deposits December 11 Checks December 23 December 30 December 31 $ 7,540 9,900 13,600 Balance December 31 Balance BANK STATEMENT Deposits $ 27,000 34,000 18,000 Cash (A) 38,400 27,000 34,000 18,000 11,000 90,950 Other 3. Prepare a bank reconciliation for December. NSF* Interest earned Service charge Credit elow.] Checks written during December: 7,540 470 9,900 13,600 5,400 $ 220 There were no deposits in transit or outstanding checks at November 30. Balance $ 38,400 30,860 57,390 47,490 81,490 81,020 85,200 85,230 85,160Required information [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance December 1 $ 36,000 December 6 $ 7,520 28,480 55,030 December 11 450 $ 27,000 December 17 8,900 46,130 December 23 34,000 80,130 December 26 450 79,680 December 30 12,200 18,000 NSF* $ 200 85,280 December 31 Interest earned 20 85,300 December 31 Service charge 50 85,250 NSF check from J. Left, a customer. Cash (A) Debit Credit December 1 Balance 36,000 Checks written during Deposits December: December 11 27,000 7,520 December 23 34,000 450 December 30 18,000 8,900 December 31 11,000 450 50 12,200 5,700 December 31 Balance 90,730 There were no deposits in transit or outstanding checks at November 30.