An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $5,690 Add: Outstanding checks $2,730 Error by Chesner Co. in recording Check No. 1056 as $940 instead of $490 450 Note for $8,900 collected by bank, including interest 9,260 12,440 $18,130 Deduct: Deposit in transit on August 31 $5,790 Bank service charges 70 5,860 Cash balance according to bank statement $12,270 Question Content Area a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Exhibit 12. Chesner Co.Bank ReconciliationAugust 31 Cash balance according to bank statement $fill in the blank 22e5f101c02802b_1 - Select - - Select - Adjusted balance $fill in the blank 22e5f101c02802b_6 Cash balance according to company's records $fill in the blank 22e5f101c02802b_7 $- Select - - Select - - Select - - Select - Adjusted balance $fill in the blank 22e5f101c02802b_15 Question Content Area b. If a balance sheet were prepared for Muskegon Co. on May 31, 2016, what amount should be reported for cash? $fill in the blank 303dcffd1071fe9_1
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $5,690 Add: Outstanding checks $2,730 Error by Chesner Co. in recording Check No. 1056 as $940 instead of $490 450 Note for $8,900 collected by bank, including interest 9,260 12,440 $18,130 Deduct: Deposit in transit on August 31 $5,790 Bank service charges 70 5,860 Cash balance according to bank statement $12,270 Question Content Area a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Exhibit 12. Chesner Co.Bank ReconciliationAugust 31 Cash balance according to bank statement $fill in the blank 22e5f101c02802b_1 - Select - - Select - Adjusted balance $fill in the blank 22e5f101c02802b_6 Cash balance according to company's records $fill in the blank 22e5f101c02802b_7 $- Select - - Select - - Select - - Select - Adjusted balance $fill in the blank 22e5f101c02802b_15 Question Content Area b. If a balance sheet were prepared for Muskegon Co. on May 31, 2016, what amount should be reported for cash? $fill in the blank 303dcffd1071fe9_1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
An accounting clerk for Chesner Co. prepared the following bank reconciliation:
| Chesner Co. | |||
| Bank Reconciliation | |||
| August 31 | |||
| Cash balance according to company's records | $5,690 | ||
| Add: Outstanding checks | $2,730 | ||
| Error by Chesner Co. in recording Check | |||
| No. 1056 as $940 instead of $490 | 450 | ||
| Note for $8,900 collected by bank, including interest | 9,260 | 12,440 | |
| $18,130 | |||
| Deduct: Deposit in transit on August 31 | $5,790 | ||
| Bank service charges | 70 | 5,860 | |
| Cash balance according to bank statement | $12,270 |
Question Content Area
a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Exhibit 12.
| Cash balance according to bank statement | $fill in the blank 22e5f101c02802b_1 | |
|
|
- Select - | |
|
|
- Select - | |
| Adjusted balance | $fill in the blank 22e5f101c02802b_6 | |
| Cash balance according to company's records | $fill in the blank 22e5f101c02802b_7 | |
|
|
$- Select - | |
|
|
- Select - | - Select - |
|
|
- Select - | |
| Adjusted balance | $fill in the blank 22e5f101c02802b_15 |
Question Content Area
b. If a balance sheet were prepared for Muskegon Co. on May 31, 2016, what amount should be reported for cash?
$fill in the blank 303dcffd1071fe9_1
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