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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

FINANCIAL ACCOUNTING
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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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.

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

 
 
  1.  
  2.  
 

 

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