An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records 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 Deduct: Deposit in transit on August 31 Bank service charges Cash balance according to bank statement $5,790 70 $5,690 12,440 $18,130 5,860 $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.

An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records 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 Deduct: Deposit in transit on August 31 Bank service charges Cash balance according to bank statement $5,790 70 $5,690 12,440 $18,130 5,860 $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.

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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6, 7, A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Note: Enter debits before credits. Date October 31 Bank Reconciliation October 31 Journal entry worksheet Cash $ 6,482 3 291 6,773 79 $ 6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Book balance Add: 4 Collection of a note Interest earned Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. Saved General Journal $ 400 64 Debit 63 61 $ 6,354 Credit 464 6,818 124 $6,694
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Cash", "Bank Service Charges", "Interest Income", "Bank Errors", "Interest Expense"] [ Select ] ["$300", "$852", "$30", "$569", "$1,020"] CR [ Select ] ["Bank Errors", "Interest Income", "Bank Service Charges", "Interest Expense", "Cash"] [ Select ] ["$30", "$852", "$569", "$300", "$1,030"] and DR…
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $6,070 Adjustments: Outstanding checks $2,910 Error by Chesner Co. in recording Check No. 1056 as $710 instead of $170 540 Note for $9,500 collected by bank, including interest 9,880 Deposit in transit on July 31 (6,180) Bank service charges (50) Total adjustments 7,100 Cash balance according to bank statement $13,170 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?$fill in the blank
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $16,290. Cash balance according to the bank statement at August 31, $17,260. Checks outstanding, $3,310. Deposit in transit, not recorded by bank, $2,660. A check for $480 in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $40. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Cash balance according to bank statement $ Add: Deposit in transit on August 31 $ Deduct: Outstanding checks Adjusted balance $ Cash balance according to company's records $ Add: Error in recording check Deduct: Bank service charge Adjusted balance $ Feedback a. Set…
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $23,900. Cash balance according to the bank statement at July 31, $25,170. Checks outstanding, $4,850. Deposit in transit, not recorded by bank, $3,900. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company, part (a) Error and part (b) Service Charge. If an amount box does not require an entry, leave it blank. a. July 31 - Select - - Select - - Select - - Select - b. July 31 - Select - - Select - - Select - - Select -
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The following items may appear on a bank statement: Bank correction of an error from recording a $3,200 deposit as $2,300 EFT payment Note collected for company Service charge Using the format shown below, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company’s account.
Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $11,100 Add: Outstanding checks $3,585 Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590 360 Note for $12,000 collected by bank, including interest 12,480 16,425 $27,525 Deduct: Deposit in transit on August 31 $7,200 Bank service charges 25 7,225 Cash balance according to bank statement $20,300 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 Reconciliation August 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance
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From the give Problem 2, What is the adjusted cash in bank on December 31?
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
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