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 $6,580 Adjustments: Outstanding checks $3,160 Error by Chesner Co. in recording Check No. 1056 as $940 instead of $490 450 Note for $10,300 collected by bank, including interest 10,710 Deposit in transit on July 31 (6,700) Bank service charges (40) Total adjustments 7,580 Cash balance according to bank statement $14,160 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 Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank b5a44b06801801d_1 Adjustments: Deposit in transit on July 31 $fill in the blank b5a44b06801801d_3 Outstanding checks fill in the blank b5a44b06801801d_5 Total adjustments fill in the blank b5a44b06801801d_6 Adjusted balance $fill in the blank b5a44b06801801d_7 Cash balance according to company's records $fill in the blank b5a44b06801801d_8 Error in recording Check No. 1056 as $940 instead of $490 $fill in the blank b5a44b06801801d_10 Note for $10,300 collected by bank, including interest fill in the blank b5a44b06801801d_12 Bank service charges fill in the blank b5a44b06801801d_14 Total adjustments fill in the blank b5a44b06801801d_15 Adjusted balance $fill in the blank b5a44b06801801d_16 Feedback a. Set up two sections: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error. Learning Objective 5. 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 c8a1c803e005010_1
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 | $6,580 | ||
Adjustments: | |||
Outstanding checks | $3,160 | ||
Error by Chesner Co. in recording Check | |||
No. 1056 as $940 instead of $490 | 450 | ||
Note for $10,300 collected by bank, including interest | 10,710 | ||
Deposit in transit on July 31 | (6,700) | ||
Bank service charges | (40) | ||
Total adjustments | 7,580 | ||
Cash balance according to bank statement | $14,160 |
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
Chesner Co. | ||
Bank Reconciliation | ||
July 31, 20Y4 | ||
Cash balance according to bank statement | $fill in the blank b5a44b06801801d_1 | |
Adjustments: | ||
Deposit in transit on July 31 | $fill in the blank b5a44b06801801d_3 | |
Outstanding checks | fill in the blank b5a44b06801801d_5 | |
Total adjustments | fill in the blank b5a44b06801801d_6 | |
Adjusted balance | $fill in the blank b5a44b06801801d_7 | |
Cash balance according to company's records | $fill in the blank b5a44b06801801d_8 | |
Error in recording Check No. 1056 as $940 instead of $490 | $fill in the blank b5a44b06801801d_10 | |
Note for $10,300 collected by bank, including interest | fill in the blank b5a44b06801801d_12 | |
Bank service charges | fill in the blank b5a44b06801801d_14 | |
Total adjustments | fill in the blank b5a44b06801801d_15 | |
Adjusted balance | $fill in the blank b5a44b06801801d_16 |
a. Set up two sections: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error.
Learning Objective 5.
b. If a
$fill in the blank c8a1c803e005010_1
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