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
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
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 21E
Related questions
Question
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
$fill in the blank
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![Corporate Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305653535/9781305653535_smallCoverImage.gif)
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![Corporate Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305653535/9781305653535_smallCoverImage.gif)
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning