Want Answer Assume the following facts for Kurt Company:The month-end bank statement shows a balance of $40,000; outstanding checks total $2,000;a deposit of $8,000 is in transit at month-end; and a check for $400 was erroneously chargedagainst the account by the bank.What is the correct cash balance at the end of the month?a. $33,600b. $34,400c. $45,600d. $46,400

Step 1: Introduction to the Bank Statement:A bank statement is defined as a schedule representing…

Answered: Assume the following facts for Kurt…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...

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Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR
Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
Please Solve this problem
Assume the following facts for Taehyung Company: The month-end bank statement shows a balance of P40,000; outstanding checks total P2,000; a deposit of P8,000 is in transit at month-end; and a check for P400 was erroneously charged against the account by the bank. What is the correct cash balance at the end of the month?
If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month end, and a check for $500 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is $27,500. $28,500. $20,500. $43,500.
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If the month-end bank statement shows a balance of $58,000, outstanding checks are $15,000, a deposit of $7,000 was in transit at month end, and a check for $600 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is Select one: a. $49,400 b. $50,800 C. $50,000. d. The answer does not exist e. $65,400 Previous page Next page Jump to... BA
If the month-end bank statement shows a balance of R.O.360,000, outstanding checks are R.O.120,00o, a deposit of R.O.40,000 was in transit at month end, and a check for R.O.5,00o was erroneously added by the bank to the account, the correct balance in the bank account at month end is
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If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month end, and a check for $500 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is Question 13 options: A) $27,500 B) $28,500 C) $20,500 D) $43,500

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