**Bank Reconciliation Journal Entries**To reconcile the bank statement, use the following information:- **Bank balance**: $6,788- **Book balance**: $8,719- **Deposits in transit**: $1,790- **Outstanding checks**: $589 and $1,423- **Bank service charges**: $75- **Bank error**: The bank incorrectly charged the account $75. This will be corrected next month.- **Check error**: Check number 2456 was correctly cleared by the bank for $245 but was recorded as $254 in the accounting records. This check was expensed to Utilities Expense.**Instructions for Entries:**If an amount box does not require an entry, leave it blank.1. **First journal entry box:** - Dropdown: [Choose account] - Amount: [Enter amount]2. **Second journal entry box:** - Dropdown: [Choose account] - Amount: [Enter amount]3. **Third journal entry box:** - Dropdown: [Choose account] - Amount: [Enter amount]4. **Fourth journal entry box:** - Dropdown: [Choose account] - Amount: [Enter amount] Use this format to properly reconcile and adjust discrepancies between the bank statement and internal accounting records.

Bank reconciliation includes all those adjustments which creates differences between cash balance…

Bank balance: $6,788 Book balance: $8,719 Deposits in transit: $1,790 Outstanding checks: $589 and $1,423 Bank service charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $245 but posted in the accounting records as $254. This check was e Utilities Expense. amount box does not require an entry, leave it blank.

Bank balance: $6,788 Book balance: $8,719 Deposits in transit: $1,790 Outstanding checks: $589 and $1,423 Bank service charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $245 but posted in the accounting records as $254. This check was e Utilities Expense. amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please balance, if unable to balance please explain
The following data apply to Pro Beauty Supply Incorporated for May, Year 2: Balance per the bank on May 31, $12,030. Deposits in transit not recorded by the bank, $1,590. Bank error; check written by Best Beauty Supply was charged to Pro Beauty Supply’s account, $800. The following checks written and recorded by Pro Beauty Supply were not included in the bank statement: 3013 $ 280 3054 550 3056 1,110 Note collected by the bank, $850. Service charge for collection of note, $9. The bookkeeper recorded a check written for $678 to pay for the May utilities expense as $588 in the cash disbursements journal. Bank service charge in addition to the note collection fee, $45. Customer checks returned by the bank as NSF, $165. Required: Determine the amount of the unadjusted cash balance per Pro Beauty Supply’s books.
If the month-end bank statement shows a balance of R.0 360.000, outstanding checks are R.O 120,000, a deposit of RO40,000 was in transit at month end, and a check for RO5.000 was erroneously added by the bank to the account, the correct balance in the bank account at month end is Select one O a RO 205,000 O BRO435.000 OCRO275.000 O dRO 285.000
Helppp
Need correct answer please provide it
The following data apply to Pro Beauty Supply Incorporated for May, Year 2: 1. Balance per the bank on May 31, $12,020. 2. Deposits in transit not recorded by the bank, $2,350. 3. Bank error; check written by Best Beauty Supply was charged to Pro Beauty Supply's account, $850. 4. The following checks written and recorded by Pro Beauty Supply were not included in the bank statement: 3013 3054 3056 $ 295 610 1,320 5. Note collected by the bank, $700. 6. Service charge for collection of note, $9. 7. The bookkeeper recorded a check written for $658 to pay for the May utilities expense as $568 in the cash disbursements journal. 8. Bank service charge in addition to the note collection fee, $25. 9. Customer checks returned by the bank as NSF, $139. Required: Determine the amount of the unadjusted cash balance per Pro Beauty Supply's books. Unadjusted cash balance
The following data apply to Pro Beauty Supply Incorporated for May Year 1: 1. Balance per the bank on May 31: $10,885. 2. Deposits in transit not recorded by the bank: $1,510. 3. Bank error, check written by Best Beauty Supply was charged to Pro Beauty Supply's account: $900. 4. The following checks written and recorded by Pro Beauty Supply were not included in the bank statement. 3013 3054 3056 $ 135 480 1,040 5. Note collected by the bank: $650. 6. Service charge for collection of note: $23. 7. The bookkeeper mistakenly recorded a check for $348 but the check was correctly written for May utilities in the amount of $438. 8. Bank service charge in addition to the note collection fee: $25. 9. Customer checks returned by the bank as NSF: $142. Required Determine the amount of the unadjusted cash balance per Pro Beauty Supply's books. Unadjusted cash balance
The following information relates to the bank account of Doug's Sky Diving Supply Store on June 30. Balance per bank statement $5,327 Balance per books as of June 30 9,265 Outstanding checks: #1007 $ 241 #1008 67 #1009 597 Deposits in transit 229 4,111 Bank service charges 98 NSF check 412 Credit memo for interest earned 16 Error: Check written and recorded by bank as $454 was subtracted from the checkbook as $445. The check was used to pay the telephone bill. Required:
Ace Inc. made a recording error. The check written to a supplier for $650 was incorrectly recorded in the ledger as $560. During a bank reconciliation process, $90 should be 1. Added to the bank statement balance 2. Added to the depositor's balance 3. Subtracted to the bank statement balance 4. Subtracted to the depositor's balance 5. Both 1 and 2 6. Both 3 & 4 7. No adjustment is requirement *Enter the item number for your answer 1
These data pertain to St. Luke Company as of December 31, 2020: Bank service charge not recorded by St. Luke Bank statement, December 31 Checks outstanding (including certified check of P20,000) Customer note collected by bank for St. Luke Deposit in transit Error made by the bank in recording check issued by St. Lucas Error made by the company in recording check that cleared the bank in December (check was drawn in December for P30,000 but recorded at P80,000) Technically defective checks of customers returned by bank 20,000 4,000,000 500,000 150,000 300,000 40.000 50,000 200,000 What is the cash balance per ledger on December 31, 2020? A. 3,980,000 B. 3,880,000 C. 3,860,000 D. 3,800,000
A check written by the company for $165 is incorrectly recorded by a company as $156. On the bank reconciliation, the $-9 error should be added to the balance per books. added to the balance per bank. deducted from the balance per books. deducted from the balance per bank.
Your checkbook balance shows $706.50. The bank statement shows $772.77. The bank paid $2.50 interest. Checks 1501 ($85), 1507 ($50.16), and 1511 ($20.50) are not shown on the statement. A service charge of $5 was levied by the bank. You made an $85 deposit yesterday that is not on the statement. What is the reconciled balance? (Show all work.)