Bank Reconciliation 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 $7,630 Adjustments: Outstanding checks $3,660 Error by Chesner Co. in recording Check No. 1056 as $820 instead of $280 540 Note for $12,000 collected by bank, including interest 12,480 Deposit in transit on July 31 (7,770) Bank service charges (30) Total adjustments 8,880 Cash balance according to bank statement $16,510 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. Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank 2b902efde022fff_1 fill in the blank 2b902efde022fff_3 fill in the blank 2b902efde022fff_5 Adjusted balance $fill in the blank 2b902efde022fff_6 Cash balance according to company's records $fill in the blank 2b902efde022fff_7 $fill in the blank 2b902efde022fff_9 fill in the blank 2b902efde022fff_11 Total additions fill in the blank 2b902efde022fff_12 fill in the blank 2b902efde022fff_14 Adjusted balance $fill in the blank 2b902efde022fff_15 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. 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 86be00ff7f9803f_1

Bank Reconciliation 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 $7,630 Adjustments: Outstanding checks $3,660 Error by Chesner Co. in recording Check No. 1056 as $820 instead of $280 540 Note for $12,000 collected by bank, including interest 12,480 Deposit in transit on July 31 (7,770) Bank service charges (30) Total adjustments 8,880 Cash balance according to bank statement $16,510 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. Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank 2b902efde022fff_1 fill in the blank 2b902efde022fff_3 fill in the blank 2b902efde022fff_5 Adjusted balance $fill in the blank 2b902efde022fff_6 Cash balance according to company's records $fill in the blank 2b902efde022fff_7 $fill in the blank 2b902efde022fff_9 fill in the blank 2b902efde022fff_11 Total additions fill in the blank 2b902efde022fff_12 fill in the blank 2b902efde022fff_14 Adjusted balance $fill in the blank 2b902efde022fff_15 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. 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 86be00ff7f9803f_1

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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Question

Bank Reconciliation

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		$7,630
Adjustments:
Outstanding checks	$3,660
Error by Chesner Co. in recording Check
No. 1056 as $820 instead of $280	540
Note for $12,000 collected by bank, including interest	12,480
Deposit in transit on July 31	(7,770)
Bank service charges	(30)
Total adjustments		8,880
Cash balance according to bank statement		$16,510

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.

Chesner Co.
Bank Reconciliation
July 31, 20Y4
Cash balance according to bank statement		$fill in the blank 2b902efde022fff_1
		fill in the blank 2b902efde022fff_3
		fill in the blank 2b902efde022fff_5
Adjusted balance		$fill in the blank 2b902efde022fff_6
Cash balance according to company's records		$fill in the blank 2b902efde022fff_7
	$fill in the blank 2b902efde022fff_9
	fill in the blank 2b902efde022fff_11
Total additions		fill in the blank 2b902efde022fff_12
		fill in the blank 2b902efde022fff_14
Adjusted balance		$fill in the blank 2b902efde022fff_15

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.

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 86be00ff7f9803f_1

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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