Bank ReconciliationAugust 31Cash balance according to company's records$5,840Add: Outstanding checks$2,800Error by Chesner Co. in necording CheckNo. 1056 as $820 instead of $280540Note for $9,200 collected by bank, induding interest9,57012,910$18,750Deduct: Deposit in transit on August 31$5,950Bank service charges405,990Cash balance according to bank statement$12,760a. From the data in this bank reconciliation, prepare a new bank recondiliation for Chesner Co., using the format shown in the illustrative problem.Chesner Co.Bank ReconciliationAugust 31Cash balance according to Lank statementAdusted belanceChbalance according to company's recordsdusted baleneb. a Lalance sheet were prepared for Muskegen Co. on M 31,20:6, what aountshould teritertedtor.cas

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Answered: Bank Reconciliation August 31 Cash…

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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Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $11,100 Add: Outstanding checks $3,585 Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590 360 Note for $12,000 collected by bank, including interest 12,480 16,425 $27,525 Deduct: Deposit in transit on August 31 $7,200 Bank service charges 25 7,225 Cash balance according to bank statement $20,300 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Exhibit 12. Chesner Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance
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From the give Problem 2, What is the adjusted cash in bank on December 31?
bank reconcilation questions On September 30th, the Cash account recorded in the ledger displayed a bank balance of $6,450. James, the proprietor of Harbour Tours, has reason to believe that the cashier is embezzling funds. However, the bank statement from September 30th shows the following: • • 1. 2. Balance of $4,300, including a $200 collection by the bank; A $10 charge for services and a $40 cheque that was not honoured; There is also a deposit of $3,000 that has not been recorded in the bank yet. Outstanding cheques as of September 30th are also listed. Chq234 $100 Chq 345 $300 Chq 446 $600 Chq 701 $200 James, the owner of Harbour Tours, is concerned about potential theft by the cashier handling all cash transactions, making bank deposits, writing cheques, and reconciling the monthly bank statement. He has sought your assistance to determine if theft has occurred and the amount involved. Perform your bank reconciliation and identify the difference (if any) between both cash…
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 $7,150 Adjustments: Outstanding checks $3,430 Error by Chesner Co. in recording Check No. 1056 as $830 instead of $380 450 Note for $11,200 collected by bank, including interest 11,650 Deposit in transit on July 31 (7,280) Bank service charges (40) Total adjustments 8,210 Cash balance according to bank statement $15,360 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 acc4df036010fde_1 fill in the…
Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a balance of $11,670. The bank statement indicated a balance of $13,640 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,910. A deposit of $5,120, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,660 on a $2,520 note, including interest of $140. A check for $770 returned with the statement had been incorrectly recorded by American Medical Co. as $700. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $40 had been erroneously charged by the bank as $400. Bank service charges for April amounted to $50. Required: 1. Prepare a bank reconciliation. 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The…
Question Content Area Bank Reconciliation and Entries The cash account for Norwegian Medical Co. at April 30 indicated a balance of $12,480. The bank statement indicated a balance of $14,430 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $5,190. A deposit of $5,410, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,810 on a $2,670 note, including interest of $140. A check for $550 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $500. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. A check drawn for $60 had been erroneously charged by the bank as $600. Bank service charges for April amounted to $50.
Hi please use the excel template
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $25,520. Cash balance according to the bank statement at August 31, $26,850. Checks outstanding, $5,180. Deposit in transit, not recorded by bank, $4,160. A check for $480 in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co.Bank ReconciliationAugust 31, 20Y6 Cash balance according to bank statement $fill in the blank - Select - - Select - Adjusted balance $fill in the blank Cash balance according to company's records $fill in the blank - Select - - Select - Adjusted balance $fill in the blank b. If the balance sheet were…
Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a balance of $10,405. The bank statement indicated a balance of $12,130 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,370. A deposit of $4,550, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,370 on a $2,240 note, including interest of $130. A check for $770 returned with the statement had been incorrectly recorded by American Medical Co. as $700. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $40 had been erroneously charged by the bank as $400. Bank service charges for April amounted to $35. Required: 1. Prepare a bank reconciliation.
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Required information [The following information applies to the questions displayed below.] The August, current year, bank statement for Allison Company and the August, current year, ledger account for cash follow: Date August 1 2 3 4 5 9 10 15 21 24 25 30 30 31 BANK STATEMENT Checks and EFTS $380 435 280 785 205 EFT 265 $20,100 850 EFT 115 + *$2,800 interest collected. *Bank service charge. Debit August 1 Balance Deposits August 2 12 24 31 Deposits $12,100 4,200 6,650 2,800* 16,615 12,100 4,200 6,650 5.400 Balance $17,710 17,330 29,430 28,995 28,715 27,930 27,725 31,925 31,660 11,560 18,210 17,360 20,160 20,045 Cash (A) Credit Checks written and electronic funds transfers August 2 4 15 17 18 EFT 205 785 230 410 EFT 850

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