Bank Reconciliation Jerico, Inc. received the May bank statement with an ending balance of $30,000. The company general ledger stated an ending cash balance of $35,973. Jerico, Inc. Bank Reconciliation The following items were the discrepancies: 1 A note receivable deposited into the bank through a wire transfer for $200 May 31, 2020 2 Deposits in transit of $4,500 3 Bank fee $18 4 EFT- monthly car payment $400 5 NSF - customer check that did not clear the bank $1,500 6 Bank fee on the customer bounced check $25 7 Outstanding checks were as follows: Page 1 Balance per bank Balance per books Add: Add: Check # 105 $230 Check # 117 $15 Deduct: Deduct: 8 A check was mistakenly recorded by the accountant as $50 but accurately cleared the bank as it was written for $55. 9 Bank interest $30

Bank Reconciliation Jerico, Inc. received the May bank statement with an ending balance of $30,000. The company general ledger stated an ending cash balance of $35,973. Jerico, Inc. Bank Reconciliation The following items were the discrepancies: 1 A note receivable deposited into the bank through a wire transfer for $200 May 31, 2020 2 Deposits in transit of $4,500 3 Bank fee $18 4 EFT- monthly car payment $400 5 NSF - customer check that did not clear the bank $1,500 6 Bank fee on the customer bounced check $25 7 Outstanding checks were as follows: Page 1 Balance per bank Balance per books Add: Add: Check # 105 $230 Check # 117 $15 Deduct: Deduct: 8 A check was mistakenly recorded by the accountant as $50 but accurately cleared the bank as it was written for $55. 9 Bank interest $30

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 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…
Bank Reconciliation Components ldentify the requested amount in each of the following situations: a. Howell Company's August 31 bank reconciliation shows deposits in transit of $3.400 The general ledger Cash in Bank account shows total cash receipts during September of $92.200. The September bank statement shows total cash deposits (and no credit memos) of $89.000. What amount of deposits in transit should appear in the September 30 bank reconciliation? b Wright Corporation's March 31 bank reconciliation shows deposits in transit of $2.600. The general ledger Cash in Bank account shows total cash receipts during April of S64 100. The April bank statement shows total cash deposits of S67200 (including $3,000. from the collection of a note: the note collection has not yet been recorded by Wright what amount of deposits in transit should appear in the April 30 bank reconciliation? Braddock Company's october 31 bank reconciliation shows outstanding checks of $3600.…
Saved Help Save & Exit Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $9,500. The bank reconciliation for the month contained the following items: $ 920 Deposits in transit Outstanding checks 720 Interest earned 20 NSF check returned to bank 270 Bank service charge 95 Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice Next > Prev 1 of 10 $9,155. $8,580. $8,900. $9,755. I Submit
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…
Prepare a bank reconciliation statement
3. Bank Reconciliation Barb Lee Inc. (BLI) is about to reconcile its bank statement for the month of May. Pertinent information follows: Bank statement balance $11,003.74. General ledger balance $8, 284.07. BLI mailed a deposit of $899.14 to the bank on May 28. The bank had not yet received it by month end. BLI issued cheques # 124 for $2,041.25; # 126 for $951.56; and #129 for $1,000 in May; however, these were not returned with the May 31 bank statement. BLI received notification that a cheque for $313 deposited to BLI's account was returned NSE. The bank levied a $32 returned cheque charge. The bank statement included a $29 service charge for the month.Required:a) Prepare the cash reconciliation for Barb Lee Inc. as at May 31. b) Prepare adjusting journal entries to correct for items noted in the cash reconciliations.
Part 1. Prepare bank reconciliation for swing set company at march 31 2022
Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $10,103.24. On that date, the bank statement indicated a balance of $12,737.97. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $5,007.73. 2. Outstanding checks July 31 totaled $2,045.06. 3. The bank erroneously charged a $455.00 check of Solomon Company against the Sullivan bank account. 4. A bank service charge has not yet been recorded by Sullivan Company of $25.00. 5. Sullivan neglected to record $5,600.00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $5,600.00 as a deposit. 6. Included with the returned checks is a memo indicating that J. Martin's check for $896.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of $924.00 less a $28 discount. 7. Sullivan Company recorded a $152.60 payment for repairs as $1,526.00 Required a. Prepare a bank reconciliation…
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 1 Cash balance according to company’s records $10,639.00 2 Adjustments: 3 Outstanding checks $3,670.00 4 Error by Chesner Co. in recording Check No. 1056 as $730 instead of $370 360.00 5 Note for $12,700 collected by bank, including interest 13,208.00 6 Deposit in transit on July 31 (6,001.00) 7 Bank service charges (20.00) 8 Total adjustments 11,217.00 9 Cash balance according to bank statement $21,856.00 A. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Let’s Review section. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or…
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