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Bank Reconciliation The cash account of Dixon Products reveals the following information: Cash Balance, 4/30 11,180     Deposits during May 37,600 41,620 Checks written during May The bank statement for May contains the following information: Bank balance, 4/30     $11,130 Add: Deposits during May     37,250       $48,380 Less: Checks paid during May $40,230       NSF check from Frolin, Inc. 190       Bank service charges 40   40,460 Bank balance, 5/31     $7,920 A comparison of detailed company records with the bank statement indicates the following information:   At 4/30 At 5/31 Deposit in transit $800   $1,150   Outstanding checks 750   2,140     The bank amounts are determined to be correct. Required: Question Content Area 1.  Prepare a bank reconciliation for May. Dixon ProductsBank Reconciliation ScheduleMay 31 Cash balance from bank statement   $fill in the blank d0c52ff9c02b042_1     - Select -     - Select - Adjusted cash balance   $fill in the blank d0c52ff9c02b042_6 Cash balance from company records   $fill in the blank d0c52ff9c02b042_7 Less:       $- Select -     - Select - - Select - Adjusted cash balance   $fill in the blank d0c52ff9c02b042_13   Question Content Area 2.  Prepare the adjusting entries made by Dixon as a result of the reconciliation process. If an amount box does not require an entry, leave it blank. May 31   - Select - - Select -     - Select - - Select -   (Record bank service charge)     May 31   - Select - - Select -     - Select - - Select -   (Record NSF check)       Question Content Area 3.  What amount is reported for cash on the balance sheet at May 31?

Bank Reconciliation The cash account of Dixon Products reveals the following information: Cash Balance, 4/30 11,180     Deposits during May 37,600 41,620 Checks written during May The bank statement for May contains the following information: Bank balance, 4/30     $11,130 Add: Deposits during May     37,250       $48,380 Less: Checks paid during May $40,230       NSF check from Frolin, Inc. 190       Bank service charges 40   40,460 Bank balance, 5/31     $7,920 A comparison of detailed company records with the bank statement indicates the following information:   At 4/30 At 5/31 Deposit in transit $800   $1,150   Outstanding checks 750   2,140     The bank amounts are determined to be correct. Required: Question Content Area 1.  Prepare a bank reconciliation for May. Dixon ProductsBank Reconciliation ScheduleMay 31 Cash balance from bank statement   $fill in the blank d0c52ff9c02b042_1     - Select -     - Select - Adjusted cash balance   $fill in the blank d0c52ff9c02b042_6 Cash balance from company records   $fill in the blank d0c52ff9c02b042_7 Less:       $- Select -     - Select - - Select - Adjusted cash balance   $fill in the blank d0c52ff9c02b042_13   Question Content Area 2.  Prepare the adjusting entries made by Dixon as a result of the reconciliation process. If an amount box does not require an entry, leave it blank. May 31   - Select - - Select -     - Select - - Select -   (Record bank service charge)     May 31   - Select - - Select -     - Select - - Select -   (Record NSF check)       Question Content Area 3.  What amount is reported for cash on the balance sheet at May 31?

FINANCIAL ACCOUNTING
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

The cash account of Dixon Products reveals the following information:

Cash
Balance, 4/30 11,180    
Deposits during May 37,600 41,620 Checks written during May

The bank statement for May contains the following information:

Bank balance, 4/30     $11,130
Add: Deposits during May     37,250
      $48,380
Less: Checks paid during May $40,230    
  NSF check from Frolin, Inc. 190    
  Bank service charges 40   40,460
Bank balance, 5/31     $7,920

A comparison of detailed company records with the bank statement indicates the following information:

  At 4/30 At 5/31
Deposit in transit $800   $1,150  
Outstanding checks 750   2,140  

 

The bank amounts are determined to be correct.

Required:

Question Content Area

1.  Prepare a bank reconciliation for May.

Dixon ProductsBank Reconciliation ScheduleMay 31
Cash balance from bank statement   $fill in the blank d0c52ff9c02b042_1
 
   - Select -
 
   - Select -
Adjusted cash balance   $fill in the blank d0c52ff9c02b042_6
Cash balance from company records   $fill in the blank d0c52ff9c02b042_7
Less:    
 
 $- Select -  
 
 - Select - - Select -
Adjusted cash balance   $fill in the blank d0c52ff9c02b042_13
 

Question Content Area

2.  Prepare the adjusting entries made by Dixon as a result of the reconciliation process. If an amount box does not require an entry, leave it blank.

May 31
 
 - Select - - Select -
 
 
 - Select - - Select -
  (Record bank service charge)    
May 31
 
 - Select - - Select -
 
 
 - Select - - Select -
  (Record NSF check)    
 

Question Content Area

3.  What amount is reported for cash on the balance sheet at May 31?
$fill in the blank 3e17c3f8900cfca_1

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