Bank Reconciliation The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $ 27,770 Balance per company records 23,170 Bank service charges 130 Deposit in transit 4,090 NSF check 1,510 Outstanding checks 10,330 a. What is the adjusted balance on the bank reconciliation? Feedback Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry.

Bank Reconciliation The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $ 27,770 Balance per company records 23,170 Bank service charges 130 Deposit in transit 4,090 NSF check 1,510 Outstanding checks 10,330 a. What is the adjusted balance on the bank reconciliation? Feedback Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry.

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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Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
journalize any necessary entries for photo op based on bank recon
Based on the following information, prepare a bank reconciliation to determine the adjusted (corrected) balance: (Input each amount as a positive value.) Bank balance $ 776 Account fees $ 27 Checkbook balance $ 732 ATM withdrawals $ 116 Outstanding checks $ 148 Deposit in transit $ 69 Direct deposits $ 98 Interest earned $ 10
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 reconcjliation Instructions Chart of Accounts First Question Journal Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $17,350 Balance pir company records 10,035 Bank service charges 35 Deposit in transit 3,350 Note collected by bank with $190 interest 4,600 Outstanding checks 6,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wordina of Check My Work
Bank reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $21,570. 2. Cash balance according to the bank statement at August 31, $22,760. 3. Checks outstanding, $4,380. 4. Deposit in transit not recorded by bank, $3,520. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Line Item Description Cash balance according to bank statement Amount Adjusted balance Cash balance according to company's records $ Adjusted balance b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)?
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Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30:1. Balance per Cash account, June 30, $15,875.55.2. Balance per bank statement, June 30, $16,425.56.3. Deposits not reflected on bank statement, $1,631.25.4. Outstanding checks, June 30, $2,836.01.5. Service charge on bank statement not recorded in books, $24.75.6. Error by bank—Yertel Company check charged on Young Company’s bank statement, $1,237.50.7. Check for advertising expense, $562.50, incorrectly recorded in books as $1,170.00.
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Bradford Company: Balance per bank $ 17,400 Balance per company records 8,195 Bank service charges Deposit in transit Note collected by bank with $130 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 45 3,100 4,900 7,450 b. Journalize any necessary entries for Bradford Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
Using the following information: Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35 and using the following accounts/items: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks you are to prepare a bank reconciliation: Bank Balance [ Select ] Book Balance [ Select] Add items: Add items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] Less items: Less items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select] [ Select ] Adjusted Bank Bal. [ Select ] Adjusted Book Bal. [ Select ] PLEASE NOTE: For the above reconciliation, if no dollar amount is needed, please use "$0" or if no item is needed, please use "None" - no quotation marks. You must enter the account and item names exactly as written above and all dollar amounts will be with "$" and commas…