Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30: 1 Balance per Cash account, June 30. 2 Balance per bank statement, June 30. 3 Deposits not reflected on bank statement. 4 Outstanding checks, June 30. 5 Service charge on bank statement not recorded in books. 6 Error by bank-Yertel Company check charged on Young Company's bank statement. 7 Check for advertising expense incorrectly recorded in books as Ending Balance from bank statement Add: Deposits not credited by bank Add Bank error- Yertal Company check Note: Do not round answers-enter using two decimal places, when needed. YOUNG COMPANY Bank Reconciliation June 30 0x Balance from general ledger 0 Add: Check recort 0 charged against Young Company's account Less: Outstanding checks Reconciled cash balance. ✔ $7,039.80 $7,300.25 $950 $1,260.45 $35 4 $375 $260 $620 0x x Less: Service charge 0x Reconciled cash balance. Ox 0x ✔ 4 0x ox 0x ON

Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30: 1 Balance per Cash account, June 30. 2 Balance per bank statement, June 30. 3 Deposits not reflected on bank statement. 4 Outstanding checks, June 30. 5 Service charge on bank statement not recorded in books. 6 Error by bank-Yertel Company check charged on Young Company's bank statement. 7 Check for advertising expense incorrectly recorded in books as Ending Balance from bank statement Add: Deposits not credited by bank Add Bank error- Yertal Company check Note: Do not round answers-enter using two decimal places, when needed. YOUNG COMPANY Bank Reconciliation June 30 0x Balance from general ledger 0 Add: Check recort 0 charged against Young Company's account Less: Outstanding checks Reconciled cash balance. ✔ $7,039.80 $7,300.25 $950 $1,260.45 $35 4 $375 $260 $620 0x x Less: Service charge 0x Reconciled cash balance. Ox 0x ✔ 4 0x ox 0x ON

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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In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Erroneous charge (deduction) made by bank Outstanding checks Collection from customer by bank The 8/31 unadjusted cash balance per books is: Select one: a. $19,250 b. $18,550 c. $18,050 d. $19,050 e. $17,850 $ 18,050 3,250 100 2,750 600
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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.…
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…
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.
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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 Use the following information to prepare a bank reconciliation for Young Company at June 30: 1 Balance per Cash account, June 30. $9172.542 Balance per bank statement, June 30. $9490.333 Deposits not reflected on bank statement. $942.504 Outstanding checks, June 30. $1,638.595 Service charge on bank statement not recorded in books. $14.306 Error by bank-Yertel Company check charged on Young Companys bank statement. $7157 Check for advertising expense $325incorrectly recorded in books as $676
Bank Reconciliation Garrison Corporation was closing its books on May 31. Garrison's accountant prepared a bank reconcillation as of May 31 and has found the following possible reconciling items between its book balance and its cash balance per the bank: Garrison's book balance Outstanding checks Customer's NSF check returned by the bank Interest earned on checking account In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer's check: the amount was recorded in cash receipts as $350; the bank recorded the amount correctly as $530. Required: What amount will Garrison report as its adjusted cash balance at May 31? $15,870 960 190 120
Please solve both the questions with a detailed explanation.
Entries based on bank reconciliation Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item 1. Bank service charges, $50. 2. Check of a customer returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000. 5. Deposit in transit, $4,250. 6. Outstanding checks, $5,420. 7. Note collected by bank, $5,300. Entry Required