General Accounting Bourne Enterprises reports a cash balance at the end of the month of $3,250.A comparison of the company's cash records with the monthly bankstatement reveals several additional cash transactions:Bank service fees: $75NSF check from a customer: $220A customer's note receivable collected by the bank: $1,500Interest earned: $25Required:Calculate the reconciled company balance for cash.

Step 1: Identify the Given ValuesStep 2: Subtract the DeductionsStep 3: Add the Collections and…

Answered: Bourne Enterprises reports a cash…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 7E

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Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Bourne Incorporated reports a cash balance at the end of the month of $2,170. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($67), an NSF check from a customer ($170), a customer's note receivable collected by the bank ($1,100), and interest earned ($17). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the amounts that increase cash. Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general journal
Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash.
Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2 Service Fee Expense selected answer correct 85 selected answer correct Notes receivable incorrect answer please help me finish the problem i keep getting stuck. Its not -85 for credit and its not -35 so what is it
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Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Please do journal enteries
A company's general ledger shows a cash balance of $4,590. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,810, bank service fees of $170, and interest earned of $24. Required: Calculate the reconciled company's cash balance. Cash balance
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Damon Company receives its monthly bank statement, which reports a balance of $2,000. After comparing this to the company’s cash records, Damon’s accountants determine that deposits outstanding total $4,200 and checks outstanding total $4,450.Required:Calculate the reconciled bank balance for cash.

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