Calculatorchapter 8eBookThe following June 30 bank reconciliation was prepared for Poway Co.Poway Co.Bank ReconciliationFor the Month Ended June 30$16,185Cash balance according to bank statementAdd outstanding checks:$575No. 106747011061.05011109103,0051113$19,1906,600Deduct deposit of June 30, not recorded by bank512,590Adjusted balance$8,985Cash balance according to company's recordsAddı Proceeds of note collected by bankiPrincipal$6,000Interest300$6,300Service charges156,315$15.30006855,400Deduct: Check returned because of Insufficient fundsError in recording June 17 deposit of S7.150 as 31,7506,290s 9,010Adjusted belancea. Identfy the errors in the above bank reconci lation.Check My WorkAssignment Score: 45.08%Type here to search

The statement of Bank reconciliation is a report that matches the money balance on an organization's…

Answered: Calculator chapter 8 eBook The…

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 Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $11,100 Add: Outstanding checks $3,585 Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590 360 Note for $12,000 collected by bank, including interest 12,480 16,425 $27,525 Deduct: Deposit in transit on August 31 $7,200 Bank service charges 25 7,225 Cash balance according to bank statement $20,300 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Exhibit 12. Chesner Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance
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Problem 6-18A (Algo) Preparing a bank reconciliation LO 6-3 Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August Year 1: As of August 31, the bank statement shows a balance of $12,985. The August 31 unadjusted balance in the Cash account of Hall's Cards is $8,491. A review of the bank statement revealed the following information: 1. A deposit of $1,190 on August 31, Year 1, does not appear on the August bank statement. 2. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $2,805 but was recorded on the books as $3,705. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,810 were found to be outstanding. 4. A debit memo for $26 was included in the bank statement for the purchase of a new supply of checks. Required: Prepare a bank reconciliation at the end of August showing the true cash balance. Note: Negative amounts…
Bank reconciliation and entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours.The data required to reconcile the bank statement as of July 31, 20Y0, have been taken from various documents and records and are reproduced as follows.The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of July 1 $9,578.00 CASH RECEIPTS FOR MONTH OF JULY 6,465.42 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Date Amount Date Amount Date Amount July 2 $569.50 July 12 $580.70 July 23 $713.45 5 701.80 16 600.10 26 601.50 9 819.24 19 701.26 31 1,777.87 CHECKS WRITTEN: Number and amount of each check issued in July: BANK RECONCILIATION FOR PRECEDING MONTH: Sunshine Interiors Bank Reconciliation June 30,20Y0 Cash balance according to bank statement $9,422.80…
Question Content Area Bank Reconciliation and Entries The cash account for Norwegian Medical Co. at April 30 indicated a balance of $12,480. The bank statement indicated a balance of $14,430 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $5,190. A deposit of $5,410, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,810 on a $2,670 note, including interest of $140. A check for $550 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $500. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. A check drawn for $60 had been erroneously charged by the bank as $600. Bank service charges for April amounted to $50.
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QUESTION 12 Brown Company's bank statement for September 30 showed: 6 poinis Bank statement balance Book balance of cash $2.790 $3.724 The following information was also available as of September 30: a. A customer's check for $150 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $10 processing fee. b. The September 30 cash receipts, $3,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. C. Outstanding checks amounted to $2,190. d. A check for rent expense was written for $326 but by mistake was recorded in the accounting records as $362. Required: Prepare bank reconciliation as of September 30.
QUESTION 9 The Gatedown Company's bank statement has an ending cash balance of $14,110.00. The cash account in the general ledger has a balance of $12,477.00. Based on the following reconciling items, prepare a bank reconciliation. a) Bank service charge of $20.00 b) Deposit in transit $3,190.00 c) A check was returned NSF $645.00 d) Outstanding check $688.00 e) Note collected by the bank, credit memoranda, $4,800.00 What is the total of subtractions to arrive at the book balance? A) 645.00 B) 555.00
18 The May 31 balance per bank statement was $12,400. The cash balance per books was $17,000. Outstanding checks amounted to $1,700, and deposits in transit were $4,800. The bank statement contained an NSF check for $1,100, a service charge for $50, and a debit memo for direct payment of the telephone bill of $350. Required: a. Prepare a bank reconciliation to determine the true cash balance at May 31. b. Indicate how each of the required adjusting entries impact the financial statements. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate how each of the required adjusting entries impact the financial statements. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Outstanding checks Horizontal Statements Model Balance Sheet Income Statement Item Assets Liabilities Cash Accounts Receivables Stockholders' Equity Revenue Expenses Net Income Statement of Cash Flows (1.700)…
Required information [The following information applies to the questions displayed below.] The August, current year, bank statement for Allison Company and the August, current year, ledger account for cash follow: Date August 1 2 3 4 5 9 10 15 21 24 25 30 30 31 BANK STATEMENT Checks and EFTS $380 435 280 785 205 EFT 265 $20,100 850 EFT 115 + *$2,800 interest collected. *Bank service charge. Debit August 1 Balance Deposits August 2 12 24 31 Deposits $12,100 4,200 6,650 2,800* 16,615 12,100 4,200 6,650 5.400 Balance $17,710 17,330 29,430 28,995 28,715 27,930 27,725 31,925 31,660 11,560 18,210 17,360 20,160 20,045 Cash (A) Credit Checks written and electronic funds transfers August 2 4 15 17 18 EFT 205 785 230 410 EFT 850

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