Carson's Bakery had a balance in the cash account of $18,000 per the company books on October31. The company completed a bank reconciliation for October and the following information wasprovided.$20Bank feesDeposits intransitEFTSBank interestincomeOutstandingchecksWire transferdeposit$500$75$10$225$2,500After reconciliation the company cash account should show a balance of:Cash account type your answer..

Carson's Bakery had a balance in the cash account of $18,000 per the company books on October 31. The company completed a bank reconciliation for October and the following information was provided. Bank fees Deposits in transit EFTS Bank interest income Outstanding |checks Wire transfer deposit $20 $500 $75 $10 $225 $2,500 After reconciliation the company cash account should show a balance of: Cash account type your answer...

Carson's Bakery had a balance in the cash account of $18,000 per the company books on October 31. The company completed a bank reconciliation for October and the following information was provided. Bank fees Deposits in transit EFTS Bank interest income Outstanding |checks Wire transfer deposit $20 $500 $75 $10 $225 $2,500 After reconciliation the company cash account should show a balance of: Cash account type your answer...

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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The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
Using the following information: The bank statement balance is $5,175. The cash account balance is $5,503. Outstanding checks amounted to $712. Deposits in transit are $998. The bank service charge is $33. A check for $76 for supplies was recorded as $67 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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Mazaya Company gathered the following reconciling information in preparing its November bank reconciliation: Cash balance per books (11/30) R.O.4,400; Deposits in transit R.O. 6oo; Notes receivable and interest collected by bank R.O. 1,400; Bank charge for check printing
The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $23,300. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance # 301 #302 #303 # 304 Checks $ 12,000 8,000 600 23,300 9,000 11,000 8,000 Required: 1. Prepare a bank reconciliation for May. Cash (A) 22,800 BANK STATEMENT Deposits $9,000 5,600 11,000 12,000 8,000 600 5,600 2,300 Interest earned. NSF check Service charge Credit # 301 May 2 #302 May 4 Other # 303 May 11 # 304 May 23 # 305 May 29 $ 220 380 110 Balance $ 23 300 32,300 20,300 12,300 23,300 22,700 22,920 22,540 16,940 16,830 16,830
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Abdulla Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on July 31, 2018, its Cash account shows an $25,000 debit balance. Abdulla Company’s July 31 bank statement shows $21,646 on deposit in the bank. Prepare a bank reconciliation for Abdulla Company using the following information: a)The July 31 bank statement included a $90 debit memorandum for bank services. b)Check No. 123, listed with the canceled checks, was correctly drawn for $1,437 in payment of a utility bill on July 15. Abdulla Company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $1,473. c)In reviewing the bank statement, a $2,200 check written by Ayesha Company was mistakenly drawn against Abdulla’s account.