Checkbook balance: $1,792.50Bank statement balance:$972.00Checks outstanding (checks writtenwhich have not yet been cashed):Check No. 455 $50.00Check No. 477 $88.00Check No. 479 $125.00Deposits outstanding (deposits madebut not yet recorded by the bank):$550.003/33/4 $525.50Bank service charge: $12.00Interest earned on your account: $4.00You have recorded all deposits in your checkbook.RECONCILIATION FORM$Balance frombank statementAdd outstandingdepositsTotal outstandingdepositsSubtotalDeductoutstandingchecksTotal outstandingchecksAdjusted bankbalance$Balance fromcheckbook$Add deposits not $$ recorded$ Total deposits not |$|recorded$Subtotal$$ Deduct bank fees I$I$Balance less fees $Add interestearned$ Adjustedcheckbookbalance$IS

Bank reconciliation refers to the procedure in accounting where the firms matches their bank…

Checkbook balance: $1,792.50 Bank statement balance: $972.00 Checks outstanding (checks written which have not yet been cashed): Check No. 455 $50.00 Check No. 477 $88.00 Check No. 479 $125.00 Deposits outstanding (deposits made

Checkbook balance: $1,792.50 Bank statement balance: $972.00 Checks outstanding (checks written which have not yet been cashed): Check No. 455 $50.00 Check No. 477 $88.00 Check No. 479 $125.00 Deposits outstanding (deposits made

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Checkbook balance: $1,792.50
Bank statement balance:
$972.00
Checks outstanding (checks written
which have not yet been cashed):
Check No. 455 $50.00
Check No. 477 $88.00
Check No. 479 $125.00
Deposits outstanding (deposits made
but not yet recorded by the bank):
$550.00
3/3
3/4 $525.50
Bank service charge: $12.00
Interest earned on your account: $4.00
You have recorded all deposits in your checkbook.
RECONCILIATION FORM
$
Balance from
bank statement
Add outstanding
deposits
Total outstanding
deposits
Subtotal
Deduct
outstanding
checks
Total outstanding
checks
Adjusted bank
balance
$Balance from
checkbook
$Add deposits not $
$ recorded
$ Total deposits not |$|
recorded
$Subtotal
$
$ Deduct bank fees I$I
$Balance less fees $
Add interest
earned
$ Adjusted
checkbook
balance
$
IS

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BRS 1. Cash balance according to the company's records at August 31, $17,100. 2. Cash balance according to the bank statement at August 31, $18,090. 3. Checks outstanding, $3,470. 4. Deposit in transit, not recorded by bank, $2,790. 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, $50.
Given the information here, what should Jason's adjusted checkbook balance be? Bank balance: $ 600 $ 260 $ Outstanding checks: Deposit in transit: ATM fees: Interest earned: Checkbook balance: Select one: a. $300 X b. $171 c. $113 d. $242 e. $440 100 $50 $ 10 $ 480
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Hills Company's June 30 bank statement and the June ledger account for cash BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance E5-5 (Static) Part 1 $ 19,100 Cash (A) 6,800 19,000 6,400 Deposits $ 18,000 Credit 19,400 Checks written Other $ 30 June Balance $ 7,200 25,200 6,100 6,070 6,070 Required: 1. Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June
Checkbook balance:$1,792.50 Bank statement balance: $972.00 Checks outstanding (checks written which have not yet been cashed): Check No. 455 $50.00 Check No. 477 $88.00 Check No. 479$125.00 Deposits outstanding (deposits made but not yet recorded by the bank): 3/3$550.00 3/4$525.50 Bank service charge:$12.00 Interest earned on your account:$4.00 You have recorded all deposits in your checkbook. RECONCILIATION FORM Balance from bank statement $ Balance from checkbook $ Add outstanding deposits $ $ Add deposits not recorded $ Total outstanding deposits $ Total deposits not recorded $ Subtotal $ Subtotal $ Deduct outstanding checks $ $ $ Deduct bank fees $ Total outstanding checks $ Balance less fees $ Add interest earned $ Adjusted bank balance $ Adjusted checkbook balance $
Adjusted cash balance?
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Long Branch Company's Cash account shows an ending balance of $650. The bank statement shows a $12 service charge and an NSF check for $200. A $270 deposit is in transit, and outstanding checks total $450. What is Long Branch's adjusted cash balance? A. $438 B. $470 OC. $258 D. $862 OOO
Please provide correct solution
Balance, December 31, 2018 $3,340 ADD: Deposit in transit 100 3,440 LESS: Outstanding checks $400 400 Adjusted bank balance, December 31, 2018 $3,040 Book: Balance, December 31, 2018 $2,540 ADD: Bank collection $510 Interest revenue 20 530 3,070 LESS: Service charge $30 30 Adjusted book balance, December 31, 2018 $3,040
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,046 Deposits in transit: $320 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,500; interest: $35 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance