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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Bank reconciliation: Current book balance: $19,250 Balance per bank statement: $15,000 Outstanding checks: $2,000 Bank fees: $250 Deposits in transit: $6,000 What is the reconciled cash amount?
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Using the folowing information, prepare a bank reconciliation. • Bank balance: $4,687 • Book balance: $5,690 • Deposits in transit: $1,546 • Outstanding checks: $956 • Interest income: $53 • NSF check: $466
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
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
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Using the following information, prepare a bank reconciliation. • Bank balance: $4,687 • Book balance: $5,690 • Deposits in transit: $1,546 • Outstanding checks: $956 • Interest income: $53 • NSF check: $466 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
Balance per bank.. .$14,500 Balance per company records.... .13,875 Bank service charges. 75 Deposit in transit.. .3,750 NSF check... 800 Outstanding checks... 5,250 What is the adjusted balance on the bank reconciliation?
.
Using the following information: Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35 and using the following accounts/items: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks you are to prepare a bank reconciliation: Bank Balance [ Select ] Book Balance [ Select] Add items: Add items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] Less items: Less items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select] [ Select ] Adjusted Bank Bal. [ Select ] Adjusted Book Bal. [ Select ] PLEASE NOTE: For the above reconciliation, if no dollar amount is needed, please use "$0" or if no item is needed, please use "None" - no quotation marks. You must enter the account and item names exactly as written above and all dollar amounts will be with "$" and commas…