Determine the adjusted bank balance Clarity National Bank's financial recordsinclude a beginning cash balance of$142,500. During the period, depositstotaling $18,300 were outstanding, whilechecks amounting to $14,900 were stillunpaid. Additionally, the bank applied aservice charge of $210. Determine theadjusted bank balance based on these figures.

Explanation of Beginning Cash Balance:The beginning cash balance is the amount of money recorded in…

Answered: Clarity National Bank's financial…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 1COMP

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Clarity National Bank's financial records include a beginning cash balance of $142,500. During the period, deposits totaling $18,300 were outstanding, while checks amounting to $14,900 were still unpaid. Additionally, the bank applied a service charge of $210. Determine the adjusted bank balance based on these figures.
Cara TrustBank’s financial records include a beginning cash balance of $128,000. During the period, deposits totaling $15,400 were outstanding, while checks amountingto $12,800 were still unpaid. Additionally, the bank applied a service charge of $180. Determine the adjusted bank balance based on these figures.
Cara Trust Bank's financial records include a beginning cash balance of $128,000. During the period, deposits totaling $15,400 were outstanding, while checks amounting to $12,800 were still unpaid. Additionally, the bank applied a service charge of $180. Determine the adjusted bank balance based on these figures.
Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $19,500. The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,000, outstanding checks of $3,000, an NSF check of $1,700, bank service charges of $80 and the EFT from a customer in payment of the customer's account of $2,500. What is the up-to-date ending Cash balance? Multiple Choice $18,500 O $17,780 $20,500 $22,620
Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $20,400. The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,450, outstanding checks of $3,900, an NSF check of $2,600, bank service charges of $125 and the EFT from a customer in payment of the customer's account of $3,400. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)?
The following information relates to Cullumber Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $24,490. During the month of July, Cullumber recorded cash receipts of $27,680 and cash payments of $31,200 in the general ledger Cash account. An examination of the company's July bank statement shows a balance of $24, 446 on July 31; outstanding cheques $4, 580; deposits in transit $1,880; EFT collections on account that were not yet recorded on the books $2,700; NSF cheque NSF fee $64; and bank service charges $120. Determine the cash balance per Cullumber Limited's books. Cash balance Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) CULLUMBER LIMITED Bank Reconciliation July 31
On July 31, 2020, Concord Company had a cash balance per books of $6,043.75. The statement from Dakota State Bank on that date showed a balance of $7,738.05. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. The bank service charge for July was $25. The bank collected $1,680 for Keeds Company through electronic funds transfer. The July 31 receipts of $1,225.50 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $361 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $316. Checks outstanding on July 31 totaled $1,888.80. On July 31, the bank statement showed an NSF charge of $579 for a check received by the company from W. Krueger, a customer, on account.
A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. This item would be included in the bank reconciliation as a(n) a. addition to the balance per the bank statement b. deduction from the balance per the bank statement c. addition to the balance per the company's records d. deduction from the balance per the company's records
On July 31, 2020, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $25. 2. The bank collected $1,520 for Keeds Company through electronic funds transfer. 3. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $384 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $348. 5. Checks outstanding on July 31 totaled $1,860.10. 6. On July 31, the bank statement showed an NSF charge of $575 for a check received by the company from W. Krueger, a customer, on account. Instructions a. Prepare the bank reconciliation as of July 31. b. Prepare the necessary adjusting entries at…
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
Sprite Company's unadjusted bank balance on March 31 is $6,490. The bank reconciliation revealed outstanding checks amounting to $940 and deposits in transit of $640. Based on this information, Sprite's true cash balance is _.
Aqua Company prepared the following bank reconciliation on June 30. Balance per bank Deposit in transit Outstanding checks Balance per book There were total deposits of P6,500,000 and charges for disbursements of P9,000,000 for July per bank statement. All reconciliation items on June 30 cleared the bank on July 31. Deposit in transit totaled P600,000 and checks outstanding amounted to P1,000,000 on July 31. What is the amount of cash disbursements per book in July? 9,800,000 400,000 (1,400,000) 8,800,000

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