Clayborn Company' bank reconciliation as of May 31 is shown below. Bank balance $15,800 Book balance $17,025 Deposit in transit Bank service fees 5,200 -25 - Outstanding checks -4,600 NSF returned -600 $16,400 $16,400 Adjusted bank balance Adjusted book balance One of the adjusting journal entries that Clayborn must record as a result of the bank reconciliation includes:
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- Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company's records at July 31, $17,410. 2. Cash balance according to the bank statement at July 31, $18,430. 3. Checks outstanding, $3,530. 4. Deposit in transit, not recorded by bank, $2,840. 5. A check for $590 in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 Cash |X Accounts Payable b. July 31 Miscellaneous Expense Feedback Cash Check My Work Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, decrease Cash. If the company made an error that understates cash in the company section, the journal adjustment woulCopeland Company's bank reconciliation as of February 28 is shown below. Bank balance $ 38,943 3,600 + Deposit in transit - Outstanding checks Adjusted bank balance. Book balance Note collection Check printing - 2,380 $ 40,163 Adjusted book balance One of the journal entries that Copeland must record as a result of the bank reconciliation includes: Multiple Choice O Debit Cash $3,600; credit Accounts Receivable $3,600. Debit Cash $875; credit Notes Receivable $875. Debit Miscellaneous Expense $50, credit Accounts Payable $50. Debit Cash $3,600; credit Sales $3,600 $ 39,338 +875 -50 $ 40,163Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation’s cash account showed a balance of $17,198 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,924.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $173.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $951.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March 31: #429 $57.40 #432 $147.50 #433 $214.80 #434 $191.90 A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank state-ment had…
- Using the following information, prepare a bank reconciliation for Young Co. for August 31, 2019, and prepare the journal entries: (a) The bank statement balance is $4,095 (b) The cash account balance is $4,205. (c) Outstanding checks amounted to $517. (d) Deposits in transit are $655. (e) The bank service charge is $45. (f) A check for $84 for supplies was recorded as $48 in the ledger. (g) NSF check for $649.00 (h) EFT collected $715.00 (i) Bank error processed a check for $53 as $35Using the following information, prepare a bank reconciliation. Bank balance: $6,788 Book balance: $6,525 Deposits in transit: $1,688 Outstanding checks: $569 and $1,523 Bank charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) $fill in the blank 1 Add: Deposits in Transit Outstanding Checks Less: - Select - Adjusted Bank Balance $fill in the blank 8 Book Balance at (date) $fill in the blank 9 Add: - Select - Less: - Select - Adjusted Book Balance $fill in the blank 14Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation: Line Item Description Amount Cash balance per company’s records, September 30 $3,019 Deposits in transit 450 Note receivable and interest collected by bank 895 Bank charge for check printing 31 Outstanding checks 1,286 NSF check 169 Determine the adjusted balance that would appear in the company section of the bank reconciliation on September 30. a. $3,047. b. $2,183. c. $2,878. d. $3,714.
- Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $5.750. The bank reconciliation for the month contained the following items: Deposits in transit Outstanding checks Interest earned NSF check returned to bank Bank service charge Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice $4,980. O $5,300. $ 770 495 20 120 20 $5,630.Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. ItemBank BalanceBook BalanceDebit or Credit to Cash AccountShown or Not Shown on Reconciliation1. The company made a month-end accrual for expired insurance coverage. 2. Checks written and mailed to payees on October 2. 3. Night deposit made on September 30 after the bank closed. 4. Checks outstanding on August 31 that cleared the bank in September. 5. Bank service charge for September is not yet recorded by the company. 6. NSF check from a customer is shown on the bank statement but not yet recorded by the company. 7. Bank fees for check printing are not yet recorded by the…
- Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $24,980. Cash balance according to the bank statement at July 31, $26,470. Checks outstanding, $5,070. Deposit in transit, not recorded by bank, $4,070. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $50. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 fill in the blank 2 fill in the blank 4 b. July 31 fill in the blank 6 fill in the blank 8Based on the following information, prepare a bank reconciliation to determine the adjusted (corrected) balance: (Input each amount as a positive value.) Bank balance $ 776 Account fees $ 27 Checkbook balance $ 732 ATM withdrawals $ 116 Outstanding checks $ 148 Deposit in transit $ 69 Direct deposits $ 98 Interest earned $ 10Based on the following bank reconciliation, prepare the journal entries: Ruggero Celini Associates Bank Reconciliation July 31, 20 -- 1 Bank statement balance, July 31 $1,784.00 2 Add deposits in transit $418.50 3 100.50 519.00 4 $2,303.00 5 Deduct outstanding checks: 6 No. 185 $206.50 7 No. 203 317.40 8 No. 210 56.10 580.00 9 Adjusted bank balance $1,723.00 10 11 Book balance, July 31 $1,792.00 12 Add: 13 Error on Check No. 191* $10.00 14 Interest earned 2.00 12.00 15 $1,804.00 16 Deduct: 17 NSF check $66.00 18 Bank service charge 15.00 81.00 19 Adjusted book balance $1,723.00 *Accounts Payable was debited in original entry. Required: Prepare the journal entries.
