Compute for adjusted balance per book and per bank. Case 1: Use the following information to compute for the adjusted cash balance as of end of August 2018. Balance per bank statement, 8/30/2018 Outstanding checks 8/30/2018 NSF check returned 8/30/2018 P60,280 10,400 900 Deposit in transit 8/30/2018 Service charge for April 8,000 40

Compute for adjusted balance per book and per bank. Case 1: Use the following information to compute for the adjusted cash balance as of end of August 2018. Balance per bank statement, 8/30/2018 Outstanding checks 8/30/2018 NSF check returned 8/30/2018 P60,280 10,400 900 Deposit in transit 8/30/2018 Service charge for April 8,000 40

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Prepare a bank reconciliation using good format. b. Prepare any necessary adjusting journal entries…

A: Sometimes There may be a difference in cash & passbook Balances. Usually Cash & Bank Pass…

Q: The following information was available to reconcile A.C. Forrest Company's book cash…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Harrison Company maintains a checking account at the First National City Bank. The bank provides a…

A: A Bank Reconciliation statement is a statement that provides reconciliation for the difference…

Q: [The following information applies to the questions displayed below.] The December bank statement…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Required information Skip to question [The following information applies to the questions…

A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Q: Question 6 of 8 -/ 40 E Prepare the journal entries to be made by Sheridan Inc. at August 31.…

A: There are two type of cash balances exists in the business books. One is cash balance as per…

Q: Fill out the check register that follows with this information for August 2019: LU 4-1(1) Aug 7…

A: In the given question we are provided with various deposit and payment details of checks. Along…

Q: Bank Statement Cheques/Charges Deposits/Credits 31-Мay Balance 12.192.92 6/1 9.050.00 20.677.92 #884…

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…

Q: Crane Inc.'s bank statement from Western Bank at August 31, 2025, shows the following information.…

A: An outstanding cheque are those cheque which are issued by the payor but still not cashed or…

Q: The checkbook balance is $8,850. The total fees or charges deducted by the bank is $8.15.The…

A: Checkbook statements also contains interest income & service charges of banks along with other…

Q: The following is from Tyrone's bank statement for April: April 1 Beginning Balance.... $ 136.00 3…

A: This statement is prepared to reconcile the balance between books and bank statement . There may be…

Q: The April 30, Current Year, bank statement and the April ledger account for cash showed the…

A: When the bank statement balance and cash account balance do not match due to some differences in the…

Q: Required information [The following information applies to the questions displayed below] As of June…

A: BANK RECONCILIATION STATEMENTA bank reconciliation statement is a financial document that reconciles…

Q: Problem 1: The bank reconciliation statement of Marygold Company as of 30 April 2018 showed an…

A: The bank reconciliation statement is prepared to equate Reconcile (Equate) the balances of cash book…

Q: Given the following information, determine the adjusted cash balance per books. a. Balance per books…

Q: On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a…

A: Bank Reconciliation Statement: It is also called BRS. BRS is prepared to reconcile the cash balance…

Q: Given the information here, what should Jason's adjusted checkbook balance be? Bank balance: $ 600 $…

A: Bank Reconciliation is that which is prepared in every organization. While bank book balance and…

Q: The following information for the month of March is available from Butters Cookies, Inc.'s…

A: Solution a: Butters Cookies Inc. Bank Reconciliation - March 31 Bank's Cash balance Company's…

Q: The cash records and bank statement for the month of July for Eagle Incorporated are shown below.…

A: A bank reconciliation statement is a summary of cash balance as per the bank and as per books that…

Q: At August 31, 2025, Sage Hill Nail Bar has this bank information: cash balance per bank $10,790,…

A: Lets understand the basics.Bank reconciliation statement is prepare to reconcile the balance as per…

Q: Given the following information, determine the adjusted cash balance per books from the following…

A: $7,932Explanation:To determine the adjusted cash balance per books, we need to consider the…

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

Compute for adjusted balance per book and per bank.
Case 1:
Use the following information to compute for the adjusted cash balance as of end of August 2018.
Balance per bank statement, 8/30/2018
Outstanding checks 8/30/2018
NSF check returned 8/30/2018
P60,280
10,400
900
Deposit in transit 8/30/2018
Service charge for April
8,000
40

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

please make it book balance of cash and bank balance of cash clearly
Required information [The following information applies to the questions displayed below.] As of June 30, Year 1, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available: 1. Deposit in transit: $2,400. 2. Credit memo in bank statement for interest earned in June: $30. 3. Outstanding check: $6,690. 4. Debit memo for service charge: $20. b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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
Required: 1.Complete the bank reconciliation at December 31, 2019. 2 . Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions.
The following information is made available while checking the cash accounts of AeronCompany on December 31, 2019:Balance per book 7,100,000Balance in checking account 7,000,000Deposit in transit 1,200,000Outstanding checks 1,500,000Deposit in other bank closed by BSP 1,500,000Currency and coins on hand 600,000Petty cash fund 50,000DAIF checks of customers returned by bank 500,000Error in recording a check in the book. The correct amount as paid bythe bank is P100,000 instead of P200,000 as recorded in the book 100,000The correct cash balance under current assets on December 31, 2019 is_______
The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…
The ending bank statement balance at November 30 is $6,850. The bank statement shows a service charge of $85, electronic funds receipts of $500, and a NSF check for $350. Deposits in transit total $2,350 and outstanding checks are $1,535. The balance per books at November 30 is $7,600. What is the adjusted bank balance at November 30? A. $8,415 B. $6,915 C. $6,850 D. $7,665
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…
What is the cash balance per books at November 30, 2021?
How much is the correct cash balance on December 31, 2020? * Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following bank reconciliation for November 2020: Balance per ledger Bank service charges P2,372,000 (2,000) Adjusted balance P2,370,000 Balance per bank statement P2,100,000 Deposit in transit 300,000 Outstanding checks Adjusted balance (30,000) P2,370,000 Information gathered for December 2020 are as follows: Bank Book Checks recorded 2,300,000 2,360,000 Deposits recorded Collection by bank (P400,000 note plus interest) NSF check returned with Dec. 31 1,620,000 1,800,000 420,000 bank statement 10,000 Service charge 2,000 Balances 1,828,000 1,810,000
Jessie has a cash account per general ledger that shows a balance of $78,659 atOctober 31, 2021. Bank statement from Ocean Paradise Bank on that dateshows the following date shows the following balance. 31 October Amount $88,080 Comparison of checking account details with cash account details reveals factsas follows.1. A note receivable of $13,070 was invoiced by the bank for Jessie on the 14thOctober plus $713 interest and the bank has charged $137 on the billing. No interest has been recognized on these notes.2. Check No. 175 the amount of $5,741 was entered in the cash journal as $5,471and Check No. 189 of $2,040 was entered in the cash journal as$2,400. Both checks have been issued to pay for the purchase of supplies.3. The bank has charged Jessie account. for customer unbilled checks amounting to $789 on October 23. 4. Deposit in progress is $7,388 and outstanding check no. 123 on October 28totaling $5,309.5. There was a canceled check issued by Kenny to Leo for $2,079 that was…