The accountant of ABC Company is preparing a bank reconciliation statement for themonth of October. The bank statement shows a balance of $9,719 while the ledger balanceis $7,261. He compiles the following information:DescriptionCheck #3119 recorded at $1,830Amount$1,380abNSF checks$500EFT for insurance deducted$336dEFT for rent collected$775Service charge deductedOutstanding checksDeposit in transitNotes collected by banke$15f$4,036|g$3,402h$1,450Compute the adjusted bank balance for the month of October.а. $10,520b. $9,070с. $9,085d. $8,749

Answered: Compute the adjusted bank balance for…

Business

Accounting

Compute the adjusted bank balance for the month of October. а. $10,520 b. $9,070 с. $9,085 d. $8,749

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: bank statement Date Check No. Debits Credits Balance Nov. 1 10,000.00 Nov. 4 339 34,000.00 44,000.00…

A: Bank Reconciliation Statement (BRS) BRS is a report or a statement made with the motive to match the…

Q: Venturi Office Supplies received a bank statement showing a balance of $73,047 as of March 31, 20X1.…

A: Bank Reconciliation is prepared to match the cash balance per book to the cash balance per bank. Any…

Q: The checkbook balance is $19,250.17. The total fees or chargers deductive by the bank is $28 and 50…

A: The checkbook shows the balance in the bank statement as per the books of the bank. This includes…

Q: Dine-Corp International publishes ratings and reviews of the world's finest restaurants. Following…

A: 1. Balance per company records at end of the month $72,644.12 Less: Bank service…

Q: The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized…

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

Q: The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT…

A: Bank Reconciliation statement Bank Reconciliation Statement is the statement which is prepared to…

Q: Problem 2-6 (IAA) January: Virgo Company provided the following data for the month of Balance per…

A: Note: We’ll answer the first question since Problem 2-6 (IAA) is highlighted so I solved this…

Q: The amount reported as “cash on hand” as of June 30 should be a. $105,000 b. $55,000 c. $75,000…

A: Cash on Hand Cash on hand is considered to be one of the important thing for the organisation to…

Q: Prepare the journal entry to reconcile the bank statement.

A: Prepare a bank reconciliation statement.

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: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31…

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

Q: Required information Exercise 6-10A (Algo) Adjusting the cash account LO 6-3 [The following…

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

Q: Q. 14 A check register shows a balance of $391.63 before adding a deposit of $12.33 and writing…

A: The amount of money that a business has on hand or in its bank account at any given time is referred…

Q: XYZ Company's Checking account has a balance of $500 on its bank statement as of July 1, The bank…

A: Checking account debit balance means balance lying in bank statement and credit balance means amount…

Q: You are given the following account summary: Time Balance Deposit Withdrawal 1,000 1,020 1.110…

A: Following is the answer to the given question

Q: Cardinal Company's bank howed a ba 31, what balance should Cardinal's Cash account show? $276.640…

A: The bank reconciliation statement is prepared to adjust the bank balance and book balance for…

Q: The following information relates to Sunland Limited's Cash account. The reconciled cash balance…

A: Journal entries refer to posting of the transactions into the day book or accounts of company and it…

Q: EX 8-18 Bank reconciliation OBJ. S V Adjusted balance: The following data were accumulated for use…

A: Introduction: Bank Reconciliation statement: At every month end to reconcile the differences between…

Q: D a. The EFT credit was a receipt of rent. The EFT debit was an insurance payment. b. The NSF check…

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

Q: 24. $ The total amount of subtractions from the company cash account during the reconciliation (DO…

A: Bank reconciliation statement is prepared to adjust for the differences between bank balance and the…

Q: Which of the following would NOT be considered a cash equivalent? OA. Foreign currency B. Money…

A: Step 1 Cash Equivalent Cash equivalents are assets-based short-term investment securities with a…

Q: The cash account for Stone Systems at July 31 indicated a balance of $17,750. The bank statement…

A: A bank reconciliation statement is prepared by the company in order to match the balances of the…

Q: From the data below for Wong Company, prepare the closing entries for the year ended December 31.…

A: Date Account title and explanation Debit $ credit $ Dec-31 Sales $ 982,600 Interest revenue…

Q: Using the information below, prepare the Bank Reconciliation for the month of August. Be sure to…

A: A)

Q: Cash and accounts receivable for Adams Company are as follows: Prior Current Year Year Cash $41,208…

A: Dollar change in Cash = Current Year Cash - Prior Year Cash Dollar change in Accounts Receivable =…

Q: a) Prepare an adjusted cash book for the month b) Prepare a bank reconciliation statement.

A: First we will find out the adjusted cash book balance and on the basis of that will prepare the BRS.

Q: answer please

A: Bank reconciliation statement: Bank statement is prepared by the bank. The company maintains its own…

Q: n sales of RM955.20 on December, 21 were deposited in the bank. The cas ipts journal entry and the…

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

Q: PREPARE BRS? Bank Balance = $4,487 Book Balance = S$5,899 Interest income = $35 %3D Deposit in…

A: Introduction: Bank reconciliation statement: To Reconcile between the cash and pass book balances…

Q: View Policies Current Attempt in Progress Ivanhoe Spa shows a general ledger balance for the Cash…

A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…

Q: help with this question please provide correct option

A: Step 1: Define Bank Reconciliation:Bank reconciliation is a schedule that prepares by the company to…

Q: cash balance shown in the check register.

A: A check register is a personal accounting tool used to record and track financial transactions. It…

Q: Q.2 ABC Co. reports the following information concerning cash balances and cash trausactions for the…

A: Bank Reconciliation Statement A bank reconciliation statement is a statement prepared by the…

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: - Interest earned on the bank balance: $30 Required: (a) Prepare a bank reconciliation for the month…

A: Bank reconciliation Statement compares Cash book balance of the company with its Bank Statement.

Q: Find the current balance for the account. Balance from Bank Statement Outstanding Checks Deposits…

A: Outstanding checks are the checks that has, been sent by the business but not yet cleared. Deposits…

Q: Need answer the questions

A: Step 1: Introduction to the Bank ReconciliationBank reconciliation is a schedule that prepares by…

Q: a. Cash on the books as of June 30, 2022 amounted to $4,098.00. Cash on the bank statement for the…

A: A Bank Reconciliation statement is a statement prepared to provide a reconciliation between the…

Q: QUESTION 1 The summary of the bank column in the cash book of APINO Ltd. for the month ended…

A: Answer 1: 1. An adjusted cash book showing the revised balance which should appear in the books…

Q: November 1, 2018, Payroll.com, an Internet company, has a $10,481.88 checkbook balance. Record the…

A: Check Stubs No.190 Date November 8, 2018 To: Staples For: Office Supplies…

Q: B. 772,150 C. 779,650

A: Adjusted cash balance refers to the physical document which reflects the details about the desired…

Question

100%

The accountant of ABC Company is preparing a bank reconciliation statement for the
month of October. The bank statement shows a balance of $9,719 while the ledger balance
is $7,261. He compiles the following information:
Description
Check #3119 recorded at $1,830
Amount
$1,380
a
b
NSF checks
$500
EFT for insurance deducted
$336
d
EFT for rent collected
$775
Service charge deducted
Outstanding checks
Deposit in transit
Notes collected by bank
e
$15
f
$4,036|
g
$3,402
h
$1,450
Compute the adjusted bank balance for the month of October.
а. $10,520
b. $9,070
с. $9,085
d. $8,749

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 1 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

Given the following April data per bank: 3/31 balance $100 April receipts $40 April disbursements $30 4/30 balance $110 Reconciling Items: 1. 4/30 Deposit in transit $7 2. 3/31 Outstanding checks $4 3. 3/31 Collection by bank $2 April Receipts per books were: Select one: a. $39 b. $49 c. $35 d. $45 e. $31
47 )
16. Ludwig Company showed the following current assets as year-end: Cash 3,200,000 Accounts Receivable 2,500,000 Inventory 2,000.000 Total Current Assets Z000.000 Cash on hand, including customer postdated check P100,000 and 10U P50,000 500,000 Cash in bank per bank statement (outstanding Check at year-end P200,000) 2.000.000 3,200,000 Total cash What total amount should be reported as current assets? a. 7,700,000 b. 7,450,000 c. 7,400,000 d. 7,500,000
Question Content Area Using the following information: The bank statement balance is $5,065. The cash account balance is $5,459. Outstanding checks amounted to $866. Deposits in transit are $1,191. The bank service charge is $60. A check for $34 for supplies was recorded as $25 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
Question 25 December 3, you received your bank statement showing a balance of $5,055.06. Your checkbook shows a balance of $5,221.98. Outstanding checks are $934.22, $1,579.99, and $1,112.45. The account earned interest of $146.05. Deposits in transit amount to $3,931.63, and there is a service charge of $8.00. Calculate the reconciled balance. Use the following format on a separate sheet of paper to calculate the adjusted checkbook balance and adjusted statement balance. Respond with the adjusted amount only. There is no need to provide the reconciliation on the assignment or space provided. CHECKBOOK BALANCE Add: Interest Earned & Other Credits SUBTOTAL Deduct: Services Charges & Other Debits ADJUSTED CHECKBOOK BALANCE STATEMENT BALANCE Add: Deposits in Transit SUBTOTAL Deduct Outstanding Checks ADJUSTED STATEMENT BALANCE
40 - Enterprise A has paid the check with a nominal value of 25.000 TL, which it previously drew (arranged) from the bank account. Accordingly; Which of the following statements is correct?A) Other liquid assets account is creditedB) Checks issued and payment orders account debitedC) Cash account is creditedD) Banks account is debited E) The checks received account is debited
Exam 3 (Chapters 5-6) 28 Book The following information is available for Birch Company at December 31 Cash in registers Investment naturing in 9 years Accounts receivable Cash in bank account Accounts payable Cash in petty cash fundi Inventory of postage stamps U.S. Treasury bill maturing in 15 days Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of Multiple Choice O $40.606 $43.091 $38,061 $39,066 $54,261 $ 2,910 $ 16,200 $ 1,775 $ 23,631 $ 770 $ 320 $ 30 $ 11,200
Using the information from given question, what is the reconciled balance on Hapley’s November 30 bank reconciliation?
Given the following information, determine the adjusted cash balance per books from the following information: a. Balance per books as of June 30, $8,600. b. Outstanding checks, $820. с NSF check returned with bank statement, $130. d. Deposit mailed the afternoon of June 30, $300. e Check printing charges, $30. Interest earned on checking account, $12. Adjusted cash balance per books $
Requlred Informetion [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 ৪9, 938 88,970 88,470 88,520 88,370 Date Other Dec. 1 $ 7,620 558 $28, 000 13,900 11 17 23 36, e00 26 960 30 NSF* $300 50 19, 200 19, e00 31 Interest earned 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, e00 Deposits Dec. 11 23 Checks written during December: 7,620 28, 800 36, ee0 19,e00 13,e00 550 30 13,900 960 31 150 19,200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. Requlred: 1. Identify and list the deposits in transit at the end of December. (Select all that apply.) $28,000 $36,000 $19,000 $13,000 2. [dentify and list the outstanding checks at the end of December (Select all that apply.) $7,620 $550 $13,900 $880 $150 $19,200 $4,500 OOUI
mn.3