Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, Is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285

Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month of operations. The bank statement, dated January 31, 2021, Is below: First City Bank Cumberland City January 31, 2021 Beginning Balance, January 31 Deposits and other credits Jan. 2 $ 50,000 500 10 15 6,000 750 20 25 26 3,500 250 EFT CC Youth Center 31 Interest Revenue 25 61,025 Checks and other debits Ck# 100 250 2,000 5,000 1,000 4,000 750 Ck# 103 Ck# 102 Ck# 105 Ck# 106 Ck# 104 EFT to CC Utilities? Bank service charge Ending balance, January 31, 2021 500 50 13,550 $47.475 35706285

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: A fee the bank charges for maintaining bank records and processing bank statement items for the…

A: The question is asking to identify the term used for the fee that a bank charges for maintaining…

Q: The following is the description of cash disbursements system of Two Symbols Limited: Upon receipt…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following items on a cash reconciliation would require a journal entry by the company?…

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

Q: How would the following be handled on the bank reconciliation? Added? Subtracted? Ledger side or…

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

Q: Consider the following information items as you respond to the question: i. Customer master file…

A: The five basic elements of AIS system are: 1. Output 2. Input 3. Storage 4. Internal control 5.…

Q: The predetermined overhead rate (budgeted overhead rate) is ordinarily developed at the end of the…

A: The above statement is False

Q: describe the internal control weekness in Two symbols cash disbursement system and discuss the risk…

A: Internal Control Weakness: It refers to failure in the implementation or effectiveness of internal…

Q: Describe and use the cash payments journal. What steps are followed in posting from cash payments…

Q: In QuickBooks Online, what is the purpose of creating a deposit as income? Select an answer: to…

A: In QuickBooks Online, a deposit is typically used to record the receipt of funds into a business's…

Q: The following is the description of cash disbursements system of Two symbols limites: Upon receipt…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Comprehensive Explanation of Bank OverdraftDefinition and ExplanationA bank overdraft is a credit…

Q: A tear-off part of a check that has a simple explanation of the reasons for the payment is called:

A: The Check has Different Features which enables the User to utilize to its best use. The Tear Off…

Q: In QuickBooks Online, what is the purpose of entering transactions manually in the register?…

A: In QuickBooks Online, the register is a tool that displays transactions for a selected account. It…

Q: In QuickBooks Online, what is the purpose of creating a deposit as income? Select an answer: to…

A: In QuickBooks Online, a deposit is typically used to record the receipt of funds into a business's…

Q: The bank reconciliation ? Please explain with full explanation. a. should be prepared by an…

A: Following is the answer to given problem

Q: A voucher is an internal document or file: Multiple Choice O O Used as a substitute for an invoice…

A: A voucher is a document or file used within a company to gather important information about cash…

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

100%

On the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.

Cumberland City Cycles, Inc. opened a checking account at First City Bank when it opened on
January 1, 2021. It is preparing the bank reconciliation on January 31, 2021, for the first month
of operations. The bank statement, dated January 31, 2021, Is below:
First City Bank
Cumberland City
January 31, 2021
Beginning Balance, January 31
Deposits and other credits
Jan. 2
$ 50,000
500
10
15
6,000
750
20
25
26
3,500
250
EFT CC Youth Center
31
Interest Revenue
25
61,025
Checks and other debits
Ck# 100
250
2,000
5,000
1,000
4,000
750
Ck# 103
Ck# 102
Ck# 105
Ck# 106
Ck# 104
EFT to CC Utilities?
Bank service charge
Ending balance, January 31, 2021
500
50
13,550
$47.475
35706285

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: Introduction

VIEW

Step 2: Answer

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

Select the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2022. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,250 to move their personal belongings, and she and Heather spent two days driving the 1,600 miles to Georgia. Reba rented a home in…
Describe and use the cash receips journal. What steps are followed in posting from the cash receipts journal to the accounts receivable ledger?
How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.
The sales journal is used to record______. cash sales on account debit transactions credit cards
Describe situations in which you might use a certified check, cashiers check or money order.
Hello, How do I solve this? Thanks
during my practicum internship i was given the task to do bank reconciliation. what will be my duties and responsibility? with in text citation and references