Current Attempt in ProgressYour answer is incorrect.The cash account shows a balance of $90000 before reconciliation. The bank statement does not include a deposit of $5800 made onthe last day of the month. The bank statement shows a collection by the bank of $1900 and a customer's check for $700 was returnedbecause it was NSF. A customer's check for $960 was recorded on the books as $1230, and a check written for $245 was recorded as$293. The correct balance in the cash account wasO $90978.O $90882.O $96778.$91518.

Our solution will be as follows:beginning book, unadjusted1$ 90,000bank collection2$ 1,900customer's…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following items will not appear on the Books side of the reconciliation? A a non-sufficient funds check of $75 was returned to the bank and deduct it from the bank balance. Be a deposit was in transit in not yet deposited in the bank. See the bank charge a service fee of $20 on the bank statement. D the bank collected in notes receivable of $1000 for the business
On March 31, 20XX, Able Company received its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation: Balance per ledger, P1,460,000 Note collected by bank, P100,000 Interest earned on note, P10,000 NSF check of customer, P130,000 Bank service charge on NSF check, P2,000 Other bank service charges, P3,000 Outstanding checks, P202,000 Deposit placed in night depository, P85,000 Check issued by Axle Company charged to Able's account, P20,000 What is the balance per bank statement?
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.
The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges BANK STATEMENT Checks Deposits Balance $32,200 $36,500 68,700 1,280 69,980 $46,400 23,580 250 23,330 170 23,160 23,160 Balance, April 30, Current Year Cash (A) April 1 Debit Balance April Deposits Credit 24,000 April Checks written 42,200 44,600 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $6,400 (including $4,600 written before and $1,800 written during April). No deposits in transit were carried over from March,…
! Required information [The following information applies to the questions displayed below.] The bookkeeper at Washington Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The May 31, Current Year, bank statement and the May ledger account for cash showed the following (summarized): BANK STATEMENT Balance, May 1, Current Year Deposits during May Interest collected Checks cleared during May NSF check-B. C. Wong Bank service charges Balance, May 31, Current Year May 1 Debit Balance May Deposits Cash (A) Checks * Required: 1. Complete the following bank reconciliation. $ 47,400 360 110 Deposits $ 38,800 1,840 Credit 26,700 May Checks written 44,400 Balance $ 33,800 72,600 74,440 27,040 26,680 26,570 26,570 43,700 A comparison of checks written before and during May with the checks cleared through the bank showed outstanding checks at the end of May…
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Question: The following errors were found when the controller at Mountain Motel was doing the June 30 bank reconciliation. On June 25, the bank posted a cheque in the amount of $825 to Mountain’s bank account. The cheque had been written by another company, Mountainside Company. For each of these errors, (a) indicate if and how it would be shown on the bank reconciliation, and (b) prepare the journal entry for Mountain if required. Please explain for the answer.
Using the following information, prepare a bank reconciliation. • Bank balance: $6,988 • Book balance: $6,706 • Deposits in transit: $1,770 • Outstanding checks: $599 and $1,423 • 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 $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
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