Del Gato Clinic's Cash account shows a debit balance for $20,525 and its bank statement shows $18,600 on deposit at the close of business on 6/30. Determine the adjusted cash balance for Del Gato using the following information from the bank statement and choose the correct answer: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company. A NSF check from a customer, not yet recorded by the company Multiple Choice $19,575 $ 6,250 $ 5,300 $ $ 60 915

Del Gato Clinic's Cash account shows a debit balance for $20,525 and its bank statement shows $18,600 on deposit at the close of business on 6/30. Determine the adjusted cash balance for Del Gato using the following information from the bank statement and choose the correct answer: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company. A NSF check from a customer, not yet recorded by the company Multiple Choice $19,575 $ 6,250 $ 5,300 $ $ 60 915

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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Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 Book balance: $8,923 Deposits in transit: $1,875 Outstanding checks: $569 and $1,423 Bank service 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 $123 but posted in the accounting records as $213. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
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Del Gato Clinic's cash account shows an $15,253 debit balance and its bank statement shows $14,055 on deposit at the close of business on June 30, a. Outstanding checks as of June 30 total $1,542. b. The June 30 bank statement lists a $15 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $589 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $598. d. The June 30 cash receipts of $2,734 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deposit of June 30 Deduct Outstanding checks Adjusted bank balance (1,542) $ $ DEL GATO CLINIC Bank Reconciliation June 30 14.055 Book balance Add: 0 14,055 Deduct: (1,542) 12.513 Adjusted book balance $ 15,253 $ 0 15,253 0 15,253
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Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 • Book balance: $8,866 • Deposits in transit: $1,832 Outstanding checks: $589 and $1,623 • Bank service charges: $50 • Bank incorrectly charged the account $50. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
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Marin Company’s general ledger indicates a cash balance of $22,340 as of September 30, 2018. Early in OctoberMarin received a bank statement indicating that during September Marin had an NSF check of $1,500 returnedto a customer and incurred service charges of $45. Marin also learned it had incorrectly recorded a checkreceived from a customer on September 15 as $500 when in fact the check was for $550. Calculate Marin’s correct September 30, 2018, cash balance.
The cash records and bank statement for the month of July for Eagle Incorporated are shown below. Description DEP Customer deposit INT Interest earned SF Service feesNOTE Note collected CHK Customer check NSF Nonsufficient fundsEFT Electronic funds transfer DC Debit card Additional information: The difference in the beginning balances in the company’s records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. The EFT on July 26 in the bank statement relates to the purchase of office supplies.
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