Do the following Bank reconciliation. The end of the month bank balance was follows: Bank statement: $12,175.00 Company Statement: $9,480 Bank Service fee: $50.00 Deposit in transit not posted at the bank: $ 1,800 Net Sufficient Funds Check of $ 1250 was retuned to the bank. Outstanding checks for the company $ 5,795 What is the adjusted bank and company bank reconciliation? Bank Statement reconciled

Do the following Bank reconciliation. The end of the month bank balance was follows: Bank statement: $12,175.00 Company Statement: $9,480 Bank Service fee: $50.00 Deposit in transit not posted at the bank: $ 1,800 Net Sufficient Funds Check of $ 1250 was retuned to the bank. Outstanding checks for the company $ 5,795 What is the adjusted bank and company bank reconciliation? Bank Statement reconciled

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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Bank reconciliation The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $ 17,050 Balance per company records 8,800 Bank service charges 30 Deposit in transit 3,950 Note collected by bank with $120 interest 4,800 Outstanding checks 7,430 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
1 . Prepare a bank reconciliation given the following information the bank statement shows a balance of $4300 while the general ledger shows a balance of $ 2,900. the deposits outstanding ( in transit) are $2,900. the checks outstanding are $ 550. bank service charge is $50. note receivable collected by the bank is $3,600. interest earned for the month is $ 200.
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Cash balance per company records, September 30 $2,607 Deposits in transit 474 816 21 Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check Determine the adjusted balance on September 30. a. $2,156 b. $1,501 Oc. $3,262 Od. $2,296 1,580 140
117) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance + Deposit in transit Outstanding checks Adjusted bank balance $ 13,162 $ 14,237 +4,500 -3,900 Note collected -50 +1,725 $ 14,837 Adjusted book balance $ 14,837 Book balance Bank service fees A journal entry that Clayborn must record as a result of the bank reconciliation includes: A) Debit Cash $4,500; credit Sales $4,500. B) Debit Cash $1,725; credit Notes Receivable $1,725. C) Debit Cash $50; credit Bank Service Fee Expense $50. D) Debit Miscellaneous Expense $3,900; credit Cash $3,900. E) Debit Notes Receivable $1,725; credit Cash $1,725.
Bank reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company’s records at July 31, $32,110. 2. Cash balance according to the bank statement at July 31, $31,350. 3. Checks outstanding, $2,870. 4. Deposit in transit, not recorded by bank, $4,150. 5. A check for $l70 in payment of an account was erroneously recorded in the check register as $710. 6. Bank debit memo for service charges, $20. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. b. If the balance sheet is prepared for Mathers Co. on July 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)?
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.
The following data were gathered to use in reconciling the bank account of Reddan Company: $ 17,900 10,300 Balance per bank Balance per company records Bank service charges 40 Deposit in transit Note collected by bank with $170 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 3,400 4,900 6,140 b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
Instructions The following data were gathered to use in reconciling the bank account of Donovan Company: Balance per bank $14,385 Balance per company records 11,200 Bank service charges 60 Deposit in transit 2,125 NSF check 1,480 Outstanding checks 6,850 Required: a. What is the adjusted balance on the bank reconciliation? b. On March 1, journalize any necessary entries for Donovan Company based on the bank reconciliation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journal b. On March 1, journalize any necessary entries for Donovan Company based on the bank reconciliation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line…
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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Using the following information: The bank statement balance is $3,093. The cash account balance is $3,305. Outstanding checks amounted to $767. Deposits in transit are $815. The bank service charge is $155. A check for $40 for supplies was recorded as $31 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co.Bank ReconciliationAugust 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
Thompson Company gathered the following reconciling information in preparing its October bank reconciliation. Cash balance per bank, October 31 Note receivable collected by bank Outstanding checks Deposits in transit Bank service charge NSF check Determine the cash balance per company records (before adjustment) on October 31. a. $10,663 b. $28,548 $14,699 3,875 9,784 4,065 226 1,966 c. $7,297 d. $8,980