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 Components ldentify the requested amount in each of the following situations: a. Howell Company's August 31 bank reconciliation shows deposits in transit of $3.400 The general ledger Cash in Bank account shows total cash receipts during September of $92.200. The September bank statement shows total cash deposits (and no credit memos) of $89.000. What amount of deposits in transit should appear in the September 30 bank reconciliation? b Wright Corporation's March 31 bank reconciliation shows deposits in transit of $2.600. The general ledger Cash in Bank account shows total cash receipts during April of S64 100. The April bank statement shows total cash deposits of S67200 (including $3,000. from the collection of a note: the note collection has not yet been recorded by Wright what amount of deposits in transit should appear in the April 30 bank reconciliation? Braddock Company's october 31 bank reconciliation shows outstanding checks of $3600.…
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,046 Deposits in transit: $320 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,500; interest: $35 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
The June 30 bank statement shows a balance of $7,100. The following information as discovered while the bank reconciliation was prepared: A bookkeeper error where a $400 check written to a supplier was incorrectly recorded as $500 Two outstanding checks totaling $840 A bank service charge of $29 A deposit in transit of $330 Bank interest revenue of $20 What is the adjusted bank balance?
Using the following information, prepare a bank reconciliation. • Bank balance: $4,687 • Book balance: $5,690 • Deposits in transit: $1,546 • Outstanding checks: $956 • Interest income: $53 • NSF check: $466 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
The bank reconciliation shows the following adjustments: Deposits in transit: $892 Notes receivable collected by bank: $1,030; interest: $25 Outstanding checks: $590 Error by bank: $340 Bank charges: $34 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank.
Bank reconciliation The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $ 18,250 Balance per company records 8,500 Bank service charges Deposit in transit Note collected by bank with $190 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 50 2,650 5,150 7,300
The folowing Information was gathered by Superior Landscaping in order to prepare its Bank Reconciliation at the end of October: Balance in Cash Ledger account at end of Oct 31 $4,450 Balance of Cash in Bank Statement at end of Oct 31 3,900 Electornic Funds Transfer deposited into your Bank account late Oct 31 600 Outstanding Cheques at end of Oct 31 1,200 Deposits in Transit 2,000 NSF cheque received from a customer 350 Prepare the October 31st Bank Reconciliation
The following bank reconciliation was prepared as of June 30, 20Y7: Line Item Description Amount Amount Cash balance according to bank statement $15,915 Add: Outstanding Check No. 1067 $565 Outstanding Check No. 1106 450 Outstanding Check No. 1110 1,090 Outstanding Check No. 1113 950 Total additions 3,055 Deduct: Deposit of June 30 not recorded by bank (6,900) Adjusted balance $12,070 Cash balance according to company’s records $8,070 Add: Proceeds of note collected by bank: Face value $6,000 Proceeds of note collected by bank: Interest 300 Service charges 10 Total additions 6,310 Deduct: Check returned because of insufficient funds $900 Error in recording June 17 deposit of $8,150 as $1,850 6,300 Total deductions (7,200) Adjusted balance $7,180 b. Prepare a corrected bank reconciliation.…
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30:1. Balance per Cash account, June 30, $15,875.55.2. Balance per bank statement, June 30, $16,425.56.3. Deposits not reflected on bank statement, $1,631.25.4. Outstanding checks, June 30, $2,836.01.5. Service charge on bank statement not recorded in books, $24.75.6. Error by bank—Yertel Company check charged on Young Company’s bank statement, $1,237.50.7. Check for advertising expense, $562.50, incorrectly recorded in books as $1,170.00.
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Determine the adjusted balance on May 31. Cash balance per company records, May 31 $4,330Deposits in transit 163Notes receivable and interest collected by bank 761Bank charge for check printing 49Outstanding checks 1,731NSF check 153a.$3,370b.$4,889c.$2,762d.$924
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