Don Wyatt is unable to reconcile the bank balance at January 31. Don's reconciliation is as follows. Cash balance per bank RM3,560.20 Add: NSF check 490.00 Less: Bank service charge 25.00 Adjusted balance per bank RM4,025.20 Cash balance per books RM3,875.20 Less: Deposits in transit 530.00 Add: Outstanding checks 730.00 Adjusted balance per books RM4,075.20 a. Prepare a correct bank reconciliation. b. Journalize the entries required by the reconciliation.

Don Wyatt is unable to reconcile the bank balance at January 31. Don's reconciliation is as follows. Cash balance per bank RM3,560.20 Add: NSF check 490.00 Less: Bank service charge 25.00 Adjusted balance per bank RM4,025.20 Cash balance per books RM3,875.20 Less: Deposits in transit 530.00 Add: Outstanding checks 730.00 Adjusted balance per books RM4,075.20 a. Prepare a correct bank reconciliation. b. Journalize the entries required by the reconciliation.

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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5. Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381, whereas Johnson's cash account shows a balance of $22,025 on October 31. The following additional information is available: 6. A $855 deposit made on October 31 was not recorded by the bank until November. 7. At the end of October, outstanding checks total $1,222. 8. The bank statement shows bank service charges of $125 not yet recorded by the company. 9. The company erroneously recorded as $973 a check that it had actually written for $379. It was correctly processed by the bank. 10. A $480 check from a customer, deposited by the company on October 29, was returned with the bank statement for lack of funds. Required: 1. Prepare the October bank reconciliation for Johnson Corporation.
From the give Problem 2, What is the adjusted cash in bank on December 31?
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?
Blue Company is unable to reconcile the bank balance at January 31. Blue’s reconciliation is asfollows. Cash balance per bank $5,300 Add: NSF check 1,490 Less: Bank service charge 25 Adjusted balance per bank $6,765 Cash balance per books $5,905 Less: Deposits in transit 950 Add: Outstanding checks 1,860 Adjusted balance per books $6,8
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In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Erroneous charge (deduction) made by bank Outstanding checks Collection from customer by bank The 8/31 unadjusted cash balance per books is: Select one: a. $19,250 b. $18,550 c. $18,050 d. $19,050 e. $17,850 $ 18,050 3,250 100 2,750 600
Sky Company is unable to reconcile the bank balance at January 31. Sky's reconciliation is as follows. Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books (a) $5,300 1,570 35 $6,835 $5,705 750 1,950 $6,905 Prepare a correct bank reconciliation. (List items that increase cash balance first.) V SKY COMPANY Bank Reconciliation V V > > $ $ $ $
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $7,150 Adjustments: Outstanding checks $3,430 Error by Chesner Co. in recording Check No. 1056 as $830 instead of $380 450 Note for $11,200 collected by bank, including interest 11,650 Deposit in transit on July 31 (7,280) Bank service charges (40) Total adjustments 8,210 Cash balance according to bank statement $15,360 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank acc4df036010fde_1 fill in the…
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30: 1 Balance per Cash account, June 30. $9172.542 Balance per bank statement, June 30. $9490.333 Deposits not reflected on bank statement. $942.504 Outstanding checks, June 30. $1,638.595 Service charge on bank statement not recorded in books. $14.306 Error by bank-Yertel Company check charged on Young Companys bank statement. $7157 Check for advertising expense $325incorrectly recorded in books as $676
epair Shop. 8. Mr. Rashid tried to reconcile his bank balance as on 31* May 2021 but could not reconcile. Mr. Rashid's Reconciliation is given below. Cash balance per bank OMR 17,801 Less: Bank service charge 125 Add: NSF check 3,450 Adjusted balance per bank OMR 21,126 Cash balance per books OMR 19,376 Add: Outstanding checks 4,650 Less: Deposits in transit 2,650 Adjusted balance per books OMR 21,375 Instructions Required: Prepare a correct bank reconciliation.
Please solve both the questions with a detailed explanation.