Duke Company's unadjusted bank balance on March 31 is $6,490. The bank reconciliation revealed outstanding checks amounting to $940 and deposits in transit of $640. Based on this information, Duke's true cash balance is
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- Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456The following information was available to reconcile Montrose Company's book balance of Cash with its bank statement balance as of October 31, 2023:a. After all posting was completed on October 31, the company's Cash account had a $17,613 debit balance but its bank statement showed a $39.192 balance.b. Cheques #296 for $1,781 and #307 for $17,028 were outstanding on the September 30 bank reconciliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $1.192 and cheque #321 for $2,670, both written in October, were not among the cancelled cheques returned with the statement.c. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for the October rent was correctly written for $4.110 but was erroneously entered in the accounting records as $4,920.d. A credit memo enclosed with the bank statement indicated that there was an electronic…Duncan, Inc.'s unadjusted book balance showed cash balance of $1,847 before preparing the bank reconciliation. Given the bank reconciliation shows outstanding checks of $696, deposits in transit of $965, NSF check of $156, and interest earned on the bank account of $17, the company's up-to-date ending cash balance equals:$_____
- The following Information was avallable to reconcile Montrose Company's book balance of Cash with Its bank statement balance as of October 31, 2020: a. After all posting was completed on October 31, the company's Cash account had a $13,219 debit balance but its bank statement showed a $29,355 balance. b. Cheques #296 for $1,334 and #307 for $12,754 were outstandıng on the September 30 bank reconcilliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $893 and cheque #321 for $2,000, both written in October, were not among the cancelled cheques returned with the statement. c. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, It was found that cheque #320 for the October rent was correctly written for $4,090 but was erroneously entered in the accounting records as $4,90o. d. A credit memo enciosed with the bank statement Indicated that there was an electronic…A. At July 31, Ramirez Company has the following bank information: cash balance per bank $8,039, outstanding checks $691, deposits in transit $1,163, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. B. Differences between when a company records a transaction and when the bank records the same transaction are called timing differences. True or False? C. When performing a bank reconciliation, checks outstanding are added back to the bank balance. True or False?Provide answer in text Formate
- The cash account in the ledger of MMM Company shows a balance of P1,625,000 at December 31. The bank statement, however, shows a balance of P2,090,000 at the same date. The only reconciling items consist of a bank service charge of P2,000, a large number of outstanding checks totaling P690,000 and a deposit in transit. 14. What is the deposit transit in the December 31 bank reconciliation?Want the Correct answer of this QuestionThe 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.
- Core Company provided the following data for the purpose of reconciling the cashbalance per book with the cash balance per bank statement on December 31: Balance per book 850,000Balance per bank statement 2,000,000Outstanding checks, including certified check of P100,000 500,000Deposit in transit 200,000December NSF checks, of which P50,000 hadbeen redeposited and cleared on December 27 150,000Erroneous credit to Core’s account, representingproceeds of loan granted to another company 300,000Proceeds of note collected by bank for Core,net of service charge of P20,000 750,000 What amount should be reported as cash in bank at year-end?Using the following information, prepare a bank reconciliation for Young Co. for August 31, 2009: a. The bank statement balance is $4,010. b. The cash account balance is $4,207. c. Outstanding checks amounted to $517. d. Deposits in transit are $633. e. The bank service charge is $45. f. A check for $84 for supplies was recorded as $48 in the ledger.Bank reconciliation and entriesThe cash account for Pala Medical Co. at June 30, 20Y1, indicated abalance of $166,436. The bank statement indicated a balance of $195,688on June 30, 20Y1. Comparing the bank statement and the accompanyingcanceled checks and memos with the records revealed the followingreconciling items:A. Checks outstanding totaled $19,427.B. A deposit of $12,300, representing receipts of June 30, had beenmade too late to appear on the bank statement.C. The bank collected $26,500 on a $25,000 note, including interestof $1,500. D. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. Thecheck was for the payment of an obligation to Skyline Supply Co. for a purchase on account.E. A check drawn for $195 had been erroneously charged by the bank as $915.F. Bank service charges for June amounted to $55.Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries.3. If a balance sheet were prepared for Pala…
