EA 7.LO 8.6Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35
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EA 7.LO 8.6Using the following information, prepare a bank reconciliation.
- Bank balance: $3,678
- Book balance: $2,547
- Deposits in transit: $321
- Outstanding checks: $108 and $334
- Bank charges: $25
- Notes receivable: $1,000; interest: $35
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- Problem 7 - A Accounting Principles I (ACC 111) Bank Reconciliation (Chapter 7) Homework Problems Bank Reconciliation At September 30, of the current year, the Indigo Company's balance of Cash is $850. The bank's records, on the same date, show a balance of $1,000. The following information is available to reconcile these two balances: a) Indigo made a deposit, on September 30, for $40 that does not appear on the bank statement. #30 #33 #34 b) The following checks, written by Indigo, have not been cashed by September 30: $ 87 10 25 c) Bank service charges for the month were $13. d) A check written and cashed for $63, to Mahogany Company, was incorrectly recorded by Indigo as $36. The check was payment for supplies on account. e) The bank collected a $90 note receivable from one of Indigo's customers. The principal amount of the note was $60 with an additional $30 included for interest. f) A check written, and recorded, by Indigo for $75 was incorrectly charged by the bank as $57.…Please solve thisProblem 3 Serato Company keeps all Its cash In a checking acount. An examination of the entity's accounting records and bank statement for the month ended December 31, 2020 revealed a bank statement balance of P8.469.000 and a book balance of P8,524,000. A deposit of P950,000 placed in the bank's night depository on December 29 does not appear on the bank Statement. Checks outstanding on December 31 amount to P270, 000. The bank statement snows that on December 25, the bank collected a note for Serato Company and credited the proceeds of P935,000 to the entity's account. The proceeds included P35,000 interest, all or Wich Serato Company earned during the current period, Serato Company has not yet recorded the said collection. Serato Company discovered that check number 1000759 written in December for P183,000 in payment of an account had been recorded in the entity's records as P138,000. Included with the December 31 bank statement was an NSF check for P250,000 that Serato Company had…
- Using the information from given question, what is the reconciled balance on Hapley’s November 30 bank reconciliation?40-1 Which of the following transactions does the above record belong to ? a) Withdrawing a loan from the bank B) Getting a loan by endorsing the check NS) The endorsement of the received check against the bank loan debt D) Payment of checks received TO) Guaranteeing the received checksEB7. LO 8.6Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: $2,928 Deposits in transit: $1,111 Outstanding checks: $679 Bank charges: $35 Notes receivable: $1,325; interest: $235
- QUESTION 4 E8.9 E8.9 (LO 3) Don Wyatt is unable to reconcile the bank balance at January 31. Don's reconciliation is as follows. Prepare bank reconciliation and adjusting entries. Cash balance per bank $3,560.20 Add: NSF check 490.00 Less: Bank service charge 25.00 Adjusted balance per bank $4,025.20 $3,875.20 Cash balance per books Less: Deposits in transit Add: Outstanding checks 530.00 730.00 Adjusted balance per books $4,075.20 Instructions a. Prepare a correct bank reconciliation. b. Journalize the entries required by the reconciliation.Balance per bank $16,750 Balance per company records 16,125 Bank service charges 80 Deposits-in-transit 2,195 NSF check 950 Outstanding checks 3,850 What is the adjusted balance on the bank reconciliation?Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found. а. A bank debit memo issued for an NSF check from a customer of $21.25. b. A bank credit memo issued for interest of $8.50 earned during the month. С. During the evening of July 31, a deposit of $1,948.25 was made, which is not shown on the bank statement. d. A bank debit memo issued for $18.50 for bank service charges. е. Checks for the amounts of $34.00, $17.85, and $93.25 were written during July but have not yet been received by the bank. f. The reconciliation from the previous month, June, showed outstanding checks of $260.80. One of these checks in the amount of $7.38 has not yet been received by the bank. g. After comparing the canceled checks to the bank statement, it was discovered that a check…
- Checkbook balance:$1,792.50 Bank statement balance: $972.00 Checks outstanding (checks written which have not yet been cashed): Check No. 455 $50.00 Check No. 477 $88.00 Check No. 479$125.00 Deposits outstanding (deposits made but not yet recorded by the bank): 3/3$550.00 3/4$525.50 Bank service charge:$12.00 Interest earned on your account:$4.00 You have recorded all deposits in your checkbook. RECONCILIATION FORM Balance from bank statement $ Balance from checkbook $ Add outstanding deposits $ $ Add deposits not recorded $ Total outstanding deposits $ Total deposits not recorded $ Subtotal $ Subtotal $ Deduct outstanding checks $ $ $ Deduct bank fees $ Total outstanding checks $ Balance less fees $ Add interest earned $ Adjusted bank balance $ Adjusted checkbook balance $QS 6-10 (Algo) Bank reconciliation LO P3 For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether a journal entry is required: Items a. Bank maintenance fee b. NSF checks c. Check printing bank fee d. Deposits in transit e. Bank service charges f. Interest earned on deposits in bank g. Bank collected note receivable on behalf of depositor Bank or Book side Addition or Subtraction Entry required or NotBank reconciliation: Current book balance: $19,250 Balance per bank statement: $15,000 Outstanding checks: $2,000 Bank fees: $250 Deposits in transit: $6,000 What is the reconciled cash amount?
