ExerBank StatementChecks PaidCash Payments JournalChecks IssuedDateCheck No.AmountDateCheck No.Amount5-45-2$159275254$6505-22582574105-52595-172581595-102609255-122592755-152615005-202609255-222627505-292635-242634804805-302627505-29264360InstructionsUsing step 2 in the reconciliation procedure (see page 335), list the outstanding checks atMay 31.EGOPreE7-8 The following information perisius to Lance Company.1. Cash balance per bank, July 31, $7,328.2. July bank service charge not recorded by the depositor $38.3. Cash balance per books, July 31, $7,364.4. Deposits in transit, July 31, $2,700.5. $2,016 collected for Lance Company in July by the bank through electronic fundstransfer. The collection has not been recorded by Lance Company.ad6. Outstanding checks, July 31, $686.Instructions(a) Prepare a bank reconciliation at July 31, 2017.(b) Journalize the adjusting entries at July 31 on the books of Lance Company.

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Answered: Exer Bank Statement Checks Paid Cash…

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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Rr.6.1
Hills Company's June 30 bank statement and the June ledger account for cash BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance E5-5 (Static) Part 1 $ 19,100 Cash (A) 6,800 19,000 6,400 Deposits $ 18,000 Credit 19,400 Checks written Other $ 30 June Balance $ 7,200 25,200 6,100 6,070 6,070 Required: 1. Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June
Millbury National Bank Rio Mean Branch Bugna, Texas Roger's Deli 8811 2nd St. Bugna, Texas Checks and Other Withdrawals Old Balance in Order of Payment Deposits Date New Balance 6,400 2/2 6,400 70.00 180.00 2/3 6,150 200.00 250.00 2/10 6,200 620.00 640.00 2/15 6,220 1,300.00 NSF 330.00 2/20 5,250 1,050.00 1,260.00 2/24 5,460 540.00 55.00 SC 240.00 2/28 5,105 (NSF = nonsufficient funds; SC = service charge.) a. A deposit of $1,900 is in transit. b. Roger's Deli has an ending checkbook balance of $6,000. c. Checks outstanding: no. 111, $850; no. 119, $1,200; no.121, $310. d. Carl Bennett's check for $1,300…
M5-12 Preparing a Bank Reconciliation (LO 5-4) Use the following bank statement and T-account to prepare the May 31 bank reconciliation. BANK STATEMENT Deposits Date Checks Other Balance May 1 4 2 $ 2s 12 4 115 $ 65 NSF check $260 300 120 $65 28 5 30 46 May 31 8 35 30 85 315 260 70 Service charge 20 225 May 1 May 3 Cash (A) 260 65 25 85 115 35 30 40 May 3 2 May 4 3 May 4 May 11 5 May 21 6 May 29 7 May 30 8 May 29 May 30 May 31 260 180 70 365 Bank Reconciliation May 31 Bank Statement Company's Books Ending Balance per Bank Statement Additions: 365 Ending Balance per Cash Account Additions: Deposit in Transit EFT Payment 365 Deductions: Deductions: Up-to-Date Cash Balance 365 Up-to-Date Cash Balance
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Chapter 8 The December cash records of Dickson Insurance Cash Receipts Cash Payments Date Cash Debit Check no. Cash Credit Dec, 4 Dec, 9 Dec, 14 Dec, 17 Dec, 31 $4,180 500 510 2,130 1,850 Beg. Balance + Deposits - Checks Dickson's Cash account shows a balance of $17,030 at Dec, 31. On Dec, 31 Dickson Insurance received the following bank statement: Dec, 1 Dec, 5 Dec, 10 Dec, 15 Dec, 18 Dec, 22 1416 1417 1418 1419 1420 1421 1422 End. Balance Dec, 8 Dec, 11(Check no. 1416) Dec, 19 Dec, 22 (Check no. 1417) Dec, 29 (Check no. 1418) Dec, 31 (Check no. 1419) Dec, 31 Bank Statement for December $850 130 630 1,190 1,490 1,100 650 Bank End. Balance Bank Reconciliation EFT BC Book End. Balance NSF EFT SC $600 4,180 500 510 2,130 1,400 $1,000 850 $400 130 630 1,910 $40 $13,900 Total 9,320 BC - Bank Collections, EFT – Electronic Fund Transfer, NSF- Nonsufficient funds checks, SC - Service Charge Total (4,960) - The EFT Deposit was a receipt of rent. The EFT check was an insurance payment. - The…
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7-4 A
Current Attempt in Progress What is the ending balance for the following check register? Check Register Check# 1230 1231 O $1938.25. O $2736.25. O $1124.25. O $2858.25. Date 9/2 9/5 Payee/Description Payment Deposit 9/4 Target 9/7 Utilities Paycheck Cash(ATM) $232.00 $144.00 $23.00 $407.00 Balance $1930.25 $ $
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