Findlay, Inc.s April bank statement shows an April 30 balance of $10,240. Prior to reconciliation, its booksshow a cash balance of $11,020. The information below pertains to Findlay, Inc.Deposits in transit$1,600Checks outstanding930Bank service charge20Error in Findlay's records understating cash disbursement360Check of another company charged erroneously against Findlay's bank account230Bank statementshows bank collected a note receivable and interest income for Findlay 500The reconciled cash balance atApril 30 on the bank reconciliation should be:Question 1 options:A) $10,9108) $9,340C) $11, 140D) $12,070

To reconcile the cash balance for Findlay, Inc. on April 30, we need to adjust the book balance to…

Answered: Findlay, Inc.s April bank statement…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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Similar questions

The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
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 $17, the company's up-to-date ending cash balance equals:$_____
Marathon, Inc's April bank statement shows an April 30 balance if $15,360. Prior to reconciliation, its books show a cash balance of $16,530. The information below pertains to Marathon, Inc. Deposit in transit $2,400 Checks outstanding 1,395 Bank service charge 30 Error in Marathon's records understating cash disbursement 540 Check of another company charged erroneously against Marathon's bank account 345 Bank statement shows bank collected a note receivable and interest income for Marathon 750 The reconciled cash balance at April 30 on the bank reconciliation should be: Select one: A. $18,105 B. $14,010 C. $16,710 D. $16,365
The Ledger Balance of Cash section of the bank reconciliation for Virtual Net Company for August 31 follows. Ledger Balance of Cash $6,536.00 Add: Note collected (principal, $600.00; interest, $15.75, signed by S. Sambey) $615.75 Error in recording Ck. No. 3351 payable to Fairview Company (recorded check for $16.00 too much) 16.00 631.75 $7,167.75 Deduct: NSF check from R. Leswick $176.00 Bank service and collection charges 25.00 201.00 Adjusted Ledger Balance of Cash $6,966.75 Required: Journalize the entries required to bring the general ledger up to date as of August of this year. If an amount box does not require an entry, leave it blank.
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $25,340. Cash balance according to the bank statement at August 31, $26,740. Checks outstanding, $5,140. Deposit in transit not recorded by bank, $4,130. A check for $270 in payment of an account was erroneously recorded in the check register as $720. Bank debit memo for service charges, $60. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. a. 20Y6 Aug 31 b. Aug 31
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $24,980. Cash balance according to the bank statement at July 31, $26,470. Checks outstanding, $5,070. Deposit in transit, not recorded by bank, $4,070. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $50. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 fill in the blank 2 fill in the blank 4 b. July 31 fill in the blank 6 fill in the blank 8
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $22,240. Cash balance according to the bank statement at July 31, $23,450. Checks outstanding, $4,510. Deposit in transit, not recorded by bank, $3,630. A check for $590 in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 b. July 31
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9: Cash balance according to the company's records at August 31, $38,928. Cash balance according to the bank statement at August 31, $37,960. Checks outstanding, $15,080. Deposit in transit, not recorded by bank, $16,120. A check for $312 issued in payment of an account to a supplier was erroneously recorded by Wolfpack Bread Inc. as $123. Bank debit memo for service charges, $162. Record the effects on the accounts and financial statements of the company based upon the information above. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Increase in Cash Balance Sheet Assets = Liabilities + Stockholders' Equity Cash + No effect = Accounts Payable + No effect Aug. 31. fill in the…
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9: Cash balance according to the company's records at August 31, $38,928. Cash balance according to the bank statement at August 31, $37,960. Checks outstanding, $15,080. Deposit in transit, not recorded by bank, $16,120. A check for $312 issued in payment of an account to a supplier was erroneously recorded by Wolfpack Bread Inc. as $123. Bank debit memo for service charges, $162. Record the effects on the accounts and financial statements of the company based upon the information above. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: Cash balance according to the company’s records at August 31, $38,928. Cash balance according to the bank statement at August 31, $37,960. Checks outstanding, $15,080. Deposit in transit, not recorded by bank, $16,120. A check for $312 in payment of an account was erroneously recorded Kaycee Sisters Inc. as $123. Bank debit memo for service charges, $162. Record the effects on the accounts and financial statements of the company based upon the information above. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Record the increase in cash. Record the decrease in cash.

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