Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2:Balance as of 6/30/Year 2Deposit in transitOutstanding checksNote collected by bankBank service chargeNSF checkAdjusted cash balance as of 6/30/Year 2Complete this question by entering your answers in the tabs below.Required ABankCashAccount Stateme$24,790 $21,69Required C1,905(35)(1,150)As part of the normal process for handling an NSF check, the accounting clerk hasnotified the customer that their account did not contain sufficient funds to pay thebalance owed to the company. The customer was told that they will need to providean alternative form of payment to cover the outstanding balance.< Required A$25,510Requireda. Prepare the adjustment that the clerk would have made to record the NSF check.c. Assume the clerk had stolen $1,150 cash, and recorded an entry for a nonexistentNSF check to reduce the cash balance so that it would match the bank balance.Select the internal control practice that would have most likely prevented this fraud.Prepare the adjustment that the clerk would have made to record the NSF check.Adjustment toaccounts receivable by4,25(43$ 25,51andRequired

Lets understand the basics.NSF check – The NSF means “Non-Sufficient Funds”. An NSF check is a type…

Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2: Balance as of 6/30/Year 2 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/Year 2 Bank Cash Account Stateme $24,790 $21,69 1,905 4,25 (43 (35) (1,150) $25,510 $ 25,51

Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2: Balance as of 6/30/Year 2 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/Year 2 Bank Cash Account Stateme $24,790 $21,69 1,905 4,25 (43 (35) (1,150) $25,510 $ 25,51

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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Using the following information, prepare a bank reconciliation. • Bank balance: $7,651 • Book balance: $10,595 • Deposits in transit: $2,588 • Outstanding checks: $489 • Interest income: $121 • NSF check: $966
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Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Cash balance per company records, September 30 $2,607 Deposits in transit 474 816 21 Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check Determine the adjusted balance on September 30. a. $2,156 b. $1,501 Oc. $3,262 Od. $2,296 1,580 140
117) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance + Deposit in transit Outstanding checks Adjusted bank balance $ 13,162 $ 14,237 +4,500 -3,900 Note collected -50 +1,725 $ 14,837 Adjusted book balance $ 14,837 Book balance Bank service fees A journal entry that Clayborn must record as a result of the bank reconciliation includes: A) Debit Cash $4,500; credit Sales $4,500. B) Debit Cash $1,725; credit Notes Receivable $1,725. C) Debit Cash $50; credit Bank Service Fee Expense $50. D) Debit Miscellaneous Expense $3,900; credit Cash $3,900. E) Debit Notes Receivable $1,725; credit Cash $1,725.
Thompson Company gathered the following reconciling information in preparing its October bank reconciliation. Cash balance per bank, October 31 $14,007Note receivable collected by bank 5,807Outstanding checks 9,366Deposits in transit 5,916Bank service charge 78NSF check 1,583Determine the cash balance per company records (before adjustment) on October 31. a.$10,557b.$6,411c.$14,703d.$29,289
The following data were gathered to use in reconciling the bank account of Reddan Company: $ 17,900 10,300 Balance per bank Balance per company records Bank service charges 40 Deposit in transit Note collected by bank with $170 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 3,400 4,900 6,140 b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
Instructions The following data were gathered to use in reconciling the bank account of Donovan Company: Balance per bank $14,385 Balance per company records 11,200 Bank service charges 60 Deposit in transit 2,125 NSF check 1,480 Outstanding checks 6,850 Required: a. What is the adjusted balance on the bank reconciliation? b. On March 1, journalize any necessary entries for Donovan Company based on the bank reconciliation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journal b. On March 1, journalize any necessary entries for Donovan Company based on the bank reconciliation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line…
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Azalea Company: Balance per bank $ 17,300 Balance per company records 9,455 Bank service charges 35 Deposit in transit 3,700 Note collected by bank with $100 interest 5,350 Outstanding checks 6,230 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Azalea Company based on the bank reconciliation. f an amount box does not require an entry, leave it blank. Cash Accounts Receivable Miscellaneous Expense Cash
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Cash", "Bank Service Charges", "Interest Income", "Bank Errors", "Interest Expense"] [ Select ] ["$300", "$852", "$30", "$569", "$1,020"] CR [ Select ] ["Bank Errors", "Interest Income", "Bank Service Charges", "Interest Expense", "Cash"] [ Select ] ["$30", "$852", "$569", "$300", "$1,030"] and DR…
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $25,010. Cash balance according to the bank statement at July 31, $26,060. Checks outstanding, $5,080. Deposit in transit, not recorded by bank, $4,080. A check for $340 issued in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company, part (a) Error and part (b) Service Charge. If an amount box does not require an entry, leave it blank. a. July 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. July 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
Calculator Thompson Company gathered the following reconciling information in preparing its October bank reconciliation. Cash balance per bank, October 31 $14,391 Note receivable collected by bank 4,306 Outstanding checks 7,664 Deposits in transit 5,297 Bank service charge 146 NSF check 2,231 Determine the cash balance per company records (before adjustment) on October 31. Oa. $12,024 Ob. $13,953 Oc. $10,095 Od. $27,352 3:09 PM 10/23/2020 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