Given solution for Financial accounting question not use ai Greenfield, Inc., reported a balance of $200 in its cashaccount at the end of the month. There were $180 ofdeposits in transit and $160 of checks outstanding. Thebank statement showed a balance of $210, servicecharges of $8, and the collection of a note plus interest.The note had a face value of $25. How much interest didthe bank collect for the company?

Step 1: Define Bank ReconciliationA bank reconciliation is an internal control process that compares…

Answered: Greenfield, Inc., reported a balance of…

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 3E

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NEVERMIND Company reported a balance of $43,000 in its Cash account at the end of the month. There were $20,000 deposits in transit and $15,000 of outstanding checks. The bank statement showed a balance of $50,000, service charges of $6,000 and the proceeds of note collected by the bank for the company. The note had a face value of $15,000? The interest on the note collected by the bank was a. $9,000 b. $6,000 c. $3,000 d. $12,000
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How much interest did the bank collect for the company ?
Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $19,500. The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,000, outstanding checks of $3,000, an NSF check of $1,700, bank service charges of $80 and the EFT from a customer in payment of the customer's account of $2,500. What is the up-to-date ending Cash balance? Multiple Choice $18,500 O $17,780 $20,500 $22,620
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On July 31, 2020, Concord Company had a cash balance per books of $6,043.75. The statement from Dakota State Bank on that date showed a balance of $7,738.05. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. The bank service charge for July was $25. The bank collected $1,680 for Keeds Company through electronic funds transfer. The July 31 receipts of $1,225.50 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $361 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $316. Checks outstanding on July 31 totaled $1,888.80. On July 31, the bank statement showed an NSF charge of $579 for a check received by the company from W. Krueger, a customer, on account.
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How much interest did the bank collect for the company ? General accounting
On July 31, 2022, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $16.00. 2. The bank collected $1,625.00 from a customer for Crane Company through electronic funds transfer. 3. The July 31 receipts of $1,307.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $284.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $245.00. 5. Checks outstanding on July 31 totaled $1,965.10. 6. On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the necessary adjusting…
On July 31, 2022, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $16.00. 2. The bank collected $1,625.00 from a customer for Crane Company through electronic funds transfer. 3. The July 31 receipts of $1,307.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $284.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $245.00. 5. Checks outstanding on July 31 totaled $1,965.10. 6. On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as…

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