Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation: Cash balance per books, 9/30 $2,257 Deposits in transit 541 Notes receivable and interest collected by bank 714 Bank charge for check printing 24 Outstanding checks 1,449 NSF check 156 Calculate the adjusted cash balance per books on September 30. Oa. $1,883. b. $1,349. Oc. $2,791. d. $2,039.

Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation: Cash balance per books, 9/30 $2,257 Deposits in transit 541 Notes receivable and interest collected by bank 714 Bank charge for check printing 24 Outstanding checks 1,449 NSF check 156 Calculate the adjusted cash balance per books on September 30. Oa. $1,883. b. $1,349. Oc. $2,791. d. $2,039.

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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Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Calculate the adjusted cash balance per books on September 30. Cash balance per books, September 30 $2,750 Deposits in transit 200 Notes receivable and interest collected by bank 630 Bank charge for check printing 50 Outstanding checks 1,250 NSF check 290 a.$1,590 b.$5,130 c.$3,690 d.$3,040
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation: Cash balance per books, 9/30 $2,503 Deposits in transit 573 Notes receivable and interest collected by bank 866 Bank charge for check printing 25 Outstanding checks 1,480 NSF check 165 Calculate the adjusted cash balance per books on September 30. a.$2,437. b.$3,179. c.$2,272. d.$1,596.
Using the following information: a. The bank statement balance is $4,265. b. The cash account balance is $4,448. c. Outstanding checks amount to $835. d. Deposits in transit are $954. e. The bank service charge is $55. f. A check for $37 for supplies was recorded as $28 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation Line Item Description May 31 Amount Amount Cash balance according to bank statement Adjusted balance Cash balance according to company's records Total deductions Adjusted balance
Oakwood Company gathered the following reconciling information inpreparing its June bank reconciliation:Cash balance per books, 6/30 $12,600 Deposits in transit 900 Notes receivable and interest collected by bank 2,220 Bank charge for check printing 75 Outstanding checks 4,500 NSF check 420 The adjusted cash balance per books on June 30 is a. $15,225b. $14,820c. $14,325d. $15,165
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation: Line Item Description Amount Cash balance per company’s records, September 30 $3,019 Deposits in transit 450 Note receivable and interest collected by bank 895 Bank charge for check printing 31 Outstanding checks 1,286 NSF check 169 Determine the adjusted balance that would appear in the company section of the bank reconciliation on September 30. a. $3,047. b. $2,183. c. $2,878. d. $3,714.
Karlin Company gathered the following reconciling information in preparing its April bank reconciliation: Cash balance per books, 4/30 $ 17,600 Deposits in transit 2,400 Notes receivable and interest collected by bank 5,920 Bank charge for check printing 200 Outstanding checks 12,000 NSF check 1,120 The adjusted cash balance per books on April 30 is: Answers: $24,600. $23,520. $22,200. $24,440.
Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, 10/31 $14,645 Note receivable collected by bank 3,775 Outstanding checks 9,711 Deposits in transit 5,378 Bank service charge 291 NSF check 1,559 Using the above information, determine the cash balance per books (before adjustments) for Thompson Corporation. Select the correct answer. $8,387 $12,237 $16,570 $10,312
The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation on the basis of the following reconciling items: a. Cash sales of $742 were erroneously recorded in the cash receipts journal as $724. b. Deposits in transit not recorded by bank, $425. c. Bank debit memo for service charges, $35. d. Bank credit memo for note collected by bank, $2,475 including $75 interest. e. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. f. Checks outstanding, $1,860.
Using the following information: a. The bank statement balance is $3,106. b. The cash account balance is $3,320. c. Outstanding checks amounted to $655. d. Deposits in transit are $714. e. The bank service charge is $146. f. A check for $59 for supplies was recorded as $50 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance
Blue Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $37,800 Add: Deposits in transit 8,316 Deduct: Outstanding checks (10,800 ) Balance per books $35,316 Month of July Results Per Bank Per Books Balance July 31 $46,710 $49,950 July deposits 27,000 31,374 July checks 21,600 16,740 July note collected (not included in July deposits) 5,400 July bank service charge 81 July NSF check from a customer, returned by the bank (recorded by bank as a charge) 1,809 Prepare a bank reconciliation going from the balance per bank and balance per book to correct cash balance.
4 Paws Construction Company gathered the following reconciling informationin preparing its April bank reconciliation:Cash balance per books, 4/30 $17,600 Deposits in transit 2,400 Notes receivable and interest collected by bank 5,920 Bank charge for check printing 200 Outstanding checks 12,000 NSF check 1,120 The adjusted cash balance per books on April 30 is a. $24,600b. $23,520c. $22,200d. $24,440
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Determine the adjusted balance on May 31. Cash balance per company records, May 31 $4,330Deposits in transit 163Notes receivable and interest collected by bank 761Bank charge for check printing 49Outstanding checks 1,731NSF check 153a.$3,370b.$4,889c.$2,762d.$924