Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation.Cash balance per company records, September 30$2,232492Deposits in transitNotes receivable and interest collected by bank791Bank charge for check printing24Outstanding checks1,589NSF check156Determine the adjusted balance on September 30.Oa. $1.746Ob. $1902Oc. $2.843Od. $1.135

We have the following information: Cash balance per books, September 30: $2,232 Deposits in transit: $492 Notes receivable and interest collected by bank: $791 Bank charge for check printing: $24 Outstanding checks: $1,589 NSF check: $156Adjusted Balance on September 30 = Cash balance per books, September 30 + Notes receivable and interest collected by bank - Bank charge for check printing - NSF check Cash balance per books, September 30: $2,232 Notes receivable and interest collected by bank: $791 Bank charge for check printing: $24 NSF check: $156 = $2,232 + $791 - $24 - $156 = $2,843 Answer: (c) $2,843

Business

Accounting

Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Cash balance per company records, September 30 $2,232 492 Deposits in transit 791 Notes receivable and interest collected by bank 24 Bank charge for check printing 1,589 Outstanding checks 156 NSF check Determine the adjusted balance on September 30. Oa. $1,746 Ob. $1.902 Oc. $2,843 Od. $1.135

Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Cash balance per company records, September 30 $2,232 492 Deposits in transit 791 Notes receivable and interest collected by bank 24 Bank charge for check printing 1,589 Outstanding checks 156 NSF check Determine the adjusted balance on September 30. Oa. $1,746 Ob. $1.902 Oc. $2,843 Od. $1.135

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Derek Company gathered the following reconciling information in preparing its September bank reconciliation: Cash balance per books, 9/30 $2,945 Deposits in transit 568 Notes receivable and interest collected by bank 873 Bank charge for check printing 27 Outstanding checks 1,207 NSF check 145 Find the adjusted cash balance per books on September 30. Select the correct answer. $3,007 $2,306 $3,152 $3,646
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
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
Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: Line Item Description Amount Cash balance per bank, October 31 $15,554 Note receivable collected by bank 4,010 Outstanding checks 7,718 Deposits in transit 5,145 Bank service charge 140 NSF check 1,521 Determine the cash balance per the company’s records (before adjustments). a. $17,903 b. $10,632 c. $12,981 d. $15,330
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: a. Cash balance according to the company's records at August 31, $28,730. b. Cash balance according to the bank statement at August 31, $30,200. c. Checks outstanding, $5,830. d. Deposit in transit, not recorded by bank, $4,680. e. A check for $590 in payment of an account was eroneously recorded by Kaycee Sisters Inc. as $950. f. Bank debit memo for service charges, $40. Prepare a bank reconciliation, using the format shown in Exhibit 12. Kaycee Sisters Inc. Bank Reconciliation August 31, 20Y9 Cash balance according to bank statement Adjusted balance Cash balance according to Kaycee Sisters Inc. $ Adjusted balance
Jamison Company gathered the following reconciling information in preparing its June bank reconciliation. Cash balance per bank, June 30 $10,580 Note receivable collected by bank 5,781 8,771 3,495 127 1,779 Outstanding checks Deposits in transit Bank service charge NSF check Determine the cash balance per company records (before adjustment) on June 30. a. $9,179 b. $22,846 OC. $5,304 d. $1,429
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation: Cash balance per books, 9/30 $3,120 Deposits in transit 369 Notes receivable and interest collected by bank 721 Bank charge for check printing 28 Outstanding checks 1,595 NSF check 106 Calculate the adjusted cash balance per books on September 30. a.$2,481. b.$2,587. c.$3,707. d.$1,894.
Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost ofthe goods sold is $4,698,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement always report a operating income? Explain.
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.
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
Do not give answer in image
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.