Please provide the accurate answer to this general accounting problem using appropriate methods. Halverson Industries had an unadjusted cash balance of $8,600 as of August 31.The company's bank statement, also dated August 31, included a $68 NSF checkwritten by one of Halverson's customers. There were $1,050 in outstandingchecks and $890 in deposits in transit as of August 31. According to the bankstatement, service charges were $40, and the bank collected a $925 notereceivable for Halverson. The bank statement also showed $15 of interest revenueearned by Halverson.Determine the true cash balance as of August 31.

Step 1: Definition of True Cash BalanceThe true cash balance is the amount of cash a company has in…

Answered: Halverson Industries had an unadjusted…

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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Nickleson Company had an unadjusted cash balance of $9,116 as of May 31. The company's bank statement, also dated May 31, included a $92 NSF check written by one of Nickleson's customers. There were $1,078 in outstanding checks and $250 in deposits in transit as of May 31. According to the bank statement, service charges were $100, and the bank collected a $900 note receivable for Nickleson. The bank statement also showed $18 of interest revenue earned by Nickleson. Required Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance
Nickleson Company had an unadjusted cash balance of $9,114 as of May 31. The company's bank statement, also dated May 31, included an NSF check in the amount of $93 written by one of Nickleson's customers. There were $433 in outstanding checks and $280 in deposits in transit as of May 31. According to the bank statement, service charges were $45, and the bank collected a note receivable of $700 for Nickleson. The bank statement also showed $9 of interest revenue earned by Nickleson. Required Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance $ 9,689 x
Nickleson Company had an unadjusted cash balance of $9,841 as of May 31. The company’s bank statement, also dated May 31, included a $64 NSF check written by one of Nickleson’s customers. There were $640 in outstanding checks and $200 in deposits in transit as of May 31. According to the bank statement, service charges were $85, and the bank collected an $800 note receivable for Nickleson. The bank statement also showed $9 of interest revenue earned by Nickleson. Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) Please don't provide imagr based answer..thanku
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The April 30 bank statement for Trimble Corporation shows an ending balance of $37,169. The unadjusted cash account balance was $30,950. The accountant for Trimble gathered the following information: 1. There was a deposit in transit for $4,778. 2. The bank statement reports a service charge of $104. 3. A credit memo included in the bank statement shows interest earned of $455. 4. Outstanding checks totaled $12,316. 5. The bank statement included a $1,670 NSF check deposited in April. What is the true cash balance as of April 30? Multiple Ch ice $27,961 $29,631 $34,409 $33,954
On July 31, Cullumber Ltd. had a cash balance of $10,870 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $18,276. A comparison of the bank statement with the Cash account revealed the following: 1. The bank statement included service charges and debit and credit card processing fees of $94. 2. The bank statement included electronic collections from customers on account totalling $4,400. Cullumber had not recorded the EFT. 3. A deposit of $2,600 made by another company was incorrectly added to Cullumber’s account by the Caisse Populaire. 4. Salaries of $3,520 were paid electronically during the month. The company has already recorded these. 5. Cheques outstanding on June 30 totalled $2,310. Of these, $1,810 worth cleared the bank in July. All cheques written in July cleared the bank in July. PART A) Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.)…
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On May 31, O'Hearne Limited had a cash balance per books of $13,126. The bank statement from Community Bank on that date showed a balance of $15,230. A comparison of the bank statement with the company's Cash account revealed the following: 1. The bank statement included a bank service charge of $80. 2. The bank statement included electronic collections totalling $4,188. These were not previously recorded. 3. Outstanding cheques at April 30 totalled $2,900. Of these, $2,240 worth cleared the bank in May. There were $1,892 of cheques written in May that were still outstanding on May 31. 4. Included with the cancelled cheques was a cheque issued by O'Bearne Inc. for $1,200 that was incorrectly charged to O'Hearne by the bank. 5. On May 31, the bank statement showed a returned (NSF) cheque for $1,350 issued by a customer in payment of its account. In addition, the bank charged an $80 processing fee for this transaction. 6. The May 31 deposit of $1,926 was not included in the deposits on…
The following information is available for Hapley Company. The November 30 bank statement shows a $1,895 balance. The general ledger shows a $1,742 balance at November 30. A $795 deposit placed in the bank’s night depository on November 30 does not appear on the November 30 bank statement. Outstanding checks amount to $638 at November 30. A customer’s $335 note was collected by the bank in November. A collection fee of $15 was deducted by the bank and the difference deposited in Hapley’s account. A bank service charge of $10 is deducted by the bank and appears on the November 30 bank statement. Hapley partially completed a bank reconciliation, shown below. Required: Complete the bank reconciliation for Hapley using the template included below.
On December 31, Blossom Ltd. had a cash balance of $18,390 in its general ledger. The bank statement from the National Bank on that date showed a balance of $15,330. A comparison of the bank statement with the Cash account revealed the following: 1. 2. 3. 4. 5. (a) Cheques outstanding on November 30 totalled $3,980. Of these, $2,600 worth cleared the bank in December. All cheques written in December cleared the bank in December. A deposit of $2,390 made on December 31, was not recorded by National Bank until January 5. Supplies of $1,010 were paid via EFT during the month of December. The company has already recorded these. The bank statement showed automatic EFT withdrawals for utility payments totalling $1,500. The bank statement included service charges and debit and credit card processing fees of $550. Prepare the bank reconciliation at December 31. (List items that increase balance as per bank & books first.) BLOSSOM LTD. Bank Reconciliation December 31

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