HHUsing the following information:a. The bank statement balance is $4,799.b. The cash account balance is $5,186.c. Outstanding checks amount to $744.d. Deposits in transit are $1,076.e. The bank service charge is $46.f. A check for $59 for supplies was recorded as $50 in the ledger.Prepare a bank reconciliation for Candace Co. for May 31.Candace Co.Bank ReconciliationQQMay 31Line Item DescriptionAmount Amount<Cash balance according to bank statementAdjusted balanceCash balance according to company's recordsTotal deductionsAdjusted balance

Hello student! Bank Reconciliation determines the correct balance that should reflect the bank's…

Answered: HH Using the following information: a.…

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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Instructions The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $22,569. Cash balance according to the bank statement at August 31, $29,187. 3. Checks outstanding, $13,346. Deposit in transit not recorded by bank, $7,087. A check for $42 in payment of an account was erroneously recorded in the check register as $420. 6. Bank debit memo for service charges, $19. Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles. 1. 2. m4. 5.
1 . Prepare a bank reconciliation given the following information the bank statement shows a balance of $4300 while the general ledger shows a balance of $ 2,900. the deposits outstanding ( in transit) are $2,900. the checks outstanding are $ 550. bank service charge is $50. note receivable collected by the bank is $3,600. interest earned for the month is $ 200.
The treasurer preparing the October bank reconciliation identified the following items: Cash balance per the company's records $32,700, Deposits in Transit $4,300, Outstanding Checks $2,200, Interest earned on the checking account $200, Customer NSF check $400. What is the company's adjusted cash balance at Oct. 31? A. $34,900 B. $32,700 C. $32,500 D. $34,800
a. The June 30 cash balance in the general ledger is $878. b. The June 30 balance shown on the bank statement is $402. c. Checks Issued but not returned with the bank statement were Number 712 for $24 and Number 723 for $55. d. A deposit made late on June 30 for $472 Is Included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $74 that was deposited on June 24 had been returned because the customer's account was overdrawn. 1. During a review of the checks that were returned with the bank statement, It was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: Prepare a bank reconciliation as of June 30 from the above information. Note: Total the entries of the same account together when entering in the bank…
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.
Help would be appreciated 2. On December 31st, Bub's gym received a bank statement for December. b. Prepare a bank reconciliation. Use the following information from the bank statement and business records. Bank balance $1685.00 Bank service charge $25.00 Outstanding Deposit, Dec 30 $450.00 Outstanding checks, No. 23 and 24 Check book balance on check stub No. 25 $1905.00
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…
Complete a Bank Reconciliation for the following: On March 31st the checkbook balance of Dust Bunnies Cleaning Co. was $2,568. The bank statement was $3,254.50. Checks outstanding were $2,788. The statement revealed a deposit in transit of $2,125 as well as a bank service charge of $11.50. The company earned interest income of $35.00. Complete a bank reconciliation for Dust Bunnies Cleaning Co.
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Prepare a bank reconcilation going from balance per bank and balance per book to correct cash balance. Outstanding checks from the June reconcilation cleared the bank in July.
Karen 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 $25,200 Add: Deposits in transit 5,544 Deduct: Outstanding checks (7,200 ) Balance per books $23,544 Month of July Results Per Bank Per Books Balance July 31 $31,140 $33,300 July deposits 16,200 20,916 July checks 14,400 11,160 July note collected (not included in July deposits) 5,400 July bank service charge 54 July NSF check from a customer, returned by the bank (recorded by bank as a charge) 1,206 (a) Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.

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