In preparing its August 31, 2016 bank reconciliation, Oakley Corp. has available the following information: Balance per bank statement, 8/31/16 $65,490 Deposit in transit, 8/31/16 10,170 Return of customer's check not sufficient funds, 8/30/16 1,800 Outstanding checks, 8/31/16 5,820 Bank service charges for August 350 At August 31, 2016, Oakley's adjusted cash balance is Select one: a. $59,320. b. $59,670 c. The answer does not exist d. $69,8400. e. $61,1400

In preparing its August 31, 2016 bank reconciliation, Oakley Corp. has available the following information: Balance per bank statement, 8/31/16 $65,490 Deposit in transit, 8/31/16 10,170 Return of customer's check not sufficient funds, 8/30/16 1,800 Outstanding checks, 8/31/16 5,820 Bank service charges for August 350 At August 31, 2016, Oakley's adjusted cash balance is Select one: a. $59,320. b. $59,670 c. The answer does not exist d. $69,8400. e. $61,1400

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

Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in the absence of expert accountant for month of February 28, 2021. Sofia International Company Reconciliation Statement of Bank 28 February 2021 Balance per bank statement, Feb 28 Add: Deposit in transit Collection of note from Farms $18,299.40 $4,320.60 3,000.00 7,320.60 $26,620.00 Sub total Less: Outstanding Checks: No. 831 863 $340.30 800.50 888 145.20 1,186.00 $25.434.00 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 Add: Credit memoranda from bank Subtotal $29,959.00 3,000.00 $26,959.00 Less: Debit memoranda from bank NSF check 1,500 Bank Service charges Adjusted cash balance per accounting records 25.00 1,525.00 $25,434.00 Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain why that/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE if you think…
Please provide correct solution
Prepare a bank reconcilation statement as of May 30, 2018
The following details are found in the incomplete bank reconciliation statement of Phillip Company for the month ended September 30, 2021: Notes receivable of the customer collected and deposited in the bank- 250,000 Service Charge- 35,000 Interest Income on Deposits- 25,000 Deposits in Transit- 250,000 Outstanding Checks- 350,000 Balance per cash ledger- 725,000 Check of Phillip erroneously charge by the bank to Phillipa - 57,800 What is the reconciled cash to be reported by Phillip Company?
Bank reconciliation and entriesThe cash account for Coastal Bike Co. at October 1, 2019, indicated abalance of $5,140. During October, the total cash deposited was $39,175,and checks written totaled $40,520. The bank statement indicated abalance of $8,980 on October 31, 2019. Comparing the bank statement,the canceled checks, and the accompanying memos with the recordsrevealed the following reconciling items: A. Checks outstanding totaled $5,560.B. A deposit of $1,050 representing receipts of October 31 had beenmade too late to appear on the bank statement.C. The bank had collected for Coastal Bike Co. $2, 120 on a note leftfor collection. The face of the note was $2,000. D. A check for $370 returned with the statement had beenincorrectly charged by the bank as $730.E. A check for $310 returned with the statement had been recordedby Coastal Bike Co. as $130. The check was for the payment of anobligation to Rack Pro Co. on account. F. Bank service charges for October amounted to $25.G. A…
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…
What is the cash balance per books at November 30, 2021?
Prepare a bank reconciliation statement
Apex Ltd was in the process of preparing a bank reconciliation statement. Apex Ltd book balance =32,800 Deposit in Transit =4,300 Outstanding checks =2,200 Interest earned on checking account =100 Customer NSF check returned by bank =400 The adjusted cash balance as at September 30, 2020 will be?