I am looking for the correct answer to this financial accounting problem using valid accounting standards. In preparing its bank reconciliation for the month of November 2020, Green Valley Co. hasavailable the following information:•••••Balance per bank statement, 11/30/20: $120,000NSF check returned with 11/30/20 bank statement: $500Deposits in transit, 11/30/20: $15,000Outstanding checks, 11/30/20: $10,000Bank service charges for November: $40What should be the adjusted cash balance on November 30, 2020?a. $119,460.b. $120,000.c. $124,460.d. $121,500.

Step 1: Define Adjusted Cash BalanceThe adjusted cash balance represents the final balance after…

Answered: In preparing its bank reconciliation…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.21E

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Similar questions

The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.
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Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
In preparing its bank reconciliation for the month of April 2020, Sunland, Inc. has available the following information. Balance per bank statement, 4/30/20 NSF check returned with 4/30/20 bank statement Deposits in transit, 4/30/20 Outstanding checks, 4/30/20 Bank service charges for April $78800 O $76500. O $77780. O $77940. O $77900. 940 9300 10200 80 What should be the adjusted cash balance at April 30, 2020?
In preparing its bank reconciliation for the month of April 2019, Haskins, Inc. has available the following information. Balance per bank statement, 4/30/19 $27,280 NSF check returned with 4/30/19 bank statement 900 Deposits in transit, 4/30/19 7,000 Outstanding checks, 4/30/19 10,400 Bank service charges for April 40 What should be the adjusted cash balance at April 30, 2019? Select one: a. $23,840 b. $23,880 c. $22,980 d. $22,940
In preparing its March 31, 2020 bank reconciliation, Blue Devil Inc. has available the following information: Balance per bank statement, 03/31/2020 $18,650 Deposit in transit, 03/31/2020 3,900 Return of customer's check for insufficient funds, 03/31/2020 600 Outstanding checks, 03/31/2020 2,750 Bank service charges for March, 2020 100 Required: Identify which type of adjustment is needed for each of the following four transactions. The four types of adjustments include: (A) Add to the book balance; (B) Deduct from the book balance; (C) Add to the bank balance; and (D) Deduct from the bank balance. I. Deposit in transit, 03/31/2020 II. Return of…
In preparing its bank reconciliation for the month of April 2021, Oriole, Inc. has available the following information. Balance per bank statement, 4/30/21 NSF check returned with 4/30/21 bank statement Deposits in transit, 4/30/21 Outstanding checks, 4/30/21 Bank service charges for April $79300 970 O $78250. O $77430. $78720. $78400. 9300 10200 80 What should be the adjusted cash balance at April 30, 2021?
ASSESSMENT Prepare a bank reconciliation statement for Juan Company for the month of April 2020, using the following information: • The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30,2020. On this date the balance of cash per books is P11,589.45 • Additional information are provided below: o Deposits in transit: April 30 deposits (received by the bank on May 1) P2,201.40 o Outstanding checks: No.453 – P3,000.00 No.457 - P1,401.30 No.460 – P1,502.70 Errors: Juan wrote check no.443 for P1,226.00 and the bank correctly paid the amount. However, he recorded the check as P1,262.00. Bank me da: Debit - NSF check from Pedro P425.60 Debit - Charge for printing company checks P30.00 Credit – Collection of notes receivable for P1,000.00 plus interest earned of P50.00, less bank collection fee of P15.00
General Accounting

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