What should be the adjusted cash balance In preparing its bank reconciliation for the month of November2022, Bold Tech, Inc. has available the following information:Balance per bank statement, 11/30/22$92,500NSF check returned with 11/30/22 bank statement 850Deposits in transit, 11/30/229,200Outstanding checks, 11/30/22Bank service charges for November7,30060What should be the adjusted cash balance on November 30,2022?

Explanation of Adjusted Cash Balance: The adjusted cash balance refers to the actual cash amount…

Answered: In preparing its bank reconciliation…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
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.
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.
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.
What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.
In preparing its bank reconciliation for the month of April 2021, Vaughn, Inc. has available the following information. Balance per bank statement, 4/30/21 $80800 NSF check returned with 4/30/21 bank statement 900 Deposits in transit, 4/30/21 9800 Outstanding checks, 4/30/21 10800 Bank service charges for April 40 What should be the adjusted cash balance at April 30, 2021? O $79800. O $78900. O $80220. © $79860.
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 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?

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