Need answer the accounting question please answer do fast In preparing its bank reconciliation for the month of October 2019, Big Time, Inc. has available thefollowing information.Balance per bank statement, 10/31/19$80,000NSF check returned with 10/31/19 bank statement 725Deposits in transit, 10/31/19Outstanding checks, 10/31/19Bank service charges for October8,0006,40055What should be the adjusted cash balance on October 31, 2019?a. $80,260.b. $80,600.c. $81,600.d. $82,500.

Step 1: Define Bank ReconciliationBank reconciliations are carried out daily to check that the…

Answered: In preparing its bank reconciliation…

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 5DQ

See similar textbooks

Similar questions

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
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.
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: $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: $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.
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 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, 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.
Compute the adjusted cash balance as at September 30, 2019 of Guyana Corp where it was preparing a bank reconciliation statement as of September 30, 2019. The company has provided the following details:Deposit in Transit = $4,300Book balance =$32,800Customer NSF check returned by bank =$400Outstanding checks = $2,200Interest earned on checking account =$100
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?
In preparing its bank reconciliation on December 31, 2019, Hakudoshi Company has made available the following data: Balance per bank statement P1,900,000 Deposit in transit P 260,000 Amount erroneously credited by bank to Hakudoshi’s account 20,000 Bank service charge for December 2,500 Outstanding checks P 337,500 What is the adjusted cash in bank on December 31, 2019?

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS