**Bank Reconciliation:**Complete the bank reconciliation and determine the adjusted book and bank balance for the month of October 2020 for The Balancers Inc. Use the information below.**Include your bank recon in your PDF upload!!**1. The balance on the 10/31 bank statement is $8,000. The balance in the book general ledger for the checking account is $12,500.2. There were $7,886 in outstanding checks that had not cleared the bank by the end of the month.3. There was a bank fee of $125 charged on the bank statement that has not been recorded by The Balancers.4. A customer payment towards AR was returned by the bank as NSF (non-sufficient funds) in the amount of $3,279. The Balancers, Inc. did not know about this NSF before receiving the bank statement.5. Check #9876 cleared the bank in the correct amount of $635, but was incorrectly entered into the accounting system as $653. The check was for rent for October.6. A deposit totaling $9,000 from sales activities on 10/31 was recorded in the accounting system but not brought to the bank until 11/1.

Solution: Balancers Inc Bank Reconciliation - October 31 Bank's Cash balance Company's cash…

Include your bank recon in your PDF upload!! 1. The balance on the 10/31 bank statement is $8,000. The balance i the book general ledger for the checking account is $12,500. 2. There were $7,886 in outstanding checks that had not cleared the bank by the end of the month. 3. The was a bank fee of $125 charged on the bank statement that ha not been recorded by The Balancers. 4. A customer payment towards AR was returned by the bank as NSF (non sufficient funds) in the amount of $3,279. The Balancers, Inc dī not know about this NSF before receiving the bank statement. 5. Check #9876 cleared the bank in the correct amount of $635, but W incorrectly entered into the accounting system as $653. The check was for rent for October. 6. A deposit totaling $9,000 from sales activities on 10/31 was recorde in the accounting system but not brought to the bank until 11/1.

Include your bank recon in your PDF upload!! 1. The balance on the 10/31 bank statement is $8,000. The balance i the book general ledger for the checking account is $12,500. 2. There were $7,886 in outstanding checks that had not cleared the bank by the end of the month. 3. The was a bank fee of $125 charged on the bank statement that ha not been recorded by The Balancers. 4. A customer payment towards AR was returned by the bank as NSF (non sufficient funds) in the amount of $3,279. The Balancers, Inc dī not know about this NSF before receiving the bank statement. 5. Check #9876 cleared the bank in the correct amount of $635, but W incorrectly entered into the accounting system as $653. The check was for rent for October. 6. A deposit totaling $9,000 from sales activities on 10/31 was recorde in the accounting system but not brought to the bank until 11/1.

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

A check register shows a balance of $484.95. The bank statement shows a cash balance of $506.27. The check register shows an outstanding check for $27.82. The bank statement shows a service charge of $6.50. Compute the adjusted balance of the check register and the bank statement. 467.45 578.45 None of the above 487.45 $478.45
Need answer
Please do not give solution in image format ?.
Please answer with working, reason
can you answer the follow questions uploaded?
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.
See image please
Using the following information: The bank statement balance is $4,256. The cash account balance is $4,421. Outstanding checks amounted to $878. Deposits in transit are $1,008. The bank service charge is $26. A check for $35 for supplies was recorded as $26 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $fill in the blank 3 fill in the blank 5 Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $fill in the blank 10 fill in the blank 12 Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
The following data were gathered to use in reconciling the bank account of Photo Op: Balance per bank... $14,500 Balance per company records.... .13,875 Bank service charges.. 75 Deposit in transit... .3,750 NSF check... 800 Outstanding checks... .5,250 What is the adjusted balance on the bank reconciliation?
12 )
Your checkbook balance shows $706.50. The bank statement shows $772.77. The bank paid $2.50 interest. Checks 1501 ($85), 1507 ($50.16), and 1511 ($20.50) are not shown on the statement. A service charge of $5 was levied by the bank. You made an $85 deposit yesterday that is not on the statement. What is the reconciled balance? (Show all work.)
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 • Book balance: $8,866 • Deposits in transit: $1,832 Outstanding checks: $589 and $1,623 • Bank service charges: $50 • Bank incorrectly charged the account $50. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.