Jamison Company gathered the following reconciling information in preparing its June bank reconciliation:Cash balance per bank, June 30$10,349Note receivable collected by bank5,383Outstanding checks7,583Deposits in transit5,9171891,958Bank service chargeNSF checkDetermine the cash balance per the company's records (before adjustments).a. $11,919b. $13,585c. $8,683d. $5,447

To get the cash balance per company's records before adjustments, we need to note the following:Cash…

Answered: Jamison Company gathered the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Instructions The following data were gathered to use in reconciling the bank account of Donovan Company: Balance per bank $14,385 Balance per company records 11,200 Bank service charges 60 Deposit in transit 2,125 NSF check 1,480 Outstanding checks 6,850 Required: a. What is the adjusted balance on the bank reconciliation? b. On March 1, journalize any necessary entries for Donovan Company based on the bank reconciliation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journal b. On March 1, journalize any necessary entries for Donovan Company based on the bank reconciliation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line…
Bank Reconciliation The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement $16,185 Add outstanding checks: No. 1067 $575 1106 470 1110 1,050 1113 910 3,005 $19,190 Deduct deposit of June 30, not recorded by bank 6,600 Adjusted balance $12,590 Cash balance according to company’s records $8,985 Add: Proceeds of note collected by bank: Principal $6,000 Interest 300 $6,300 Service charges 15 6,315 $15,300 Deduct: Check returned because of insufficient funds $890 Error in recording June 17 deposit of $7,150 as $1,750 5,400 6,290 Adjusted balance $ 9,010 a. Identify the errors in the above bank reconciliation. Item Correct Heading…
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A1 Service Company gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per books, 8/31 $28,000 Deposits in transit 1,200 Notes receivable and interest collected by bank 6,800 Bank charge for check printing 160 Outstanding checks NSF check The adjusted cash balance per books on August 31 is 16,000 1,360 $32,080. O $33,280. O $19,680. O $18,400. W
Derek Company gathered the following reconciling information in preparing its September bank reconciliation: Cash balance per books, 9/30 $2,945 Deposits in transit 568 Notes receivable and interest collected by bank 873 Bank charge for check printing 27 Outstanding checks 1,207 NSF check 145 Find the adjusted cash balance per books on September 30. Select the correct answer. $3,007 $2,306 $3,152 $3,646
Bank Reconciliation The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement $16,185 Add outstanding checks: No. 1067 $575 1106 470 1110 1,050 1113 910 3,005 $19,190 Deduct deposit of June 30, not recorded by bank 6,600 Adjusted balance $12,590 Cash balance according to company’s records $8,985 Add: Proceeds of note collected by bank: Principal $6,000 Interest 300 $6,300 Service charges 15 6,315 $15,300 Deduct: Check returned because of insufficient funds $890 Error in recording June 17 deposit of $7,150 as $1,750 5,400 6,290 Adjusted balance $ 9,010 a. Identify the errors in the above bank reconciliation. Item Correct Heading…
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $25,010. Cash balance according to the bank statement at July 31, $26,060. Checks outstanding, $5,080. Deposit in transit, not recorded by bank, $4,080. A check for $340 issued in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company, part (a) Error and part (b) Service Charge. If an amount box does not require an entry, leave it blank. a. July 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. July 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $22,240. Cash balance according to the bank statement at July 31, $23,450. Checks outstanding, $4,510. Deposit in transit, not recorded by bank, $3,630. A check for $590 in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 b. July 31
Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: Line Item Description Amount Cash balance per bank, October 31 $15,554 Note receivable collected by bank 4,010 Outstanding checks 7,718 Deposits in transit 5,145 Bank service charge 140 NSF check 1,521 Determine the cash balance per the company’s records (before adjustments). a. $17,903 b. $10,632 c. $12,981 d. $15,330
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: a. Cash balance according to the company's records at August 31, $28,730. b. Cash balance according to the bank statement at August 31, $30,200. c. Checks outstanding, $5,830. d. Deposit in transit, not recorded by bank, $4,680. e. A check for $590 in payment of an account was eroneously recorded by Kaycee Sisters Inc. as $950. f. Bank debit memo for service charges, $40. Prepare a bank reconciliation, using the format shown in Exhibit 12. Kaycee Sisters Inc. Bank Reconciliation August 31, 20Y9 Cash balance according to bank statement Adjusted balance Cash balance according to Kaycee Sisters Inc. $ Adjusted balance
Jamison Company gathered the following reconciling information in preparing its June bank reconciliation. Cash balance per bank, June 30 $10,580 Note receivable collected by bank 5,781 8,771 3,495 127 1,779 Outstanding checks Deposits in transit Bank service charge NSF check Determine the cash balance per company records (before adjustment) on June 30. a. $9,179 b. $22,846 OC. $5,304 d. $1,429
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation: Cash balance per books, 9/30 $3,120 Deposits in transit 369 Notes receivable and interest collected by bank 721 Bank charge for check printing 28 Outstanding checks 1,595 NSF check 106 Calculate the adjusted cash balance per books on September 30. a.$2,481. b.$2,587. c.$3,707. d.$1,894.

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