Get correct answer this financial accounting question please answer Jefferson Auto Parts has a check register balance of $248.90. The bankstatement shows that a check for $92.50, deposited by the accountowner, was returned due to insufficient funds. Additionally, the bankdeducted a $3.50 return checkfee.Compute the adjusted cash balance of the check register.

Step 1: Define Adjusted Cash BalanceThe adjusted cash balance is the correct cash amount in the…

Answered: Jefferson Auto Parts has a check…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 2SEQ

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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
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Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found.
On October 1, Jessica Clay received her bank statement showing a balance of $374.52.Her checkbook records indicate a balance of $338.97. There was a service charge for themonth of $4.40 on the statement. The outstanding checks were for $47.10, $110.15, $19.80,and $64.10. The deposits in transit totaled $125.50. There was a $75.70 debit for automaticpayment of her telephone bill. Use the following form to reconcile Jessica's checking account.Debits Checks OutstandingAmount AmountSvc. Chg.Total TotalCHECKBOOK BALANCE STATEMENT BALANCEAdd: Interest & Other Credits Add: Deposits in TransitSUB TOTAL SUB TOTALDeduct: Service Charges & Other Debits Deduct: Outstanding ChecksADJUSTED CHECK BOOK BALANCE ADJUSTED STATEMENT BALANCE
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On March 1, your checkbook balance is $565.02, and the bank statement balance is $464.07. An examination of the checkbook register reveals that a debit purchase for $45.09 was incorrectly entered as $54.09, and check #341 for $17.60 was not entered at all. A deposit for $150.65 was entered twice. The bank statement indicates that interest earned was $2.20, and the ATM service charge was $3.05. Outstanding checks were #228 for $30.09, #230 for $19.81, and #231 for $9.25. Question 1 Check #341 not entered was Answers A. added to the bank statement balance. B. deducted from the checkbook balance. C. added to the checkbook balance. D. deducted from the bank statement balance. Question 2 What is the available bank balance? Answers A. $404.92 B. $402.72 C. $515.57 D. $407.97 On July 31, your checkbook balance is $953.12, and the bank statement balance is $1219.51. An examination of the checkbook register reveals that check…
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In comparing the canceled checks on the bank statement with the entries in the accounting records, Tanner Company found that check number 4239 for May's rent was correctly written and drawn for $6,750 but was erroneously entered in the accounting records as $6,570. When preparing the May bank reconciliation, the Tanner Company should: Select one: A. Add $180 to the book balance of cash B. Deduct $180 from the bank statement balance C. Add $180 to the bank statement balance D. Deduct $180 from the book balance of cash

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Jefferson Auto Parts has a check register balance of $248.90. The bank statement shows that a check for $92.50, deposited by the account owner, was returned due to insufficient funds. Additionally, the bank deducted a $3.50 return checkfee. Compute the adjusted cash balance of the check register.