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Jim Patrick operates a roller skating center, Skatetown USA. He has just received the company's monthly bank statement at March 31 from Ringley National Bank, and the statement shows an ending balance of $710. Listed on the statement are an EFT rent collection of $315, a service charge of $10, two NSF checks totaling $100, and an $11 charge for printed checks. In reviewing his cash records, Patrick identifies outstanding checks totaling $815 and a March 31 deposit in transit of $1,775. During March, he recorded a $210 check for the salary of a part-time employee as $21. Patrick's Cash account shows a March 31 cash balance of $1,885. Read the requirement. Prepare the Bank section, then the Book section of the bank reconciliation to determine how much cash Patrick actually has at March 31. (Include the balances at March 31 in each of the addition subtotal calculations. If an input field is not used in the table leave the field empty; do n select a label or enter a zero.) Bank: Balance, March 31, 2021 Add: Deposit in transit Subtotal Less: Outstanding checks Adjusted bank balance, March 31, 2021 Books: Balance, March 31, 2021 Add: Skatetown USA Bank Reconciliation March 31, 2021 Subtotal EFT collection-rent 710 1775 2485 615 1,870 1,865 315 2.180 Requirement 1. How much cash does Patrick actually have at March 31, 2021? Print Done - X X

Jim Patrick operates a roller skating center, Skatetown USA. He has just received the company's monthly bank statement at March 31 from Ringley National Bank, and the statement shows an ending balance of $710. Listed on the statement are an EFT rent collection of $315, a service charge of $10, two NSF checks totaling $100, and an $11 charge for printed checks. In reviewing his cash records, Patrick identifies outstanding checks totaling $815 and a March 31 deposit in transit of $1,775. During March, he recorded a $210 check for the salary of a part-time employee as $21. Patrick's Cash account shows a March 31 cash balance of $1,885. Read the requirement. Prepare the Bank section, then the Book section of the bank reconciliation to determine how much cash Patrick actually has at March 31. (Include the balances at March 31 in each of the addition subtotal calculations. If an input field is not used in the table leave the field empty; do n select a label or enter a zero.) Bank: Balance, March 31, 2021 Add: Deposit in transit Subtotal Less: Outstanding checks Adjusted bank balance, March 31, 2021 Books: Balance, March 31, 2021 Add: Skatetown USA Bank Reconciliation March 31, 2021 Subtotal EFT collection-rent 710 1775 2485 615 1,870 1,865 315 2.180 Requirement 1. How much cash does Patrick actually have at March 31, 2021? Print Done - X X

FINANCIAL ACCOUNTING
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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Jim Patrick operates a roller skating center, Skatetown USA. He has just received the company's monthly bank statement at March 31 from Ringley National Bank, and the statement shows an ending balance of $710. Listed on the statement are an EFT rent collection of $315, a service charge of $10, two NSF checks totaling $100, and an $11 charge for printed checks. In reviewing his cash records, Patrick identifies outstanding checks totaling $815 and a March 31 deposit in transit of $1,775. During March, he recorded a $210 check for the salary of a part-time employee as $21. Patrick's Cash account shows a March 31 cash balance of $1,865. Read the requirement. Prepare the Bank section, then the Book section of the bank reconciliation to determine how much cash Patrick actually has at March 31. (Include the balances at March 31 in each of the addition subtotal calculations. If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Bank: Balance, March 31, 2021 Add: Deposit in transit Subtotal Less: Outstanding checks Adjusted bank balance, March 31, 2021 Books: Balance, March 31, 2021 Add: Skatetown USA Bank Reconciliation March 31, 2021 Subtotal Less: EFT collection - rent Patrick's actual cash balance at March 31 is 710 1775 2485 615 1,870 1.885 315 2,180 310 1,870 Requirement 1. How much cash does Patrick actually have at March 31, 2021? Print Done - X
Transcribed Image Text:Jim Patrick operates a roller skating center, Skatetown USA. He has just received the company's monthly bank statement at March 31 from Ringley National Bank, and the statement shows an ending balance of $710. Listed on the statement are an EFT rent collection of $315, a service charge of $10, two NSF checks totaling $100, and an $11 charge for printed checks. In reviewing his cash records, Patrick identifies outstanding checks totaling $815 and a March 31 deposit in transit of $1,775. During March, he recorded a $210 check for the salary of a part-time employee as $21. Patrick's Cash account shows a March 31 cash balance of $1,865. Read the requirement. Prepare the Bank section, then the Book section of the bank reconciliation to determine how much cash Patrick actually has at March 31. (Include the balances at March 31 in each of the addition subtotal calculations. If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Bank: Balance, March 31, 2021 Add: Deposit in transit Subtotal Less: Outstanding checks Adjusted bank balance, March 31, 2021 Books: Balance, March 31, 2021 Add: Skatetown USA Bank Reconciliation March 31, 2021 Subtotal Less: EFT collection - rent Patrick's actual cash balance at March 31 is 710 1775 2485 615 1,870 1.885 315 2,180 310 1,870 Requirement 1. How much cash does Patrick actually have at March 31, 2021? Print Done - X
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