Larkspur Wholesale Company assembled the following information in completing its March bank reconcil Balance per bank $14500 Outstanding checks $2950 Deposits in transit $4750 NSF check $300 Bank service charges $95 Cash balance per books $16695 As a result of this reconciliation, Larkspur will O increase its cash account by $205. O reduce its cash account by $95. O reduce its cash account by $395. O reduce its cash account by $1800.

Larkspur Wholesale Company assembled the following information in completing its March bank reconcil Balance per bank $14500 Outstanding checks $2950 Deposits in transit $4750 NSF check $300 Bank service charges $95 Cash balance per books $16695 As a result of this reconciliation, Larkspur will O increase its cash account by $205. O reduce its cash account by $95. O reduce its cash account by $395. O reduce its cash account by $1800.

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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Copeland Company's bank reconciliation as of February 28 is shown below. Bank balance $ 38,943 3,600 + Deposit in transit - Outstanding checks Adjusted bank balance. Book balance Note collection Check printing - 2,380 $ 40,163 Adjusted book balance One of the journal entries that Copeland must record as a result of the bank reconciliation includes: Multiple Choice O Debit Cash $3,600; credit Accounts Receivable $3,600. Debit Cash $875; credit Notes Receivable $875. Debit Miscellaneous Expense $50, credit Accounts Payable $50. Debit Cash $3,600; credit Sales $3,600 $ 39,338 +875 -50 $ 40,163
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Question Content Area Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, 10/31 $15,965 Note receivable collected by bank 4,859 Outstanding checks 9,437 Deposits in transit 4,203 Bank service charge 201 NSF check 1,307 Using the above information, determine the cash balance per books (before adjustments) for Thompson Corporation. a.$19,316 b.$7,380 c.$14,082 d.$10,731
4 Paws Construction Company gathered the following reconciling informationin preparing its April bank reconciliation:Cash balance per books, 4/30 $17,600 Deposits in transit 2,400 Notes receivable and interest collected by bank 5,920 Bank charge for check printing 200 Outstanding checks 12,000 NSF check 1,120 The adjusted cash balance per books on April 30 is a. $24,600b. $23,520c. $22,200d. $24,440
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