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Learning Objective 5 The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31, $17,790. 2. Cash balance according to the bank statement at July 31, $18,810. 3. Checks outstanding, $3,610. 4. Deposit in transit, not recorded by bank, $2,900. 5. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co. Bank Reconciliation July 31 Cash balance according to bank statement Adjusted balance. Cash balance according to company's records Adjusted balance b. If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)? Check My Work Previous Next >

Learning Objective 5 The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31, $17,790. 2. Cash balance according to the bank statement at July 31, $18,810. 3. Checks outstanding, $3,610. 4. Deposit in transit, not recorded by bank, $2,900. 5. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co. Bank Reconciliation July 31 Cash balance according to bank statement Adjusted balance. Cash balance according to company's records Adjusted balance b. If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)? Check My Work Previous Next >

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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Learning Objective 5 The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31, $17,790. 2. Cash balance according to the bank statement at July 31, $18,810. 3. Checks outstanding, $3,610. 4. Deposit in transit, not recorded by bank, $2,900. 5. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co. Bank Reconciliation July 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance b. If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)? Check My Work Previous Next >
Transcribed Image Text:Learning Objective 5 The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31, $17,790. 2. Cash balance according to the bank statement at July 31, $18,810. 3. Checks outstanding, $3,610. 4. Deposit in transit, not recorded by bank, $2,900. 5. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co. Bank Reconciliation July 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance b. If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)? Check My Work Previous Next >
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