M5-12 Preparing a Bank Reconciliation (LO 5-4)Use the following bank statement and T-account to prepare the May 31 bank reconciliation.BANK STATEMENTDepositsDateChecksOtherBalanceMay 14 2 $ 2s12 4 115$ 65NSF check$260300120$6528 530 46May 31 835308531526070Service charge20225May 1May 3Cash (A)260652585115353040May 3 2May 4 3May 4May 11 5May 21 6May 29 7May 30 8May 29May 30May 3126018070365Bank ReconciliationMay 31Bank StatementCompany's BooksEnding Balance per Bank StatementAdditions:365 Ending Balance per Cash AccountAdditions:Deposit in TransitEFT Payment365Deductions:Deductions:Up-to-Date Cash Balance365 Up-to-Date Cash Balance

The following calculations are done to prepare reconciliation of bank statements.

Answered: M5-12 Preparing a Bank Reconciliation…

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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Requlred Informetion [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 ৪9, 938 88,970 88,470 88,520 88,370 Date Other Dec. 1 $ 7,620 558 $28, 000 13,900 11 17 23 36, e00 26 960 30 NSF* $300 50 19, 200 19, e00 31 Interest earned 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, e00 Deposits Dec. 11 23 Checks written during December: 7,620 28, 800 36, ee0 19,e00 13,e00 550 30 13,900 960 31 150 19,200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. Requlred: 1. Identify and list the deposits in transit at the end of December. (Select all that apply.) $28,000 $36,000 $19,000 $13,000 2. [dentify and list the outstanding checks at the end of December (Select all that apply.) $7,620 $550 $13,900 $880 $150 $19,200 $4,500 OOUI
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Exercise 4-9 (Algo) Calculate the balance of cash using a bank reconciliation (LO4-5) Jackman Company's general ledger shows a cash account balance of $23,400 on July 31, 2024. Cash sales of $1,893 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $37 and an NSF check from a customer of $420. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,620. The bank statement shows a balance of $22,670 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. 2. Record the necessary entry(ies) to adjust the balance for cash. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Per bank statement…
Required information Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,640 debit balance, but its July bank statement shows a $28,276 cash balance. b. Check Number 3031 for $1,620, Check Number 3065 for $586, and Check Number 3069 for $2,388 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. d. The July bank statement shows the bank collected $7,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet…
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Reconciliation and Journal Entries [LO 5-4, LO 5-5] [The following information applies to the questions displayed below.] The August bank statement and cash T-account for Martha Company follow: Date August 1 August 2 August 3 August 4 August 5 August 9 August 10 August 15 August 21 August 24 August 25 August 30 August 30 August 31 August 1 Balance Deposits August 2 August 12 August 24 August 31 August 31 Balance Checks $440 540 390 1, 170 450 540 25, 600 910 Debit CP5-3 (Algo) Part 5 and 6 BANK STATEMENT Deposits $14, 100. 4,700 5. Balance in Cash Accounts 6. Total Amount of Cash and Cash Equivalents 8, 050 Interest earned Service charge Cash (A) 20, 480 14, 100 4,700 8, 050 5, 700 Other 21, 800 Checks written 440 540 390 450 1, 170 430 760 910 540 25, 600 $ 30 10 Balance Credit No deposits were in transit and no checks were outstanding at the end of July. $ 20, 480 20, 040 34, 140 33, 600 33, 210 32, 040 31, 590 36, 290 35, 750 10, 150 18, 200 17, 290 17, 320 17, 310 August 1 August 2…
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Question 19 ) BRS
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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
Using the following information: Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35 and using the following accounts/items: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks you are to prepare a bank reconciliation: Bank Balance [ Select ] Book Balance [ Select] Add items: Add items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] Less items: Less items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select] [ Select ] Adjusted Bank Bal. [ Select ] Adjusted Book Bal. [ Select ] PLEASE NOTE: For the above reconciliation, if no dollar amount is needed, please use "$0" or if no item is needed, please use "None" - no quotation marks. You must enter the account and item names exactly as written above and all dollar amounts will be with "$" and commas…

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