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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N3. Account
Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $11,100 Add: Outstanding checks $3,585 Error by Chesner Co. in recording Check No. 1056 as $950 instead of $590 360 Note for $12,000 collected by bank, including interest 12,480 16,425 $27,525 Deduct: Deposit in transit on August 31 $7,200 Bank service charges 25 7,225 Cash balance according to bank statement $20,300 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Exhibit 12. Chesner Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance
Use the following bank statement and T-account to prepare the May 31 bank reconciliation. BANK STATEMENT Date Checks Deposits Other Balance May 1 $ 340 May 4 #2 $ 45 $ 85 380 May 12 #4 135 NSF check $ 85 160 May 28 #5 55 105 May 30 #6 50 340 395 May 31 #8 90 Service charge 40 265 Cash (A) Debit Credit May 1 340 May 3 85 45 May 3 #2 105 May 4 #3 135 May 8 #4 55 May 11 #5 50 May 21 #6 May 29 340 60 May 29 #7 May 30 220 90 May 30 #8 May 31 445
prepare a bank reconciliation at june 31
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…
aj.8
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…
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 $25,296 debit balance, but its July bank statement shows a $27,253 cash balance. b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accounting records as $1,200. d. The July bank statement shows the bank collected $10,000 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…
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 $25,296 debit balance, but Its July bank statement shows a $27,253 cash balance. b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accounting records as $1,200. d. The July bank statement shows the bank collected $10,000 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…
Required information [The following information applies to the questions displayed below.] The August, current year, bank statement for Allison Company and the August, current year, ledger account for cash follow: Date August 1 2 3 4 5 9 10 15 21 24 25 30 30 31 BANK STATEMENT Checks and EFTS $380 435 280 785 205 EFT 265 $20,100 850 EFT 115 + *$2,800 interest collected. *Bank service charge. Debit August 1 Balance Deposits August 2 12 24 31 Deposits $12,100 4,200 6,650 2,800* 16,615 12,100 4,200 6,650 5.400 Balance $17,710 17,330 29,430 28,995 28,715 27,930 27,725 31,925 31,660 11,560 18,210 17,360 20,160 20,045 Cash (A) Credit Checks written and electronic funds transfers August 2 4 15 17 18 EFT 205 785 230 410 EFT 850
Journalize the entries required by the reconciliation.

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