Marjorie Company's cash balance per the books at the end of the month was $8,600.After comparing the company's records with the monthly bank statement, Marjorie'saccountant identified the following reconciling items: outstanding checks, $800; depositsin transit, $700; bank service charge, $30; and NSF check, $100. The bank collection ofa note receivable was $1,200 plus interest of $150. There also was an EFT payment of$110. What is the adjusted book balance at the end of the month?A. $9,820OB. $9,670OC. $9,710D. $8,500

The objective of the question is to calculate the adjusted book balance at the end of the month for…

Answered: Marjorie Company's cash balance per the…

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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At the end of April, Meyer Company had a $7,990 balance in its cash account, while its bank statement for April showed an ending cash balance of $7,100. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer's customers. Meyer's records show a $800 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.
A company's Cash account shows a balance of $3,420 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($400), a customer's note receivable collected by the bank $(1,400), and interest earned $(170). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
NEVERMIND Company reported a balance of $43,000 in its Cash account at the end of the month. There were $20,000 deposits in transit and $15,000 of outstanding checks. The bank statement showed a balance of $50,000, service charges of $6,000 and the proceeds of note collected by the bank for the company. The note had a face value of $15,000? The interest on the note collected by the bank was a. $9,000 b. $6,000 c. $3,000 d. $12,000
The following information relates to Oriole Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $19,590. During the month of July, Oriole recorded cash receipts of $21,400 and cash payments of $24,300 in the general ledger Cash account. An examination of the company's July bank statement shows a balance of $19,630 on July 31; outstanding cheques $4,000; deposits in transit $1,820; EFT collections on account that were not yet recorded on the books $2,192; NSF cheque $1,248; NSF fee $72; and bank service charges $112. Determine the cash balance per Oriole Limited's books. Cash balance Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) Add Cash balance per bank Bank service charge Reconciled cash balance per bank Deposits in transit NSF cheque and fee Outstanding cheques EFT collections on account Oriole Limited Bank Reconciliation July 31 $
Spielberg Company’s general ledger shows a checking account balance of $22,970 on July 31, 2021. The July cash receipts of $1,885, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $55. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,460. The bank statement shows a balance of $22,490 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on July 31, 2021. 2. Record the necessary entry(ies) to adjust the balance for cash.
Please solve this
Damon Company receives its monthly bank statement, which reports a balance of $2,000. After comparing this to the company’s cash records, Damon’s accountants determine that deposits outstanding total $4,200 and checks outstanding total $4,450.Required:Calculate the reconciled bank balance for cash.
Hansaben
The cash account for Brentwood Bike Co. at May 1 indicated a balance of $12,830. During May, the total cash deposited was $64,190 and checks written totaled $59,600. The bank statement indicated a balance of $21,760 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $9,690. A deposit of $7,900, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,170 on a note left for collection. The face of the note was $3,850. A check for $490 returned with the statement had been incorrectly charged by the bank as $940. A check for $970 returned with the statement had been recorded by Brentwood Bike Co. as $790. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $30. A check for $960 from Jennings Co. was returned by the bank…
Gadubhai
Haverman Company maintains a checking account at the Commerce Bank. At July 31, selected data from the ledger balance and the bank statement are shown below. Per Books Per Bank Balance, July 1 $17,600 $16,800 July receipts 81,400 July credits 82,470 July disbursements 77,150 July debits 74,756 Balance, July 31 $21,850 $24,514 Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $3,470 for the collection of a $3,400 note plus interest revenue of $70. The July debits per bank consist of checks cleared $74,700 and a debit memorandum of $56 for printer additional company checks. You also discover the following errors involving July checks: (1) A check for $230 to a creditor on an account that cleared the bank in July was journalized and posted as $320. (2) A salary check to an…
Infinity Emporium Company received the monthly statement for its bank account, showing a balance of $67,300 on August 31. The balance in the Cash account in the company's accounting system at that date was $72,628. The company's accountant reviewed the statement and the company's accounting records and noted the following. 1. 2. 3. After comparing the cheques written by the company with those deducted from the bank account in August, the accountant determined that all six cheques (totalling $6,180) that had been outstanding at the end of July were processed by the bank in August. However, five cheques written in August, totalling $4,500, were outstanding on August 31. A review of the deposits showed that a deposit made by the company on July 31 for $11,532 was recorded by the bank on August 1, and an August 31 deposit of $13,300 was recorded in the company's accounting system but had not yet been recorded by the bank. The August bank statement also showed: a service fee of $24 a…

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