Mary Sells is unable to reconcile the bank balance at January 31. Mary’s reconciliation is shown here. Cash balance per bank $3,687.20 Add: NSF check 460.00 Less: Bank service charge 33.00 Adjusted balance per bank $4,114.20 Cash balance per books $3,985.20 Less: Deposits in transit 585.00 Add: Outstanding checks 780.00 Adjusted balance per books $4,180.20 (a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted cash balance per bank $Enter a dollar amount rounded to 2 decimal places (b) What is the proper adjusted cash balance per books? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted cash balance per books $Enter a dollar amount rounded to 2 decimal places (c) Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 Enter an account title to record NSF check on January 31 Enter a debit amount Enter a credit amount Enter an account title to record NSF check on January 31 Enter a debit amount Enter a credit amount (To record NSF check) Jan. 31 Enter an account title to record bank service charge on January 31 Enter a debit amount Enter a credit amount Enter an account title to record bank service charge on January 31 Enter a debit amount Enter a credit amount (To record bank service charge)

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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Mary Sells is unable to reconcile the bank balance at January 31. Mary’s reconciliation is shown here.

Cash balance per bank		$3,687.20
Add: NSF check		460.00
Less: Bank service charge		33.00
Adjusted balance per bank		$4,114.20

Cash balance per books		$3,985.20
Less: Deposits in transit		585.00
Add: Outstanding checks		780.00
Adjusted balance per books		$4,180.20

(a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e.g. 52.75.)

The proper adjusted cash balance per bank

$Enter a dollar amount rounded to 2 decimal places

(b) What is the proper adjusted cash balance per books? (Round answers to 2 decimal places, e.g. 52.75.)

The proper adjusted cash balance per books

$Enter a dollar amount rounded to 2 decimal places

(c) Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 31	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record NSF check on January 31	Enter a debit amount	Enter a credit amount
	(To record NSF check)
Jan. 31	Enter an account title to record bank service charge on January 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record bank service charge on January 31	Enter a debit amount	Enter a credit amount
	(To record bank service charge)

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