Mazaya Company had checks outstanding totaling R.O 12,800 on its January bank reconciliation. In February, Mazaya Company issued checks totaling R.O. 78,900. The March bank statement shows that R.O 59,400 in checks cleared the bank in March. A check from one of Mazaya Company's customers in the amount of R.O 600 was also returned marked "NSE The amount of outstanding checks on Mazaya Company's March bank reconciliation should be Select one a. R.O 21 300. O b. R.O. 33.200. c. R.O. 8.500. 0 dRO 32.300

Mazaya Company had checks outstanding totaling R.O 12,800 on its January bank reconciliation. In February, Mazaya Company issued checks totaling R.O. 78,900. The March bank statement shows that R.O 59,400 in checks cleared the bank in March. A check from one of Mazaya Company's customers in the amount of R.O 600 was also returned marked "NSE The amount of outstanding checks on Mazaya Company's March bank reconciliation should be Select one a. R.O 21 300. O b. R.O. 33.200. c. R.O. 8.500. 0 dRO 32.300

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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Hathaway Company’s general ledger shows a cash account balance of $23,290 on July 31, 2024. Cash sales of $1,839 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $51 and an NSF check from a customer of $310. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,470. The bank statement shows a balance of $22,560 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.
Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems. On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25. On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank. On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March. O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank. O. Myer verifies that all deposits…
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