McKeel Publishing had outstanding cheques totaling $5,520 on its June bank reconciliation. In July, McKeel issued cheques totaling $40,100. The July bank statement shows that $28,100 in cheques cleared the bank in July. The amount of outstanding cheques on McKeel's July bank reconciliation should be: Multiple Choice $5,520. $6,480. $17,520. $12.000.

McKeel Publishing had outstanding cheques totaling $5,520 on its June bank reconciliation. In July, McKeel issued cheques totaling $40,100. The July bank statement shows that $28,100 in cheques cleared the bank in July. The amount of outstanding cheques on McKeel's July bank reconciliation should be: Multiple Choice $5,520. $6,480. $17,520. $12.000.

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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You have been asked to help out a small Landscaping company by preparing their month-end bank reconciliation for February, 2022. You have gathered the following information: Balance per the bank statement, February 28, 2022 $5,033 Unadjusted balance per books (G/L), February 28, 2022 $1,950 A deposit made on February 28th not yet recorded by the bank $6,375 Outstanding cheques (total) as of February 28, 2022 $4,928 You found the following items on the bank statement that were either not included in the books (G/L) or were entered incorrectly: Bank Service Charges $35 NSF cheque from R. Bounce was returned by the bank $685 (this was for an outstanding account receivable) Note and interest collected by the bank on behalf of the company $5,250 ($5,000 is for the note and $250 is interest that was collected) Required – а. Prepare the adjusting entries required for the cash account. Calculate the adjusted balance per books. b. Prepare a bank reconciliation as at February 28.
Dekin Company had checks outstanding totaling $6,400 on its May bank reconciliation. In June, Dekin Company issued checks totaling $39,900. The July bank statement shows that $29,700 in checks cleared the bank in July. A check from one of Dekin Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Dekin Company's July bank reconciliation should be which of the following? A. $19,600 B. $10,200 C. $16,600 D. $3,800
XYZ Inc is preparing the October month-end Bank Reconciliation. The balance in the cash ledger on October 31 was $1,900. Some adjustments to this cash ledger balance were recorded on the Bank Reconciliation Report, as follows: • Bank service charge $55 NSF cheque: $375 • Cheque # 40 was correctly written and processed for $3,030 however the XYZ bookkeeper recorded the cheque amount for $3,300. What is the adjusted cash balance for October 31, for the Bank Reconciliation Report? Show your basic math.
Dobson Corporation gathered the following reconciling information in preparing its September bank reconciliation: Cash balance per books, September 30 $11,000 Note receivable collected by bank 6,000 Outstanding cheques 9,000 Deposits in transit 4,500 Bank service charge 75 NSF cheque 1,200 The adjusted cash balance per bank at September 30 is Question 6 options: $15,500. $6,500. $9,725. $1,775.
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1 . Prepare a bank reconciliation given the following information the bank statement shows a balance of $4300 while the general ledger shows a balance of $ 2,900. the deposits outstanding ( in transit) are $2,900. the checks outstanding are $ 550. bank service charge is $50. note receivable collected by the bank is $3,600. interest earned for the month is $ 200.
117) Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance + Deposit in transit Outstanding checks Adjusted bank balance $ 13,162 $ 14,237 +4,500 -3,900 Note collected -50 +1,725 $ 14,837 Adjusted book balance $ 14,837 Book balance Bank service fees A journal entry that Clayborn must record as a result of the bank reconciliation includes: A) Debit Cash $4,500; credit Sales $4,500. B) Debit Cash $1,725; credit Notes Receivable $1,725. C) Debit Cash $50; credit Bank Service Fee Expense $50. D) Debit Miscellaneous Expense $3,900; credit Cash $3,900. E) Debit Notes Receivable $1,725; credit Cash $1,725.
Iron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank reconciliation: Deposit in transit P6,800 Outstanding checks 15,600 April 2019 data: Per Bank Per Book Balance, March 31 296,560 287,760 Deposits reflected 190,400 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) Balance, April 30 319,680 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. How much is Iron’s deposits in transit at April 30? P12,400 P18,000 P1,200 P5,600 How much is Iron’s outstanding checks at April 30? P27,600 P34,400 P18,800 P24,800
1) Prepare a bank reconciliation dated December 31, 2020, for Welcome Inc. based on the following information. Balance per bank statement is $21,200.68. Balance per books is $20,559.40. The December bank statement indicated a service charge of $35. Cheque #1169 for $410.50 and cheque #1183 for $2,150.00 were not returned with the bank statement. The bank had not received a deposit in transit of $3,443.22 when the bank statement was generated. A bank debit memo indicated an NSF cheque written by Bill Broke to Welcome Inc. on December 11, 2020, for $169. A bank credit memo indicated a bank collection of $1,700 and interest revenue of $28 on December 15, 2020.
Joey Co just completed it's bank reconciliation for the year-ended December 31, 20x1. The following adjustments were used as part of the bank reconciliation: Outstanding cheques Bank service charges $2,100 300 Non-sufficient fund cheques from customers removed from bank account 200 Deposits in transit 1,700 A cheque from a customer was incorrectly recorded as $500 when it should have been recorded as $2,500. What is the total adjustment required to cash in the general ledger?
Mazaya Company developed the following reconciling information in preparing its June bank reconciliation: Cash balance per bank, 6/30 R.O. 8,000; Note receivable collected by bank 3,200; Outstanding checks 4,800; Deposits in transit 2,400; Bank service charge 4O; NSF check 640. Determine the cash balance per books (before adjustments) for Mazaya Company. Select one: a. R.O. 6,280. b. R.O. 8,000. cR.O. 10,400. d. R.O. 3,080.