Mercury Company’s unadjusted book balance at September 30 is $701. If the company's accountant mistakenly recorded a $18 check as $81. After correcting the mistake, Mercury Company would show a cash balance of $______
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Mercury Company’s unadjusted book balance at September 30 is $701. If the company's accountant mistakenly recorded a $18 check as $81. After correcting the mistake, Mercury Company would show a cash balance of $______
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- The following information is available for Remal Bidiya Company at the end of October: Unadjusted balance per bank RO 4,550; outstanding checks RO 775; deposits in transit RO 1,250; NSF check RO 80; bank service charge RO 50; credit memo from bank RO 95; a check of RO 105 was recorded erroneously as RO 150 by the company cash balance per books RO 4,500, As a result of this reconciliation, Remal-Bidiya Company will: Select one: O a. Reduce its cash account by RO 90, O b. Increase its cash account by RO 10. Oc Increase its cash account by RO 20. O d. Reduce its cash account by RO 70.As of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $17,740. Cash balance according to the bank statement at August 31, $18,960. Checks outstanding, $3,600. Deposit in transit not recorded by bank, $2,890. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $30. Question Content Area a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co.Bank ReconciliationAugust 31, 20Y6 Line Item Description Amount Cash balance according to bank statement $Cash balance according to bank statement - Select - - Select - Adjusted balance $Adjusted balance Cash balance according to company's records $Cash balance according to company's records - Select - - Select - Adjusted balance $Adjusted balance…
- Cottage Co. deposits all cash receipts on the day when they are recelved and it makes all cash payments by check. At the close of business on December 31, Its Cash account shows a debit balance of $19,053. The company's bank statement as of December 31 shows an ending cash balance of $16,221. The following Information was also avallable. Outstanding checks as of December 31 total $2,41. • Included with the bank statement was a debit memo in the amount of $110 for service charges. • Check No. 2519, listed with the canceled checks, was correctly drawn for $880 in payment of a utility bill on December 16. The company mistakenly recorded It with a debit to Utilities Expense and a credit to Cash In the amount of $1,000. • The December 31 cash receipts of $3,800 were placed in the bank's night depository after banking hours and were not recorded on the December 31 bank statement. • The bank deducted $1,258 for an NSF check from a customer deposited on December 10. Required: Prepare the…Wright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on deposit at the close of business on May 31. The May 31 bank statement lists $250 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $7,100. May 31 cash receipts of $7,700 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $550 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $300 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. August 31 cash receipts of $3,140 were placed in the bank’s night depository after banking hours and were not recorded on the August 31 bank statement. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. Outstanding checks as of August 31 total $3,020. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food’s account. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. Prepare any necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation.
- The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $27,900. Cash balance according to the bank statement at July 31, $29,040. Checks outstanding, $5,660. Deposit in transit, not recorded by bank, $4,550. A check for $340 in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $60. a. Prepare a bank reconciliation, using the format shown in Exhibit 14.The June 30 cash balance in the general ledger is $785. The June 30 balance shown on the bank statement is $288. Checks issued but not returned with the bank statement were Number 712 for $13 and Number 723 for $44. A deposit made late on June 30 for $472 is included in the general ledger balance but not in the bank statement balance. Returned with the bank statement was a notice that a customer's check for $73 that was deposited on June 24 had been returned because the customer's account was overdrawn. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30. Prepare the adjusting journal entry that should be…Mc Graw Hill Nolan Company's cash account shows a $24,659 debit balance and its bank statement shows $23,918 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,619. b. The June 30 bank statement lists $22 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $80 check written by the company was mistakenly recorded in the company's books as $89. d. June 30 cash receipts of $3,373 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $26 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information. Bank statement balance. Add: Deduct: Adjusted bank balance NOLAN COMPANY Bank Reconciliation June 30 $ 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0 0
- Roscoe's Rock Shop deposited a check for $675, but it was recorded on their books as a check for $576. This error of $99 would be: A. subtracted from Roscoe's book balance. B. added to Roscoe's book balance. C. added to the bank balance. O D. subtracted from the bank balance.A company recorded its August 15 receipts on its books as P142,000. However, the receipts were actually P124,000. The deposit slip for the bank was prepared correctly as P124,000. What adjustment is needed to the Cash balance per books? Choices: Increase by P18,000 Decrease by P18,000 Erase the wrong amount No adjustment neededThe following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $27,010. Cash balance according to the bank statement at July 31, $28,120. Checks outstanding, $5,480. Deposit in transit, not recorded by bank, $4,400. A check for $340 in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $60. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 b. July 31