Prepare a bank reconciliation dated August 31, 2025, proceeding to a correct balance.METLOCK COMPANYBank Reconciliation, August 31, 2025County National Bank$19$>$$+9$19$ Metlock Company has just received the August 31, 2025, bank statement, which is summarized below.County National BankBalance, August 1Deposits during AugustNote collected for depositor, including $51 interestChecks cleared during AugustBank service chargesBalance, August 31DisbursementsReceipts Balance$11,927$40,99152,9181,32454,242$43,91910,3232510,29810,298The general ledger Cash account contained the following entries for the month of August.CashBalance, August 112,794 Disbursements in August 44,446Receipts during August 44,555Deposits in transit at August 31 are $4,837, and checks outstanding at August 31 total $1,337. Cash on hand at August 31 is $395.The bookkeeper improperly entered one check in the books at $146 which was written for $155 for supplies (expense); it cleared thebank during the month of August.(a)Prepare a bank reconciliation dated August 31, 2025, proceeding to a correct balance.

If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…

Answered: Prepare a bank reconciliation dated…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter11: Current Liabilities And Payroll

Section: Chapter Questions

Problem 3CPP

See similar textbooks

Similar questions

Logan Bruno Company has just received the August 31, 2020, bank statement, which is summarized below. County National Bank Disbursements Receipts Balance Balance, August 1 $ 9,369 Deposits during August $32,200 41,569 Note collected for depositor, including $40 interest 1,040 42,609 Checks cleared during August $34,500 8,109 Bank service charges 20 8,089 Balance, August 31 8,089 The general ledger Cash account contained the following entries for the month of August. Cash Balance, August 1 10,050 Disbursements in August 34,903 Receipts during August 35,000 Deposits in transit at August 31 are $3,800, and checks outstanding at August 31 total $1,050. Cash on hand at August 31 is $310. The bookkeeper improperly entered one check in the books at $146.50 which was written for $164.50 for supplies (expense); it cleared the bank during the month of August. Instructions a. Prepare a bank reconciliation dated…
I'm not sure exactly what the titles are supposed to be for some of these accounts. And I'm not sure if the numbers are the totals or the subrtraction between the two columns
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…
kindly help me related to accounting question
Given this book and bank statement information, create an October bank reconciliation for Arrowhead company. And the journal entries required for the book side. BOOK INFO: Cash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck 10102 Accounts Payable 1,374.12 6,885.74 10/2/2020 Ck 10103 Rent 3,420.00 3,465.74 10/2/2020 Ck 10104 Utilities 689.00 2,776.74 10/4/2020 Deposit 3,743.10 6,519.84 10/4/2020 Ck 10105 Advertising 344.21 6,175.63 10/4/2020 Ck 10106 Subscription 102.84 6,072.79 10/9/2020 Ck 10107 Internet 74.97 5,997.82 10/9/2020 Deposit 4,859.47 10,857.29 10/9/2020 Ck 10108 Telephone 221.00 10,636.29 10/9/2020 Deposit 11,339.64 21,975.93 10/12/2020 Ck 10109 Accounts Payable 1,680.00 20,295.93 10/13/2020 Ck 10110 Wages…
The following information was included in the bank reconciliation for EEECompany for October and November 2020: Checks and charges recorded by bank in November, including a November service charge of P10,000 and NSF check of P50,000 1,375,000 Service charge made by in October and recorded by depositor in November 5,000 Total credits to cash in all journals during November 1,550,000Customer’s NSF check returned in October and redeposited in November (no entry made by depositor in either October or November) 100,000 Outstanding checks on October 31,2020 that cleared in November 575,000 What is the total amount of outstanding checks on November 30,2020? FFF Company had the following bank reconciliation on June 30, 2020:
The following information is extracted from the bank statement and the accounting records of Sun Corporation for the month of July, 2019: Cash balance from books, July 31 $2,000.35 Cash balance from bank, July 31 2,021.20 NSF check returned by bank with bank statement 81.00 Note collected by bank on July 31 190.00 Interest on preceding note 5.50 Bank service charge for July 3.40 Outstanding checks at end of July 150.00 Deposit in transit at the end of July 240.25 Required: 1. Prepare a bank reconciliation for Sun on July 31, 2019. 2. Prepare the journal entries necessary to adjust Sun’s books on July 31, 2019. Prepare a bank reconciliation for Sun on July 31, 2019. Bank Reconciliation Instructions Sun Corporation Bank Reconciliation July 31, 2019 1 Balance from bank statement 2 Add: 3 4 5 Deduct: 6 7 Adjusted cash balance…
Required a. Prepare a bank reconciliation at June 30. b. Prepare the necessary journal entries to bring the general ledger Cash account into agreement with the adjusted balance on the bank reconciliation.
The following information is extracted from the bank statement and the accounting records of Sun Corporation for the month of July, 2019: Cash balance from books, July 31 $2,200.35 Cash balance from bank, July 31 2,221.20 NSF check returned by bank with bank statement 81.00 Note collected by bank on July 31 190.00 Interest on preceding note 6.50 Bank service charge for July 4.40 Outstanding checks at end of July 150.00 Deposit in transit at the end of July 240.25 Required: 1. Prepare a bank reconciliation for Sun on July 31, 2019. 2. Prepare the journal entries necessary to adjust Sun’s books on July 31, 2019. CHART OF ACCOUNTS Sun Corporation General Ledger ASSETS 111 Cash 121 Accounts Receivable 125 Notes Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes…
Current Attempt in Progress At August 31, 2025, Sage Hill Nail Bar has this bank information: cash balance per bank $10,790; outstanding checks $840; deposits in transit $1,800; and a bank service charge $30. Determine the adjusted cash balance per bank at August 31, 2025. Adjusted cash balance per bank Touthook and Modla $
Determine the following: d. Adjusted bank balance on May 31, 2021 PROBLEM 2: The following data are gathered by the account of CHOPPER TECH. 4/30/2021 5/31/2021 Cash account balance 53,000 87,400 Bank statement balance 260,000 340,000 Deposits in transit 20,500 32,200 Outstanding checks 69,000 75,000 Bank service charges 1,500 1,300 NSF checks 20,600* Company's note receivable collected by bank 160,000 211,100 * Redeposited and recorded in the same month. The bank statement and the company's cash records show the following totals: Cancelled checks and debit memos per bank statement P 540,000 Cash receipts per cash book 400,000 Checks written per cash book 524,100 Deposits and credit memos per bank statement 620,000
Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the following information: (The attached picture) Additional Information:a. The payments of P2,000 and P50,000 shown on the bank statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for interest of P8,000. b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable. Requirements:1. Prepare the bank reconciliation.2. Prepare the journal entries to record the adjusting entries on the books of Entity A.

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS