account answer Metro Traders has a bank statement balance of $25,400 but records show a balanceof $24,200 due to:• Outstanding checks: $2,000•Deposits in transit: $800What is the adjusted cash balance?A) $23,400B) $24,200C) $25,400D) $24,800

Step 1: Bank reconciliation statement is prepared by the account holder to reconcile the balance of…

Answered: Metro Traders has a bank statement…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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Similar questions

Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35
Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.
What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR
The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.
Provide cash balance?
Provide Answer with calculation and explanation
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Inner Resources Company received the following bank statement. Bank Statement Beginning balance A. D. Deposits $8,700 1,200 Total $9,900 Ending balance Prepare the journ Checks 101 102 103 106 Bank service charges $650 550 150 457 110 $1,917 $0 $7,983 required to reconcile the book balance to the bank balance. If amount box does not require entry field, leave it blank.
Using the following information: The bank statement balance is $4,690. The cash account balance is $5,080. Outstanding checks amounted to $715. Deposits in transit are $1,020. The bank service charge is $40. A check for $72 for supplies was recorded as $27 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co.Bank ReconciliationAugust 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: Deposits in transit not recorded by bank $fill in the blank 3 Outstanding checks fill in the blank 5 Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $fill in the blank 10 fill in the blank 12 Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14

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Metro Traders has a bank statement balance of $25,400 but records show a balance of $24,200 due to: • Outstanding checks: $2,000 • Deposits in transit: $800 What is the adjusted cash balance? A) $23,400 B) $24,200 C) $25,400 D) $24,800