expert of 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

Bank Statement Balance = $25,400Outstanding Checks = $2,000 will be deducted as cheques are issued…

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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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?
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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.

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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