Bank Reconciliation StatementLessCheques issued but not presented141Interest on current accountcredited in the pass book1,100Balance as per cash book1101,2109,230llustration 4Mr. Jayaraj found that this cash balance as on 28-2-2018 as per cash book wasdifferent from that of the pass book balance. Prepare a statement to explain thedifference from the following:(a) Bank balance as per cash book 7 8,920.(b)Out of the cheques issued in February 2002, cheques for 3,900 were notpresented for payment.(c) Cheques for 4,750 deposited into the bank were not collected and credited.(d) A customer has paid directly to Jayaraj's account a sum of 780 for whichno entry is found in the cash book.e) According to standing instruction to the bank, they have paid Jayaraj's electricbill for 350, which remains to be recorded in the cash book.tionBank Reconciliation Statementas on Feb. 28, 2018

The bank reconciliation statement is prepared to adjust the bank balance and cash balance to make…

Answered: Mr. Jayaraj found that this cash…

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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Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems. On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25. On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank. On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March. O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank. O. Myer verifies that all deposits…
Hi, im having trouble with a bank reconciliation question. Additional information: (1) Cheque number 5904 is correctly drawn for RM2,080 to pay for computer equipment. (2) The NSF cheque shown in the statement was originally received from a customer, S. Nilson. The return has not yet been recorded by the company. (3) The credit memorandum is from the collection of RM1,400 note for Elisa Sdn. Bhd. by the bank. The bank deducted RM15 collection fee. This has not been recorded by the company too
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On 30th June, 2015, D’s Cash Book showed that he had an overdraft of $ 300 on his Current Account at the bank. On checking the Cash Book with the bank statement you find the following: (a) Cheques drawn amounting to $ 500 had been entered in the Cash Book but had not been Presented; (b) Cheques received, amounting to $ 400, had been entered in the Cash Book but had not been credited by the bank ; (c) On instructions from D the bank had transferred interest, $ 60, from his deposit account to his current account recording the transfer on 5th July 2015. This amount had, however, been credited in the Cash Book as on 30th June, 2015. (d) Bank charges, $ 35, shown in the Bank statement had not been entered in the Cash Book; (e) The payment side of the Cash Book had been undercast by $ 10 ; (f) Dividends amounting to $ 200 had been paid direct to the Bank and not entered in the Cash Book ; (g) A cheque of $ 50 drawn on deposit account had been shown in…
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
Vegas company's unadjusted cash balance at Oct 31 is $5,400. The following information is available for bank reconciliation: - outstanding checks, $600 - deposit in transit, $450 - bank service charges, $90 - bank had collected an account receivable for company, $1000 - bank statement included an NSF check written by one of company's customers for $600. What was the adjusted book balance at Oct 31? A, $5,400 B, $5,710 C, $6,910 D, $5,490
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The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.
The cash account for Kahn Inc. on November 30, 2018, indicated a balance of $5,699. The bank statement indicated a balance of $13,167 on November 30, 2018. The following reconciling items were discovered.Checks outstanding totaled $5,175. A deposit of $3,842, representing cash receipts of November 30, had been made too late to appear on the bank statement. The bank had collected for Kahn $4,800 on a note left for collection. The face of the note was $4,200. Kahn had recorded a check for $2,040 as a $2,400. The check was for the payment of a 3-year insurance policy. A check for $1,176 had been incorrectly charged by the bank as $176. Bank service charges for November amounted to $25. Required: Prepare the bank reconciliation and journalize the necessary entries.
Kameron Gibson's bank statement showed a balance of $612.85. Kameron's checkbook had a balance of $215.20. Check Number 104 for $139.80 and check Number 105 for $19.55 were outstanding. A $799.30 deposit was not on the statement. He has his payroll check electronically deposited to his checking account-the payroll check was for $1,069.10. There was also a $10.80 teller fee and an $20.70 service charge. Prepare Kameron Gibson's bank reconciliation. Note: Input all amounts as positive values. Round your answers to 2 decimal places. Kameron's checkbook balance Add: Subtotal Deduct Subtotal Reconciled balance BANK RECONCILIATION Bank balance Add: Subtotal Deduct: + Reconciled balance
Kameron Gibson's bank statement showed a balance of $1,020.35. Kameron's checkbook had a balance of $282.10. Check Number 104 for $150.70 and check Number 105 for $16.35 were outstanding. A $666.60 deposit was not on the statement. He has his payroll check electronically deposited to his checking account-the payroll check was for $1,260.90. There was also a $10.70 teller fee and an $12.40 service charge. Prepare Kameron Gibson's bank reconciliation. Note: Input all amounts as positive values. Round your answers to 2 decimal places. Kameron's checkbook balance Add: Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATION Bank balance Add: Subtotal Deduct: Reconciled balance

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