Nolan Company's cash account shows a $20,059 debit balance and its bank statement shows $19,742 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,595. b. The June 30 bank statement lists $30 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $30 check written by the company was mistakenly recorded in the company's books as $39. d. June 30 cash receipts of $2,917 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.

Nolan Company's cash account shows a $20,059 debit balance and its bank statement shows $19,742 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,595. b. The June 30 bank statement lists $30 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $30 check written by the company was mistakenly recorded in the company's books as $39. d. June 30 cash receipts of $2,917 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.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter8: Sarbanes-oxley, Internal Control, And Cash

Section: Chapter Questions

Problem 18E

See similar textbooks

Similar questions

The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
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: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
Nolan Company's cash account shows a $26,426 debit balance and its bank statement shows $25,694 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,907. b. The June 30 bank statement lists $32 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 $3,656 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 $40 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 Book balance Add: Deduct: Adjusted book balance
Nolan Company's cash account shows a $29,193 debit balance and its bank statement shows $28,152 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,801. b. The June 30 bank statement lists $32 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 $3,853 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 $34 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. NOLAN COMPANY Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance
Nolan Company’s Cash account shows a $22,352 debit balance and its bank statement shows $21,332 on deposit at the close of business on June 30. Prepare a bank reconciliation using the following information. a. Outstanding checks as of June 30 total $3,713. b. The June 30 bank statement lists $41 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $90 check written by the company was mistakenly recorded in the company’s books as $99. d. June 30 cash receipts of $4,724 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 $23 credit for interest earned on the company’s cash in the bank. The company has not yet recorded interest earned.
Liberty Company receives a bank statement dated April 30 that shows a balance of $4,722.68. Liberty’s checkbook balance, as of April 30, is $5,277.73. The bank has not processed check 566 for $35 or check 567 for $264. A $750 deposit made on April 30 does not appear on the bank statement. The bank statement shows a few items that Liberty is unaware of: check printing charges of $61.50 and interest earned of $11.45. Liberty recorded check 563 as $128, but the bank processed the check incorrectly as $182. Find the April 30 reconciled balance.
Please help
The cash account for Etra Co. at June 30 of the current year indicated a balance of $9,870. The bank statement indicated a balance of $11,360 on June 30. Comparing the bank statement, the canceled checks, and the accompanying memorandums with the records a. Checks outstanding totaled $6,870 b. A deposit of 4,200, representing receipts of June 30, had been made too late to appear in the bank statement. c. A check for $1,510 returned with the statement had been recorded by Etra Co. as $270. The check was for the payment of A/P. d. The bank had collected for Etra Co. $1,025 on a note left for collection. The face of the note was $1,000. e. Bank service…
TSLA Co. found that the receipt of a check from a customer was properly recorded in th accounting records for $7,426 but improperly credited by the bank in the amount of $4,726. When preparing that month's bank reconciliation, the company should: Add $2,700 to the bank statement balance of cash. Add $2,700 to the book balance of cash. educt $2,700 from the book balance of cash O Deduct $2,700 from the bank statement balance of cash.
Acme Company has received its bank statement for the month ending May 31, which showed the following: Ending balance $10,650.05 NSF check 63.40 Service charge 10.70 After checking the bank statement and accounting records, the accountant has determined the following: The May cash balance per books is $10,781.76. The bank’s service charge and NSF check were not entered by the bookkeeper. A $354.60 deposit made on May 31 is not on the bank statement. Outstanding checks total $296.99. Prepare a proper bank reconciliation in proper format.
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