9 Question 3 - Chapter 6 Assignme xA McGraw-Hill Connectheducation.com/ext/map/index.html?_con=con&external_browser=D0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252Fmhepr. ☆HelpSave & ExitSubmiSavedssignment iCheck my workQS 6-11 (Algo) Bank reconciliation LO P3Nolan Company's cash account shows a $26,535 debit balance and its bank statement shows $25.449 on deposit at the close ofbusiness on June 30.a. Outstanding checks as of June 30 total $2,206.b. The June 30 bank statement lists $34 in bank service charges; the company has not yet recorded the cost of these services.c. In reviewing the bank statement, a $20 check written by the company was mistakenly recorded in the company's books as $29.d. June 30 cash receipts of $3,300 were placed in the bank's night depository after banking hours and were not recorded on the June30 bank statement.e. The bank statement included a $33 credit for interest earned on the company's cash in the bank. The company has not yetrecorded interest earned.esPrepare a bank reconcillation using the above information.NOLAN COMPANYBank ReconciliationJune 30Bank statement balanceBook balanceAddAdd:< Prey3 of 3Nexte to search12:01 PM9975°F9/11/2021DO4014444Aprt scdeletehomeend4.68.<-backspacenumlock7TYhomeGKenter4pause Assighme Xducation.com/ext/map/index.html?_con=con&external_browser%3D0&launchUrl=https%253A%252F%252Flms.mheducation.com%252FmghmiddSavedHelpignmentPrepare a bank reconciliation using the above information.NOLAN COMPANYBank ReconciliationJune 30Bank statement balanceBook balanceAdd:Add:0.Deduct:DeductAdjusted bank balance0 Adjusted book balance< Prey3 of 3Nexte to search99.75°F494+144prt scdelete96317\8.9.backspaceRI(8

Bank reconciliation statement is a statement which is prepared to reconcile cash balance as per cash…

Answered: Nolan Company's cash account shows a…

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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Marin Company’s general ledger indicates a cash balance of $22,340 as of September 30, 2018. Early in OctoberMarin received a bank statement indicating that during September Marin had an NSF check of $1,500 returnedto a customer and incurred service charges of $45. Marin also learned it had incorrectly recorded a checkreceived from a customer on September 15 as $500 when in fact the check was for $550. Calculate Marin’s correct September 30, 2018, cash balance.
Assuming none of the transactions reported by the bank debit or credit memos have been recorded by the company, which of the following reconciling items (a through g) require an entry on the company's books? a. checks outstanding totaled $7,250 b. a deposit of $12,000 representing cash receipts of May 31 had been made too late to appear on the May 31 bank statement. c. the bank collected a note on behalf of the company in the amount of $3,500. d. a check for $270 had been incorrectly charged by the bank as $720 as shown on the bank statement. e. a check for $420 returned with the bank statement had been recorded incorrectly on the company's books as $240. f. bank service charges for May amounted to $175 g. a deposited check from May 24 for $1,200 was rejected by the bank due to insufficient funds Please select the applicable letters of each item to be journalized by the company and enter them below. Separate each item by a comma.
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $26,110. Cash balance according to the bank statement at August 31, $27,460. Checks outstanding, $5,300. Deposit in transit not recorded by bank, $4,260. A check for $480 in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash?
Organic Foods Co's cash account shows a $5,500 debit balance and its bank statement shows $5,160 on deposit at close of business on August 31. Prepare a bank reconciliation using the following information. a) August 31 cash receipts of $1,240 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b) The bank statement shows a $120 NSF check from a customer; the company has not yet recorded this NSF check. c) Outstanding checks as of August 31 total $1,120. d) In reviewing the bank statement, an $80 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e) The August 31 bank statement lists $20 in bank service charges; the company has not yet recorded the cost of these services.
Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. a. August 31 cash receipts of $3,140 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. Deduct b. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $3,020. d. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. Prepare a bank reconciliation using the above information. Bank statement balance i Add: Adjusted bank balance ORGANIC FOOD COMPANY Bank Reconciliation August 31 $ 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0 0
cash account for Norwegian Medical Co. at April 30 indicated a balance of $403,784. The bank statement indicated a balance of $468,460 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $73,870. b. A deposit of $51,230, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $50,630 on a $48,220 note, including interest of $2,410. d. A check for $9,160 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $916. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. e. A check drawn for $680 had been erroneously charged by the bank as $860. f. Bank service charges for April amounted to $170. Required: 1. Prepare a bank reconciliation. Be sure to complete the statement heading. Refer to the Labels and…
The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $55,367. 2. Deposits in transit on June 30 were $2,435. 3. A debit memo was included with the bank statement for a service charge of $26. 4. A $4,402 check written in June had not been paid by the bank. 5. The bank statement included a $1,350 credit memo for the collection of a note. The principal of the note was $1,300, and the interest collected amounted to $50. Required: Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance
The cash account for Norwegian Medical Co. at April 30 indicated a balance of $12,195. The bank statement indicated a balance of $13,760 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,950. A deposit of $5,160, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,680 on a $2,550 note, including interest of $130. A check for $660 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $600. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. A check drawn for $90 had been erroneously charged by the bank as $900. Bank service charges for April amounted to $35. Required: Question Content Area 1. Prepare a bank reconciliation. Norwegian Medical Co.Bank ReconciliationApril 30 Cash balance according to bank statement…
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.
Wright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on deposit at the close of business on May 31. The May 31 bank statement lists $250 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $7,100. May 31 cash receipts of $7,700 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $550 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $300 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.
Wright Company's cash account shows a $30,700 debit balance and its bank statement shows $29,000 on deposit at the close of business on May 31. a. The May 31 bank statement lists $260 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,200. c. May 31 cash receipts of $7,800 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $560 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $280 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.
Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. August 31 cash receipts of $3,140 were placed in the bank’s night depository after banking hours and were not recorded on the August 31 bank statement. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. Outstanding checks as of August 31 total $3,020. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food’s account. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. Prepare any necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation.

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