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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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.
The cash account for Norwegian Medical Co. at April 30 indicated a balance of $8,680. The bank statement indicated a balance of $10,060 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 $3,620. A deposit of $3,770, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $1,960 on a $1,860 note, including interest of $100. A check for $550 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $500. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. A check drawn for $40 had been erroneously charged by the bank as $400. Bank service charges for April amounted to $20. Required: Question Content Area 1. Prepare a bank reconciliation.
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.
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.
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, $21,880. Cash balance according to the bank statement at August 31, $23,260. Checks outstanding, $4,440. Deposit in transit, not recorded by bank, $3,570. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co.Bank ReconciliationAugust 31, 20Y6 Cash balance according to bank statement $fill in the blank edbfa3fe702204a_1 Adjustments: - Select - - Select - Total adjustments fill in the blank edbfa3fe702204a_6 Adjusted balance $fill in the blank edbfa3fe702204a_7 Cash balance according to company's records $fill in the blank edbfa3fe702204a_8 Adjustments: $- Select - -…
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, $42,920. Cash balance according to the bank statement at August 31, $56,300. Checks outstanding, $25,390. Deposit in transit not recorded by bank, $13,325. A check for $150 in payment of an account was erroneously recorded in the check register as $1,500. Bank debit memo for service charges, $35. Question Content Area a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co.Bank ReconciliationAugust 31, 20Y6 Cash balance according to bank statement blank $fill in the blank 0ff66e00407e061_1 - Select - blank - Select - Adjusted balance blank $fill in the blank 0ff66e00407e061_6 Cash balance according to company's records blank $fill in the blank 0ff66e00407e061_7 blank - Select - blank - Select - Adjusted balance blank $fill in the…
The cash account shows a balance of $41500 before reconciliation. The bank statement does not include a deposit of $9600 made on the last day of the month. The bank statement shows a collection by the bank of $3950 and a customer's check for $1350 was returned because it was NSF. A customer's check for $1320 was recorded on the books as $1960, and a check written for $323 was recorded as $389. The correct balance in the cash account was O $44674. O $43394. O $43526. O $53126.
Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows a $29,361 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit Outstanding checks Multiple Choice Additionally, a $49 check written and recorded by the company was incorrectly recorded by the bank as a $94 deduction. The adjusted cash balance per the bank records should be: O O $31,580 $31,535 $34,487 $31,625 3,650 1,431 $24.325 H Seved O
The following information pertains to Lance Company. Cash balance per bank, July 31, $ 8,732. July bank service charge not recorded by the depositor $45. Cash balance per books, July 31, $8,768. Deposits in transit, July 31, $3,500. $2,023 collected from a customer for Lance Company in July by the bank through electronic funds transfer. The collection has not been recorded by Lance Company. Outstanding checks, July 31, $1,486. Prepare a bank reconcilliation at july 31, 2025 The following information pertains to Lance Company 1. Cash balance per bank, July 31, $8,732. 2. July bank service charge not recorded by the depositor $45. 3. Cash balance per books, July 31, $8,768. 4. Deposits in transit, July 31, $3,500. 5. 6. $2,023 collected from a customer for Lance Company in July by the bank through electronic funds transfer. The collection has not been recorded by Lance Company. Outstanding checks, July 31, $1,486

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