ns and updated values at the end of the accounting period, then answer the questions that follow. (Note: You do not need to upload your revised worksheet for Part 2.) 1 Cash on hand at the company and not yet deposited at the bank. 2 EFT for monthly utility bilit not yet recorded by the company. 3 Note collected by the bank and not yet recorded by the company. 4 Interest collected by the bank from note in #3 not yet recorded by the company. SA check witten for insurance expense for $70 was cashed. The check was recorded on the books for $160. 6 Checks written by the company but not yet processed by the bank. -7 Service fee charged by bank but not yet recorded by the company. 8 Customer checks determined by the bank to have nonsufficient funds. 7,400 1,400 8,700 1,200 3,100 100 2,700 Bank balance at the end of the period. Company balance at the end of the period. 17,840 16,350
ns and updated values at the end of the accounting period, then answer the questions that follow. (Note: You do not need to upload your revised worksheet for Part 2.) 1 Cash on hand at the company and not yet deposited at the bank. 2 EFT for monthly utility bilit not yet recorded by the company. 3 Note collected by the bank and not yet recorded by the company. 4 Interest collected by the bank from note in #3 not yet recorded by the company. SA check witten for insurance expense for $70 was cashed. The check was recorded on the books for $160. 6 Checks written by the company but not yet processed by the bank. -7 Service fee charged by bank but not yet recorded by the company. 8 Customer checks determined by the bank to have nonsufficient funds. 7,400 1,400 8,700 1,200 3,100 100 2,700 Bank balance at the end of the period. Company balance at the end of the period. 17,840 16,350
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer with full work no copy paste from other answer

Transcribed Image Text:Revise your worksheet to reflect the following transactions and updated values at the end of the accounting perlod, then answer
the questions that follow. (Note: You do not need to upload your revised worksheet for Part 2.)
1 Cash on hand at the company and not yet deposited at the bank.
2 EFT for monthly utility bilt not yet recorded by the company.
3 Note collected by the bank and not yet recorded by the company.
4 Interest collected by the bank from note in #3 not yet recorded by the company.
SA check witten for insurance expense for $70 was cashed. The check was recorded on the books for $160.
6 Checks written by the company but not yet processed by the bank.
7 Service fee charged by bank but not yet recorded by the company.
8 Customer checks determined by the bank to have nonsufficient funds.
7,400
1,400
8,700
1,280
3,100
100
2,700
Bank balance at the end of the period.
Company balance at the end of the period.
17,840
16,350
Required:
1-a. What is the revised Cash balance at the end of the period?
Cash
1-b. Is the bank reconciliation in balance?
Yes
No
2-a. What is the balance in Cash if the entry to correct the insurance payment hasn't been made?
Cash
2-b. Would the bank reconciliation still be in balance?
Yes
No
3. Which statement below is true regarding the effect of the company incorrectly recording a customer deposit at $260,000 rather
than $26,000?
No effect on the bank reconciliation.
The difference of $234,000 will be subtracted from the book balance.
The difference of $234,000 will be added to the book balance.
The bank balance will be increased by $260,000.
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