Can you please solve this financial accounting problem? Oakwood Furniture Ltd. uses a four-column bank reconciliation. The bankstatement reports July payments of $2,450, including service charges of$30. At the beginning of July, there were $150 of checks outstanding, and atthe end of July, there were $180 of checks outstanding. Before recordingthe bank service charge, how much must Oakwood Furniture haverecorded as July payments?

Step 1: Definition of Bank ReconciliationBank reconciliation is the process of matching the balances…

Answered: Oakwood Furniture Ltd. uses a…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 3E

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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?
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.
For the month of July, Adam Company had the following information: bank service charge for July, P16,500, “NSF” check, P40,000. Upon review of its records, Adam determined the following: deposit in transit P143,000, outstanding checks P110,000 and an unrecorded customer check of P38,500. If the cash in bank balance per ledger is P920,000, how much is the adjusted balance?
Dekin Company had checks outstanding totaling $6,400 on its May bank reconciliation. In June, Dekin Company issued checks totaling $39,900. The July bank statement shows that $29,700 in checks cleared the bank in July. A check from one of Dekin Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Dekin Company's July bank reconciliation should be which of the following? A. $19,600 B. $10,200 C. $16,600 D. $3,800
Henry Inc. is preparing the monthly bank reconciliation of its checking account balance for the month of October.The bank statement indicates the following:Bank Statement balance, beginning of the month: $ 15,640Service charge for October $ 65Interest earned during October $ 80NSF check for goods purchased on account $ 615The company's records indicates the following:Company statement account balance $ 15,526Outstanding checks as of October 31 $ 1,410Deposit in transit as of October 31 $ 750Error in recording a check Issued by Henry Inc. Check was recorded as $660 by the company but correct amount of the check is $6061. Complete the reconciliation by adjusting the bank's end of period balance. List the name of each adjustment, the value on theadjustment (in a separate cell), and then calculated the new adjusted balance. 2. Complete the reconciliation by adjusting the company's end of period balance. List the name of each adjustment, the value onthe adjustment (in a separate cell), and…
At the end of April, Meyer Company had a $7,990 balance in its cash account, while its bank statement for April showed an ending cash balance of $7,100. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer's customers. Meyer's records show a $800 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.
XYZ Inc is preparing the October month-end Bank Reconciliation. The balance in the cash ledger on October 31 was $1,900. Some adjustments to this cash ledger balance were recorded on the Bank Reconciliation Report, as follows: • Bank service charge $55 NSF cheque: $375 • Cheque # 40 was correctly written and processed for $3,030 however the XYZ bookkeeper recorded the cheque amount for $3,300. What is the adjusted cash balance for October 31, for the Bank Reconciliation Report? Show your basic math.
The accountant of ABC Company is preparing a bank reconciliation statement for the month of October. The bank statement shows a balance of $9,719 while the ledger balance is $7,261. He compiles the following information: Description Check #3119 recorded at $1,830 Amount $1,380 a b NSF checks $500 EFT for insurance deducted $336 d EFT for rent collected $775 Service charge deducted Outstanding checks Deposit in transit Notes collected by bank e $15 f $4,036| g $3,402 h $1,450 Compute the adjusted bank balance for the month of October. а. $10,520 b. $9,070 с. $9,085 d. $8,749
Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $20,400. The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,450, outstanding checks of $3,900, an NSF check of $2,600, bank service charges of $125 and the EFT from a customer in payment of the customer's account of $3,400. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)?
Minor Company had checks outstanding totaling $4,127 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,968. The May bank statement shows that $26,955 in checks cleared the bank in May. A check from one of Minor Company's customers of $397 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a.$68,923 b.$22,828 c.$18,743 d.$19,140
HARRIS COMPANY HAD CHECKS OUTSTANDING TOTALLING $15,400 ON ITS MAY BANK RECONCILIATION. IN JUNE, HARRIS COMPANY ISSUED CHECKS TOTALLING $64,900. THE JUNE BANK STATEMENT SHOWS THAT $47,600 IN CHECKS CLEARED THE BANK IN JUNE. A CHECK FROM ONE OF HARRIS COMPANY'S CUSTOMERS IN THE AMOUNT OF $300 WAS ALSO RETURNED MARKED "NSF." THE AMOUNT OF OUTSTANDING CHECKS ON HARRIS COMPANY'S JUNE BANK RECONCILIATION SHOULD BE A. $63,000 B. $32,700 C. $49,500 D. $47,600
Green Valley Bank sent Comstock Industries its end-of-month bank statement for July. The end of month balance by the bank is $11,237. The statement shows that a deposit for $4,250 is in transit at the end of the statement period. The statement also revealed that checks for $87, $105, and $95 are outstanding. Green Valley collected a $4,000 note receivable plus $120 of interest revenue. The bank charges $20 for the collection service. The bank charges a monthly account fee of $35. The end-of-month balance per company books is $11,135. Question Content Area a. Prepare a bank reconciliation. Comstock Industries Bank Reconciliation July 31 Line Item Description Amount Amount Cash balance according to bank statement $Cash balance according to bank statement Deduct: Deposits in transit Deduct: Outstanding checks Adjusted balance $Adjusted balance Cash balance according to company's records $Cash balance according to company's records Add: Note and interest collected by bank $Deduct:…

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