On July 31, 2022, Wildhorse Co. had a cash balance per books of $6,290.00. The statement from Dakota State Bank on that date showed a balance of $7,840.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $18.00. 2. The bank collected $1,670.00 from a customer for Wildhorse Co. through electronic funds transfer. The July 31 receipts of $1,350.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 3. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $345.00. 4. 5. Checks outstanding on July 31 totaled $1,983.10. 6. On July 31, the bank statement showed an NSF charge of $725.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.) WILDHORSE CO. Bank Reconciliation v : 2$ 24 > > > >

On July 31, 2022, Wildhorse Co. had a cash balance per books of $6,290.00. The statement from Dakota State Bank on that date showed a balance of $7,840.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $18.00. 2. The bank collected $1,670.00 from a customer for Wildhorse Co. through electronic funds transfer. The July 31 receipts of $1,350.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 3. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $345.00. 4. 5. Checks outstanding on July 31 totaled $1,983.10. 6. On July 31, the bank statement showed an NSF charge of $725.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.) WILDHORSE CO. Bank Reconciliation v : 2$ 24 > > > >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The April 30 bank statement for Trimble Corporation shows an ending balance of $37,169. The…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: On October 31, 2024, Affleck Company's general ledger shows a cash account balance of $8,442. The…

A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book with…

Q: Brangelina Adoption Agency’s general ledger shows a cash balance of $11,663. The balance of cash in…

A: IntroductionWhile preparing Bank reconciliation we have to identify the transactions not recorded…

Q: Using the following information, prepare a bank reconciliation for Kingbird Beauty Supply Company…

A: A bank reconciliation statement is a summary of cash balance as per Bank and as per Books that…

Q: August 31, 20 Compa balance per its books $26.48 statement balance of $17,260. A comparison of the…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

Q: The following information pertains to Blue Diamond Company: 1. Cash balance per bank, July 31,…

A: The bank reconciliation statement at July 31 and the necessary adjusting entries at July 31 on the…

Q: (a) The bank statement balance is $4,690. (b) The cash account balance is $5,080. (c) Outstanding…

A: Introduction: Bank reconciliation statement: To reconcile the difference between bank and cash book…

Q: Shown below is the information needed to prepare a bank reconciliation for Mega Communications at…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: CASE ACCOUNTING Empire Ltd had a cash balance per book of $ 40,690.50 on Jun 30, 2022. The bank…

A: Ideally cash balance as per cashbook must reconcile with bank balance. In case of any difference,…

Q: Bourne Incorporated reports a cash balance at the end of the month of $2,170. A comparison of the…

A: Journal entries are used to record transactions in a business. Journal entries form the basis for…

Q: Question 6 of 8 -/ 40 E Prepare the journal entries to be made by Sheridan Inc. at August 31.…

A: There are two type of cash balances exists in the business books. One is cash balance as per…

Q: Suppose there was a third transfer on the interbank transfer schedule for $16,500. Assume that the…

A: The possible concern that I would have for this transfer is regarding on the possible reason as to…

Q: The Cash account of Rettell Corporation had a balance of $3,570 at October 31, 2021. Included were…

A: Bank reconciliation statement is the one which is prepared by the entity to reconcile the difference…

Q: At November 17, Icon Company has this bank information: cash balance per bank $6,950; outstanding…

A: Adjusted cash balance per bank means where the bank balance has been adjusted with outstanding…

Q: The following information is extracted from the bank statement and the accounting records of Sun…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and passbook…

Q: Mackie Company had the following information on March 31, 2023: 1. Cash balance per bank, March 31,…

A: The bank reconciliation statement is prepared to equate the cash book and pass book balances. NSF…

Q: (a) Compute the amount of cash and cash equivalents to be reported on Crane Co's balance sheet at…

A: Cash refers to physical currency or money in the form of notes and coins that a company has on hand,…

Q: Shan Enterprises received a bank statement listing its May 31, 2018, bank balance as $47,582. Shan…

A: Correct cash balance = Bank balance + Cash receipts not yet deposited - checks outstanding

Q: The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank…

A: The question is based on the concept of Bank Reconciliation Statement. Bank Reconciliation Statement…

Q: On December 3, you received your bank statement showing a balance of $5,055.06. Your checkbook shows…

A: Bank reconciliation statement: The bank reconciliation statement commonly referred to as BRS is a…

Q: Shown below is the information needed to prepare a bank reconciliation for Alpha Communications at…

A: The bank reconciliation statement is the statement prepared to adjust the cash book balance and pass…

Q: The accountant of Universe Manufacturing collected the following information: The balance as per…

A: The purpose of bank reconciliation is to compare the Cash account balance with bank statement…

Q: e following information, determine the adjusted bank balance. Bank balance: $6,925 Deposits in…

A: Solution: Adjusted bank balance is the balance of bank after adjusting for cash transaction which…

Q: The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Current Attempt in Progress
On July 31, 2022, Wildhorse Co. had a cash balance per books of $6,290.00. The statement from Dakota State Bank on that date
showed a balance of $7,840.80. A comparison of the bank statement with the Cash account revealed the following facts.
1.
The bank service charge for July was $18.00.
2.
The bank collected $1,670.00 from a customer for Wildhorse Co. through electronic funds transfer.
The July 31 receipts of $1,350.30 were not included in the bank deposits for July. These receipts were deposited by the
company in a night deposit vault on July 31.
3.
Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly entered in
the cash payments journal on July 10 for $345.00.
5.
Checks outstanding on July 31 totaled $1,983.10.
On July 31, the bank statement showed an NSF charge of $725.00 for a check received by the company from W. Krueger, a
6.
customer, on account.
Prepare the bank reconciliation as of July 31. (List items that increase balance as per bank & books first.)
WILDHORSE CO.
Bank Reconciliation
$
$
%24
%24
%24
>
>
>
>
>
4.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The Cash account of Ranger Security Systems reported a balance of $2,550 at December 31, 2025. There were outstanding checks totaling $800 and a December 31 deposit in transit of $100. The bank statement, which came from Tri Cities Bank, listed the December 31 balance of $3,910. Included in the bank balance was a collection of $670 on account from Sally Jones, a Ranger Security Systems customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Ranger Security System earned on its bank balance. Prepare Ranger Security System's bank reconciliation at December 31. Ranger Security Systems Bank Reconciliation Bank: Balance, December 31, 2025 ADD: Deposit in transit December 31, 2025 LESS: Outstanding checks Adjusted bank balance, December 31, 2025 Book: Balance, December 31, 2025 ADD: LESS: Service charge Adjusted book balance, December 31, 2025
Please help me fill out this bank reconciliation showing the true cash balance.
On July 31, 2022, Metlock Company had a cash balance per books of $6,280.00. The statement from Dakota State Bank on that date showed a balance of $7,830.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $22.00. 2. The bank collected $1,660.00 for Metlock through electronic funds transfer. 3. The July 31 cash receipts of $1,336.30 were not included in the bank statement for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. 5. Company check No. 2480 issued to L. Taylor, a creditor, for $364.00 that cleared the bank in July was incorrectly recorded as a cash payment on July 10 for $346.00. Checks outstanding on July 31 totaled $1,982.10. 6. On July 31, the bank statement showed an NSF charge of $715.00 for a check received by the company from W. Krueger, a customer, on account.
The books of Cajardo Service, Inc. disclosed a cash balance of P687,570 on December 31, 2010. The bank statement as of December 31 showed a balance of P547,800. Addifional information that might be useful in reconciling the two balances follows: A. Check No. 748 for P30,000 was originally recorded on the books as P45,000. B. A Customer's note dated September 25 was discounted on October 12. The note was dishonored on December 29, the note's maturity date. The bank charged Cajardo's account for P142,650, including a protest fee of P2,650. C. The deposit of December 24 was recorded on the books as P28,950 but it was actually a deposit of P27.000. D. Outstanding checks totaled P98,850 as of December 31. E. There woas a bank service charge for December of P2,100 not yet recorded on the books. F. Cajardo's account had been charged on December 26 for a customer's NSF check for P12.960. G. Cajardo properly deposited P6.000 on December 3 that was not recorded by the bank. H. Receipts of…
Winson Company reported the following information related to its 31 August 2019 bank statement: i) The bank statement's balance is $3267. ii) The cash account balance is $3193. iii) The outstanding checks total $612. iv) The deposits in transit amount to $1415. v)The bank service charge is $27. vi) Winson's accountant issued a check for $153 (inpayment on an account payable) that was erroneously recorded in the ledger as $135. vii)Bank debit memorandum for$138 NSF (not sufficient funds)check from one of its customers. viii) The bank collected an account receivable in the amount of $1060 on. behalf if Winson Company. Required; Prepare Winson Company's bank reconciliation on 31 August 2019.
Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash.
The following information pertains to Cheyenne Corp.. 1. 2. 3. 4. 5. 6. Cash balance per bank, July 31, $7,743. July bank service charge not recorded by the depositor $36. Cash balance per books, July 31, $7,764. Deposits in transit, July 31, $1,740. The bank collected $1,156 in July for Cheyenne through electronic funds transfer. The collection has not been recorded by Cheyenne. Outstanding checks, July 31, $599. Prepare a bank reconciliation at July 31. (List items that increase cash balance first. Reconcile cash balance per bank first.) > V eTextbook and Media : List of Accounts July 31 July 31 Cheyenne Corp. Bank Reconciliation > Date Account Titles and Explanation > Journalize the adjusting entries at July 31 on the books of Cheyenne Corp. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) > (To record the bank service charge.) (To record the collection of accounts receivable.) $ $ Debit Credit 0.0 4.
The following information pertains to Pharoah Company. 1. Cash balance per bank, July 31, $8,243. 2. July bank service charge not recorded by the depositor $36. 3. Cash balance per books, July 31, $8,264. 4. Deposits in transit, July 31, $1,990. 5. The bank collected $1,406 in July for Pharoah through electronic funds transfer. The collection has not been recorded by Pharoah. 6. Outstanding checks, July 31, $599. Prepare a bank reconciliation at July 31. (List items that increase cash balance first. Reconcile cash balance per bank first.) Pharoah CompanyBank Reconciliation choose the accounting period (For the Year Ended July 31/ For the Month Ended July 31/ July 31) select an opening name for section one (Cash balance per books/ Collection of note receivable/ Adjusted cash balance per books/ Adjusted cash balance per bank/…
The Cash account of Gate City Security Systems reported a balance of $2,490 at December 31, 2024. There were outstanding checks totaling $1,000 and a December 31 deposit in transit of $300. The bank statement, which came from Tri Cities Bank, listed the December 31 balance of $3,810. Included in the bank balance was a collection of $630 on account from Nicole Lee, a Gate City customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Gate City earned on its bank balance. Prepare Gate City's bank reconciliation at December 31. Gate City Security Systems Bank Reconciliation December 31, 2024 Bank: Balance, December 31, 2024 ADD: LESS Adjusted bank balance, December 31, 2024 Book: Balance, December 31, 2024 ADD: LESS Adjusted book balance, December 31, 2024
As of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0
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.
Using the following information: The bank statement balance is $3,718. The cash account balance is $4,086. Outstanding checks amounted to $866. Deposits in transit are $1,177. The bank service charge is $48. A check for $78 for supplies was recorded as $69 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.