Part A - ReconciliationAt the end of April 2021, Showtime Theatre's accounting records show a cash balance of $4,800.The April bank statement reports a cash balance of $3,700. The following information isgathered from the bank statement and company records:Checks outstandingDeposits outstandingInterest earned$1,9001,60070Customer's NSF checkService fee$1,300Required:1) Prepare a bank reconciliation for the month of April 2021.2) Prepare entries to update the balance of cash in the company's records.200In addition, Showtime discovered it correctly paid for advertising with a check for $220 butincorrectly recorded the check in the company's records for $250. The bank correctly processedthe check for $220.

Lets understand the basics. Bank reconciliation statement is a statment in which balance as per…

Part A - Reconciliation At the end of April 2021, Showtime Theatre's accounting records show a cash balance of $4,800. The April bank statement reports a cash balance of $3,700. The following information is gathered from the bank statement and company records: Checks outstanding Deposits outstanding Interest earned $1,900 1,600 70 Customer's NSF check Service fee $1,300 200

Part A - Reconciliation At the end of April 2021, Showtime Theatre's accounting records show a cash balance of $4,800. The April bank statement reports a cash balance of $3,700. The following information is gathered from the bank statement and company records: Checks outstanding Deposits outstanding Interest earned $1,900 1,600 70 Customer's NSF check Service fee $1,300 200

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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Bank Reconciliation Zing Corp. prepares monthly bank reconciliations as part of its cash controls. Zing's bank provided the following about Zing's cash balance at the bank for the month of April 2022: Balance, April 30, 2022 $74,350 Service charge for April 75 Note ($3,000) and interest ($90) collected for Zing from a customer 3,090 Interest earned during April 140 NSF cheque from Orange Corp. (deposited by Zing) for goods purchased on account 470 Zing then analyzed its cash balance on its own set of books, revealing the following details: Chequing account balance per Zing’s books $72,329 Deposit in transit at April 30 2,100 Outstanding cheques as of April 30 1,400 Error in recording a cheque issued by Zing (Correct amount of the cheque is $737, but was recorded as a cash disbursement of $773. The cheque was issued to pay for merchandise originally purchased on account.) 36 Required: 1. Prepare a bank reconciliation at April 30, 2022, in proper form.…
PREPARE A BOOK TO BANK STATEMENT
Copeland Company's bank reconciliation as of February 28 is shown below. Bank balance $ 38,943 3,600 + Deposit in transit - Outstanding checks Adjusted bank balance. Book balance Note collection Check printing - 2,380 $ 40,163 Adjusted book balance One of the journal entries that Copeland must record as a result of the bank reconciliation includes: Multiple Choice O Debit Cash $3,600; credit Accounts Receivable $3,600. Debit Cash $875; credit Notes Receivable $875. Debit Miscellaneous Expense $50, credit Accounts Payable $50. Debit Cash $3,600; credit Sales $3,600 $ 39,338 +875 -50 $ 40,163
A -1 Prepared by Reviewed by William, Inc. Bank Confirmation - General Account December 31, 2022 Balance per Bank at December 31, 2022 $20,200.22 * Deposit in Transit - per A-1-2 2,000.00 # Outstanding Checks - per A-1-3 (5,200.00) Other - Note Collected by Bank (10,000.00) ^ Bank Service Charge (9.50) Balance per Books at December 31, 2022 $8,990.72 * f f Column footed. ^ Amount agrees to amount recorded as a deposit on the bank statement and description agrees with receipt enclosed with 12/31/22 bank statement. This note is the Kristopher note receivable that was recorded as a receipt by the client in the cash receipts journal on January 3, 2023. The receivable was appropriately credited and properly reflected in the January cash receipts journal. No adjustment needed as bank and books simply record this in different periods. #Agreed to December 31,…
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nta 22 Coronado has the following assets at December 31, 2019. Cash in bank-savings account 134,000 Certificates of deposit (270-day) 226,000 sponder a como Cash on hand 1,600 Postdated checks 6,000 Cash refund due from State Taxing Authority 32,100 Checking account balance 12,000 What amount should be reported as cash? arcar nta O a. 135,600 O b. 134,000 O c. 179,700 O d. 147,600 pe here to search
3. Bank Reconciliation Barb Lee Inc. (BLI) is about to reconcile its bank statement for the month of May. Pertinent information follows: Bank statement balance $11,003.74. General ledger balance $8, 284.07. BLI mailed a deposit of $899.14 to the bank on May 28. The bank had not yet received it by month end. BLI issued cheques # 124 for $2,041.25; # 126 for $951.56; and #129 for $1,000 in May; however, these were not returned with the May 31 bank statement. BLI received notification that a cheque for $313 deposited to BLI's account was returned NSE. The bank levied a $32 returned cheque charge. The bank statement included a $29 service charge for the month.Required:a) Prepare the cash reconciliation for Barb Lee Inc. as at May 31. b) Prepare adjusting journal entries to correct for items noted in the cash reconciliations.
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Activity 6 In reconciling the cash balance on December 31,2019 with that shown in the bank balance, Red Company gathered the following facts: Balance per bank statement 4,000,000 Outstanding checks 600,000 Deposit in transit 475,000 Service charge 10,000 Proceeds of bank loan, December 1, discounted for 6 months at 12%, not recorded on company books 940,000 Customer’s check charged back by bank for absence of counter signature 50,000 Deposit of P100,000 incorrectly recorded by bank as 10,000 Check of Rid Company charged by bank against Red Company account 150,000 Customer’s note collected by bank in favor of Red Company. Face 400,000 Interest 40,000 Total 440,000 Collection fee 5,000 435,000 Erroneous debit memo of December 28, to charge company’s account with settlement of bank loan 200,000 Deposit of Rid Company credited to Red account 300,000 Requirement: Prepare a bank reconciliation.