Patricia Sells is unable to reconcile the bank balance at January 31. Patricia's reconciliation is shown here.Cash balance per bank$3,942.20Add: NSF check630.00Less: Bank service charge39.50Adjusted balance per bank$4,532.70Cash balance per books$4,240.20Less: Deposits in transit578.50Add: Outstanding checks950.00Adjusted balance per books$4,611.70(a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e.g. 52.75.)The proper adjusted cash balance per bank$ (b) What is the proper adjusted cash balance per books? (Round answers to 2 decimal places, e.g. 52.75.)The proper adjusted cash balance per books$(c) Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books. (Round answers to 2 decimalplaces, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 31(To record NSF check)Jan. 31(To record bank service charge)

Patricia Sells is unable to reconcile the bank balance at January 31. Patricia's reconciliation is shown here. Cash balance per bank $3,942.20 Add: NSF check 630.00 Less: Bank service charge 39.50 Adjusted balance per bank $4,532.70 Cash balance per books $4,240.20 Less: Deposits in transit 578.50 Add: Outstanding checks 950.00 Adjusted balance per books $4,611.70 (a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted cash balance per bank $

Patricia Sells is unable to reconcile the bank balance at January 31. Patricia's reconciliation is shown here. Cash balance per bank $3,942.20 Add: NSF check 630.00 Less: Bank service charge 39.50 Adjusted balance per bank $4,532.70 Cash balance per books $4,240.20 Less: Deposits in transit 578.50 Add: Outstanding checks 950.00 Adjusted balance per books $4,611.70 (a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted cash balance per bank $

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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On March 31, 20XX, Able Company received its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation: Balance per ledger, P1,460,000 Note collected by bank, P100,000 Interest earned on note, P10,000 NSF check of customer, P130,000 Bank service charge on NSF check, P2,000 Other bank service charges, P3,000 Outstanding checks, P202,000 Deposit placed in night depository, P85,000 Check issued by Axle Company charged to Able's account, P20,000 What is the balance per bank statement?
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Sky Company is unable to reconcile the bank balance at January 31. Sky's reconciliation is as follows. Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books (a) $5,300 1,570 35 $6,835 $5,705 750 1,950 $6,905 Prepare a correct bank reconciliation. (List items that increase cash balance first.) V SKY COMPANY Bank Reconciliation V V > > $ $ $ $
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,046 Deposits in transit: $320 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,500; interest: $35 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $7,150 Adjustments: Outstanding checks $3,430 Error by Chesner Co. in recording Check No. 1056 as $830 instead of $380 450 Note for $11,200 collected by bank, including interest 11,650 Deposit in transit on July 31 (7,280) Bank service charges (40) Total adjustments 8,210 Cash balance according to bank statement $15,360 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank acc4df036010fde_1 fill in the…
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
epair Shop. 8. Mr. Rashid tried to reconcile his bank balance as on 31* May 2021 but could not reconcile. Mr. Rashid's Reconciliation is given below. Cash balance per bank OMR 17,801 Less: Bank service charge 125 Add: NSF check 3,450 Adjusted balance per bank OMR 21,126 Cash balance per books OMR 19,376 Add: Outstanding checks 4,650 Less: Deposits in transit 2,650 Adjusted balance per books OMR 21,375 Instructions Required: Prepare a correct bank reconciliation.
Please solve both the questions with a detailed explanation.
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30:1. Balance per Cash account, June 30, $15,875.55.2. Balance per bank statement, June 30, $16,425.56.3. Deposits not reflected on bank statement, $1,631.25.4. Outstanding checks, June 30, $2,836.01.5. Service charge on bank statement not recorded in books, $24.75.6. Error by bank—Yertel Company check charged on Young Company’s bank statement, $1,237.50.7. Check for advertising expense, $562.50, incorrectly recorded in books as $1,170.00.
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Using the following information, prepare a bank reconciliation. • Bank balance: $6,988 • Book balance: $6,706 • Deposits in transit: $1,770 • Outstanding checks: $599 and $1,423 • Bank charges: $75 • Bank incorrectly charged the account $75. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
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