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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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 > > $ $ $ $
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