General accounting questions Pinnacle Enterprises has an unadjusted bank balance of $12,500 asof August 31. The bank reconciliation revealed the following:•Outstanding checks: $1,800Deposits in transit: $1,200Based on this information, what is Pinnacle Enterprises' true cashbalance?

Step 1: Definition of True Cash BalanceTrue Cash Balance is the actual amount of cash a company has…

Answered: Pinnacle Enterprises has an unadjusted…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter8: Internal Control And Cash

Section: Chapter Questions

Problem 21E

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Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: $2,928 Deposits in transit: $1,111 Outstanding checks: $679 Bank charges: $35 Notes receivable: $1,325; interest: $235
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The following information was available to reconcile Montrose Company's book balance of Cash with its bank statement balance as of October 31, 2023:a. After all posting was completed on October 31, the company's Cash account had a $17,613 debit balance but its bank statement showed a $39.192 balance.b. Cheques #296 for $1,781 and #307 for $17,028 were outstanding on the September 30 bank reconciliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $1.192 and cheque #321 for $2,670, both written in October, were not among the cancelled cheques returned with the statement.c. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for the October rent was correctly written for $4.110 but was erroneously entered in the accounting records as $4,920.d. A credit memo enclosed with the bank statement indicated that there was an electronic…
A. At July 31, Ramirez Company has the following bank information: cash balance per bank $8,039, outstanding checks $691, deposits in transit $1,163, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. B. Differences between when a company records a transaction and when the bank records the same transaction are called timing differences. True or False? C. When performing a bank reconciliation, checks outstanding are added back to the bank balance. True or False?
Sprite Company's unadjusted bank balance on March 31 is $6,490. The bank reconciliation revealed outstanding checks amounting to $940 and deposits in transit of $640. Based on this information, Sprite's true cash balance is _.

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Pinnacle Enterprises has an unadjusted bank balance of $12,500 as of August 31. The bank reconciliation revealed the following: • Outstanding checks: $1,800 Deposits in transit: $1,200 Based on this information, what is Pinnacle Enterprises' true cash balance?