Prepare a tabular analysis for the adjustments to be made by Tamarisk, Inc. at August 31. Include margin explanations for thechanges in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negativesign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)LiabilitiesStockholders' EquityAccts.Pay.Rev.Exp.>>> Prepare a bank reconciliation at August 31. (List items that increase balance as per bank & books first.)TAMARISK, INC.Bank ReconciliationAugust 31, 2017Cash balance per bank statement21212Add v:Deposits in transit7815Less v:Outstanding checks-9767Adjusted cash balance per bank19260Cash balance per books19665Add v:Interest earned60Less v:Service charge$-65Error in recording check-360Safety deposit box rent-40Adjusted cash balance per books2$19260%24%24%24%24

The bank reconciliation statement is prepared to match the cash balances of cash book and pass book.…

Prepare a bank reconciliation at August 31. (List items that increase balance as per bank & books first.) TAMARISK, INC. Bank Reconciliation August 31, 2017 Cash balance per bank statement $ 21212 Add v: Deposits in transit 7815 Less v: Outstanding checks -9767 Adjusted cash balance per bank 24 19260 Cash balance per books $ 19665 Add v Interest earned 60 Less v: Service charge $ -65 Error in recording check -360 Safety deposit box rent -40 Adjusted cash balance per books $ 19260 %24

Prepare a bank reconciliation at August 31. (List items that increase balance as per bank & books first.) TAMARISK, INC. Bank Reconciliation August 31, 2017 Cash balance per bank statement $ 21212 Add v: Deposits in transit 7815 Less v: Outstanding checks -9767 Adjusted cash balance per bank 24 19260 Cash balance per books $ 19665 Add v Interest earned 60 Less v: Service charge $ -65 Error in recording check -360 Safety deposit box rent -40 Adjusted cash balance per books $ 19260 %24

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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From the following particulars of Trident boutique, prepare a bank reconciliation statement as on 31st March, 2018. a) Debit balance as per cash book of 10,500 b) Cheque deposited into bank amounting to 5,500 credited by bank, but entered twice in the cash book c) Cheques issued and presented for payment amounting to 7,000 omitted in the cash book d) Cheque book charges debited by the bank 200 not recorded in the cash book. e) Cash of 1,000 deposited by a customer of the business in cash deposit machine not recorded in the cash book.
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 ] ["Cash", "Bank Service Charges", "Interest Income", "Bank Errors", "Interest Expense"] [ Select ] ["$300", "$852", "$30", "$569", "$1,020"] CR [ Select ] ["Bank Errors", "Interest Income", "Bank Service Charges", "Interest Expense", "Cash"] [ Select ] ["$30", "$852", "$569", "$300", "$1,030"] and DR…
Waterway, Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement, 3/31/20 Add: Deposit in transit Less: Outstanding checks Balance per books, 3/31/20 Data per bank for the month of April 2020 follow: Deposits Disbursements $36600 O $25050 O $31100 O $29350 O $26350 6240 42840 8540 $34300 $47200 50400 All reconciling items at March 31, 2020 cleared the bank in April. Outstanding checks at April 30, 2020 totaled $6050. There were no deposits in transit at April 30, 2020. What is the cash balance per books at April 30, 2020?
Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found. а. A bank debit memo issued for an NSF check from a customer of $21.25. b. A bank credit memo issued for interest of $8.50 earned during the month. С. During the evening of July 31, a deposit of $1,948.25 was made, which is not shown on the bank statement. d. A bank debit memo issued for $18.50 for bank service charges. е. Checks for the amounts of $34.00, $17.85, and $93.25 were written during July but have not yet been received by the bank. f. The reconciliation from the previous month, June, showed outstanding checks of $260.80. One of these checks in the amount of $7.38 has not yet been received by the bank. g. After comparing the canceled checks to the bank statement, it was discovered that a check…
Hello I do not know if I am doing this Bank Reconciliation correclty. I really need help solving this problem.
Prepare a bank reconcilation statement as of May 30, 2018
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Consolidated Paper has just completed its bank reconciliation for the month of Febrruary 2023 as shown below. Balance per bank....... Add: Deposit in transit......... O Less: Outstanding checks... $16,200 2,600 (900) Balance per books...... Add: Interest earned. Less: Bank service charge.... Add: Error in posting payment of accounts receivable Reconciled balance........ $17,900 customer............ $17,400 200 (100) 2 3 Reconciled balance............... 4 5 a. Prepare the adjusting entry (debits and credits) that is needed as a result of the bank reconciliation. 6 b. What cash balance will Consolidated Paper report on its February 28, 2023 financial statements 7 8 9 0 1 400 $17,900
Balance, December 31, 2018 $3,340 ADD: Deposit in transit 100 3,440 LESS: Outstanding checks $400 400 Adjusted bank balance, December 31, 2018 $3,040 Book: Balance, December 31, 2018 $2,540 ADD: Bank collection $510 Interest revenue 20 530 3,070 LESS: Service charge $30 30 Adjusted book balance, December 31, 2018 $3,040
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…