Prepare the journal entry to reconcile the bank statement below:Bank Statement Balance at (date)$6,988Book Balance at (date)$6,626Add: Deposits in transit Bank error 1,60075Add: Check #2456 posting error 90Less: Outstanding checks 2,022Less: Bank service charge 75Adjusted bank balance$6,641Adjusted book balance$6,641

Ideally cash balance as per cash book and bank balance as per bank statement should tally or…

Answered: Prepare the journal entry to reconcile…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $4,178 Book balance: $2,849 Deposits in transit: $323 Outstanding checks: $108 and $534 Bank service charges: $25 Notes receivable: $1,000; Interest income: $35 If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15
Help?
A check register shows a balance of $484.95. The bank statement shows a cash balance of $506.27. The check register shows an outstanding check for $27.82. The bank statement shows a service charge of $6.50. Compute the adjusted balance of the check register and the bank statement. 467.45 578.45 None of the above 487.45 $478.45
Using the check register below and the following bank statement, prepare a bank reconciliation for Lee.com. Note: Input all amounts as positive values. Round your answers to 2 decimal places. NUMBER 959 960 960 961 962 962 RECORD ALL CHARGES OR CREDITS THAT AFFECT YOUR ACCOUNT ✓ FEE (IFANY) (-) DATE 2022 8/7 8/15 8/19 8/20 8/24 7/29 Date 8/1 balance 8/18 8/19 8/26 8/30 DESCRIPTION OF TRANSACTION AT&T Staples Deposit West Electric Bank of America Deposit BANK STATEMENT Checks $ 143.50 319.24 15.00 SC PAYMENT/ DEBIT (-) $143.50 Deposits $ 800.00 66.10 451.88 319.24 Balance $ 4,500.75 4,357.25 5,157.25 4,838.01 4,823.01 $ DEPOSIT/ CREDIT (+) $ 800.00 400.30 BALANCE $4,500.75 -143.50 4357.25 -66.10 4291.15 800.00 5091.15 -451.88 4639.27 -319.24 4320.03 400.30 $ 4720.33
Use the following information that was drawn from the books of Ralesego as on 31December 2020 to draw the bank reconciliation statement. Details Amount ‘Pulas’Cash at bank as per cashbook bankcolumn 2,910Unpresented Cheques 730 Bank lodgments 560Credit transfers appearing in the bank 340statement but not entered in the cashbookCash balance as per bank statement 3,420
Use the following bank statement and T-account to prepare the May 31 bank reconciliation. Date May 1 May 4 May 12 May 28 May 30 May 31 May 1 May 31 May 29 May 30 May 311 #2 #4 #5 #6 #8 Deductions: Debit Checks $70 160 80 75 115 Cash (A) 440 110 440 270 605 Ending Balance per Bank Statement Additions: Bank Statement BANK STATEMENT Deposits $ 110 440 70 OO 70 687 160 80 75 85 115 NSF check Other Service charge Credit May 3 #2 May 4 #3 May 8 #41 May 11 #5 May 21 # 6 May 29 #7 May 30 #8 Bank Reconciliation May 31 $ 110 Deductions: 65 Balance $ 440 480 210 130 495 315 Company's Books Ending Balance per Cash Account Additions:
At November 30, Mazaya Company has the following bank information: cash balance per book R 04,600; outstanding checks R.O 28o; deposits in transit R.O 550, credit memo for interest R.O10, bank service charge RO.20 What is Mazaya's adjusted cash balance on November 30? Select one: a. RO4.590 b. R.O.4.320 CRO4.870 d. RO.4.870
Please do not give solution in image format ?.
Find the current balance for the account. Balance from Bank Statement Outstanding Checks Deposits Not Yet Recorded $4895.48 $94.87 $528.01 $347.89 $801.45 $475.69 ..... The current balance is $
Place a check mark in the column that indicates the location of each item that would be found on a bank reconciliation. Assume that the checks written by the company are written correctly. Item | Add to bank statement balance | Subtract from bank statement balance | Add to ledger balance of cash | Subtract from ledger balance of cash.. 1. Outstanding checks 2. Deposit in transit 3. A check written for $52 recorded incorrectly as $25 4. Check printing charge 5. An NFS check received from a customer. 6. A bank service charge 7. A deposit for $197 listed incorrectly on the bank statement as $179
Do not give answer in image
PLEASE ANSWER WITHOUT IMAGE

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Bank Statement Balance at (date)	$6,988	Book Balance at (date)	$6,626
Add: Deposits in transit Bank error	1,600 75	Add: Check #2456 posting error	90
Less: Outstanding checks	2,022	Less: Bank service charge	75
Adjusted bank balance	$6,641	Adjusted book balance	$6,641