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

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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
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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 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
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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
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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