MailingsReviewViewHelpRCMrencesO Find131三四、些田,可AaBbCcDd AaBbCcDd AABBCC AABBCCDS ReplaceCreate and Share RequestSignaturesDieI Normal1 No Spac... Heading 1Heading 2A Select vAdobe PDF^三三Adobe AcrobatStylesEditingParagraphProblem1) Prepare a bank reconciliation for Hayden Inc. as of March 31 from the following information:a. The March 31 cash balance in the general ledger was $13,766.b. The March 31 balance on the bank statement was $10,464.C. There is a deposit in transit of $3,698.d. Outstanding checks at March 31 totaled $1,260.e. In reviewing the canceled checks, it was determined that a check issued to a supplier to pay forgoods of $50 was recorded on the books as $120.f. The bank charged a service fee of $42 during the month.g. The bank reported that a non-sufficient funds (NSF) check for $910 was returned.h. Interest income from the bank shown on the bank statement but not on the company's bookswas $18.Show a bank reconciliation as of March 31st. Start with the Balance per Bank in one column and Balanceper Books in the second column.65°F

A bank reconciliation statement (BRS) is prepared to know why there is a difference between cash…

Answered: Problem 1) Prepare a 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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Using the following information, prepare a bank reconciliation. Bank balance: $6,788 Book balance: $6,525 Deposits in transit: $1,688 Outstanding checks: $569 and $1,523 Bank charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) $fill in the blank 1 Add: Deposits in Transit Outstanding Checks Less: - Select - Adjusted Bank Balance $fill in the blank 8 Book Balance at (date) $fill in the blank 9 Add: - Select - Less: - Select - Adjusted Book Balance $fill in the blank 14
Bank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $7,735. The bank statement indicated a balance of $9,930 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3,570. A deposit of $3,720, representing receipts from October 31, had been made too late to appear on the bank statement. The bank had collected $1,940 on a note left for collection. The face of the note was $1,840. A check for $550 returned with the statement had been incorrectly recorded by Deaver Consulting as $500. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. A check drawn for $530 had been incorrectly charged by the bank as $30. Bank service charges for October amounted to $45. Instructions: 1. Prepare a bank reconciliation. Deaver…
Using the following information, prepare a bank reconciliation for Cole Co. for May 31 of the current year: (a) The bank statement balance is $3,012. (b) The cash account balance is $3,165. (c) Outstanding checks amounted to $590. (d) Deposits in transit are $704. (e) The bank service charge is $30. (f) A check for $76 for supplies was recorded as $67 in the ledger.
Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,370. During May, the total cash deposited was $71,780 and checks written totaled $66,650. The bank statement indicated a balance of $24,330 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $10,840. A deposit of $8,830, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,670 on a note left for collection. The face of the note was $4,310. A check for $490 returned with the statement had been incorrectly charged by the bank as $940. A check for $520 returned with the statement had been recorded by Brentwood Bike Co. as $250. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $50. A check for $1,080 from Jennings…
Using the following information, prepare a bank reconciliation for Sunland Company for July 31, 2022. The bank statement balance is $3,770. The cash account balance is $4,170. Outstanding checks totaled $1,360. a. b. C. d. e. f. Deposits in transit are $1,670. The bank service charge is $54. A check for $95 for supplies was recorded as $59 in the ledger.
Required:1. Prepare a bank reconciliation as of February 28.2. Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation.3. What is the amount of cash that should be reported on the February 28 balance sheet?
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a. The bank statement balance is $3,240. b. The cash account balance is $3,407. c. Outstanding checks amounted to $736. d. Deposits in transit are $698. e. The bank service charge is $196. f. A check for $32 for supplies was recorded as $23 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance 000 00
Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $8,112.62. On that date, the bank statement indicated a balance of $9,098.55. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $3,358.19. 2. Outstanding checks July 31 totaled $1,251.12. 3. The bank erroneously charged a $215.00 check of Solomon Company against the Sullivan bank account. 4. A $15 bank service charge has not yet been recorded by Sullivan Company. 5. Sullivan neglected to record $3,000.00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $3,000.00 as a deposit. 6. Included with the returned checks is a memo indicating that J. Martin's check for $640.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of $660.00 less a $20 discount. 7. Sullivan Company recorded a $107.00 payment for repairs as $1,070.00 Required a. Prepare a bank reconciliation for…
Bank reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $21,570. 2. Cash balance according to the bank statement at August 31, $22,760. 3. Checks outstanding, $4,380. 4. Deposit in transit not recorded by bank, $3,520. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Line Item Description Cash balance according to bank statement Amount Adjusted balance Cash balance according to company's records $ Adjusted balance b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)?
INS The following information relating to the bank checking account is available for Wild Bill's Texas Barbeque at May 31. EXERCISE 7-7 Another Short Bank Reconcil- latlon Balance per bank statement at May 31 Outstanding checks Deposit in transit.. Service charge by bank... Interest credited by the bank....... $9,740.15 3,352.70 1,106.30 Balance per depositor's accounting records at May 31 10.00 43.10 INSTRUCTIONS Prepare a bank reconciliation at May 31. 7,460.65

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