Question 1 of 1 The statement from Jackson County Bank on December 31 showed a balance of $26,662 A comparison of the bank statement with the Cash account revealed the following facts 1 2 3 Your answer is incorrect 4 The bank collected a note receivable of $2.500 for Sheffield Corp. on December 15 through electronic funds transfer. The December 31 receipts were deposited in a night deposit vault on December 31. These depasits were recorded by the bankidjananary Checks outstanding on December 31 totaled $1.200. Or December 21, the bank statement showed an NSF charge of $630 for a check received by the company from L. Bryan, a customer on account Prepare a bank reconciliation as of December 31 based on the available information. (Hint: The cash balance per books is $26,292. This can be proven by finding the balance in the Cash account from parts (a) and (b)) (List items that increase cash balance first Reconcile cash balance per bank first) Sheffield Corp. Bank Reconciliation December 31, 2022 Cashbasepet bank statement Add Less Outstanding chocks Deposits in transit Adjusted cash balance per bank Cash balance per books Add V eTextbook and Media List of Accounts Save for Later Attempts: 2 of 5 used Submit Answer

Question 1 of 1 The statement from Jackson County Bank on December 31 showed a balance of $26,662 A comparison of the bank statement with the Cash account revealed the following facts 1 2 3 Your answer is incorrect 4 The bank collected a note receivable of $2.500 for Sheffield Corp. on December 15 through electronic funds transfer. The December 31 receipts were deposited in a night deposit vault on December 31. These depasits were recorded by the bankidjananary Checks outstanding on December 31 totaled $1.200. Or December 21, the bank statement showed an NSF charge of $630 for a check received by the company from L. Bryan, a customer on account Prepare a bank reconciliation as of December 31 based on the available information. (Hint: The cash balance per books is $26,292. This can be proven by finding the balance in the Cash account from parts (a) and (b)) (List items that increase cash balance first Reconcile cash balance per bank first) Sheffield Corp. Bank Reconciliation December 31, 2022 Cashbasepet bank statement Add Less Outstanding chocks Deposits in transit Adjusted cash balance per bank Cash balance per books Add V eTextbook and Media List of Accounts Save for Later Attempts: 2 of 5 used Submit Answer

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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Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2: Balance as of 6/30/Year 2 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/Year 2 Complete this question by entering your answers in the tabs below. Required A Bank Cash Account Stateme $24,790 $21,69 Required C 1,905 (35) (1,150) As part of the normal process for handling an NSF check, the accounting clerk has notified the customer that their account did not contain sufficient funds to pay the balance owed to the company. The customer was told that they will need to provide an alternative form of payment to cover the outstanding balance. < Required A $25,510 Required a. Prepare the adjustment that the clerk would have made to record the NSF check. c. Assume the clerk had stolen $1,150 cash, and recorded an entry for a nonexistent NSF check to reduce the cash balance so that it would match the bank balance. Select the internal control…
A. Cash on the books as of September 30 was $1,299. Cash as shown on the bank statement for the same date was $1,330. B Bank service charges for September amounted to $9. C. A deposit of $160, representing cash receipts of September 30, did not appear on the bank statement. D An NSF check for $80 from a customer, Jack Betz, was returned with the statement. E. Outstanding checks totaled $240. F. Interest earned on the account of $40 was reported on the bank statement. Prepare the bank side of the bank reconciliation in good form (label all numbers) for Crawford Company as of September 30. Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text.…
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company's records at July 31, $17,410. 2. Cash balance according to the bank statement at July 31, $18,430. 3. Checks outstanding, $3,530. 4. Deposit in transit, not recorded by bank, $2,840. 5. A check for $590 in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 Cash |X Accounts Payable b. July 31 Miscellaneous Expense Feedback Cash Check My Work Keep in mind that the company needs to journalize any adjusting items in the company section of the bank reconciliation, decrease Cash. If the company made an error that understates cash in the company section, the journal adjustment woul
The phone data where accumulated for use and reconciling the bank account of Mathers Co. For July: 1. Cash balance according to the company's records at July 31st $18,310. 2. Cash balance according to the bank statement at July 31st, $19,360. 3. Checks outstanding, $3,720. 4 . Deposit in transit, not recorded by Bank $2,980. 5. A check for $480 in payment of an account was erroneously record it in the check register as $840. 6. Bank debit memo for service charges, $50. A. Prepare a bank reconciliation, using the format showing in exhibit 14 Mather Co. Bank Reconciliation July 31 ___________________________________________ Cash balance according to bank statement $ _______ _______ ______ Adjusted balance. $_____ Cash balance according to companies records $ ___ ________ ________ Adjusted balance.…
The following information pertains to Lance Company.1. Cash balance per bank, July 31, $7,328.2. July bank service charge not recorded by the depositor $38.3. Cash balance per books, July 31, $7,364.4. Deposits in transit, July 31, $2,700.5. $2,016 collected for Lance Company in July by the bank through electronic fundstransfer. The collection has not been recorded by Lance Company.6. Outstanding checks, July 31, $686. Instructions(a) Prepare a bank reconciliation at July 31, 2017.(b) Journalize the adjusting entries at July 31 on the books of Lance Company.
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Part 1: 1. Identify and list the deposits in transit at the end of December. 2. Identify and list the outstanding checks at the end of December. Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received from the bank. 2. Record the service charges of $130 deducted by the bank. 3. Record the return of the J. Left check of $280 due to insufficient funds 4. Record the checks outstanding at the end of the month. 5. Record the deposit in transit at the end of the month. Part 4: After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280, of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet?
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $24,980. Cash balance according to the bank statement at July 31, $26,470. Checks outstanding, $5,070. Deposit in transit, not recorded by bank, $4,070. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $50. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 fill in the blank 2 fill in the blank 4 b. July 31 fill in the blank 6 fill in the blank 8
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, $26,250. 2. Cash balance according to the bank statement at August 31, $27,330. 3. Checks outstanding, $5,330. 4. Deposit in transit, not recorded by bank, $4,280. 5. A check for $340 in payment of an account was erroneously recorded in the check register as $430. 6. Bank debit memo for service charges, $60. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 20Y6 Cash balance according to bank statement 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)?
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