7 Question: 423Marlon, Inc., reported a balance of $143 in its cash account at the endof the month There were $120 of deposits in transit and $115 of checksoutstanding The bank statement showed a balance of $150, servicecharges of $6, and the collection of a note plus interest The note had aface value of $15. How much interest did the bank collect for thecompany?a. $18b. $ 3c. $24d. $12

Step 1: Definition of Bank Reconciliation:One of the internal controls in cash is preparing the bank…

Answered: Question: 423 Marlon, Inc., reported a…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: $2,928 Deposits in transit: $1,111 Outstanding checks: $679 Bank charges: $35 Notes receivable: $1,325; interest: $235
What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR
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 Prepare the correcting journal entry.
Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
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Hh1. Prepare the bank reconciliation and corresponding journal entries. ONE SIDE BANK BALANCE AND OTHER SIDE BALANCE PER GENERAL LEDGER(BOOK BALANCE)
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The bank statement for Jonzac Inc. showed a balance of $900, and the checkbook balance indicated $1,420. The total amount of outstanding cheques is $35. A $5 cheque printing charge and a $50 NSF were reported on the bank statement. There was a $500 deposit in transit. What is the reconciled balance? a. $1,095 b. $1,045 O c. $1,040 d. $1,365 P Type here to search ASUS
6
Marlon, Inc., reported a balance of $133 in its cash account at the end of the month. There were $120 of deposits in transit and $105 of checks outstanding. The bank statement showed a balance of $140, service charges of $7, and the collection of a note plus interest. The note had a face value of $25. How much interest did the bank collect for the company? a. $4 b. $3 c. $24 d. $12
A Company's Checking account has a balance of $7,575 on its bank statement as of May 1. The bank statement for this account on May 31 shows interest earned of $25, service charges of $35, and a check printing fee of $15, The balance that should appears on the company's bank statement as of May31 is ? а. 7,500 b. 7,550 С. 7,580 d. 7,650

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