Rainbow Company's December 31, 2019 bank statement showed a balance of $53,410. Rainbow's December 31, 2019 cash balance was $45,800. Shown below is the information needed to prepare a bank reconciliation for Rainbow Company.

Rainbow Company's December 31, 2019 bank statement showed a balance of $53,410. Rainbow's December 31, 2019 cash balance was $45,800. Shown below is the information needed to prepare a bank reconciliation for Rainbow Company.

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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Shown below is the information needed to prepare a bank reconciliation for Alpha Communications at December 31, 2018: At December 31, cash per bank statement was $16,200; cash per the company’s records was $17,225. Two debit memoranda accompanied the bank statement: services charges for December of $25, and a $775 check drawn by Jane Jones marked “NSF”. Cash receipts of $9,000 on December 31 were deposited at the bank by end of day but were not shown in the bank statement until January 4. The following checks had been issued (written) in December but were not included among the paid checks returned by the bank: check no. 410 for $8,000 and check no. 425 for $2,500. Included in the bank statement was a check withdrawn (written) for an amount of $5,300 (rent expense) that was erroneously recorded for $3,500 in Alpha's records. The bank statement shows a credit (memorandum) interest of $75. Instructions Prepare a bank reconciliation at December 31, 2018. Prepare the…
Iron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank reconciliation: Deposit in transit P6,800 Outstanding checks 15,600 April 2019 data: Per Bank Per Book Balance, March 31 296,560 287,760 Deposits reflected 190,400 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) Balance, April 30 319,680 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. How much is Iron’s deposits in transit at April 30? P12,400 P18,000 P1,200 P5,600 How much is Iron’s outstanding checks at April 30? P27,600 P34,400 P18,800 P24,800
The accountant of Sophia Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Sophia Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.
1) Prepare a bank reconciliation dated December 31, 2020, for Welcome Inc. based on the following information. Balance per bank statement is $21,200.68. Balance per books is $20,559.40. The December bank statement indicated a service charge of $35. Cheque #1169 for $410.50 and cheque #1183 for $2,150.00 were not returned with the bank statement. The bank had not received a deposit in transit of $3,443.22 when the bank statement was generated. A bank debit memo indicated an NSF cheque written by Bill Broke to Welcome Inc. on December 11, 2020, for $169. A bank credit memo indicated a bank collection of $1,700 and interest revenue of $28 on December 15, 2020.
The accountant of Universe Manufacturing collected the following information: The balance as per bank statement is $2,560.32 on 30 June 2020. On this date, the balance of the company’s book is $3,730.32. In addition, the accountant found the following items: a) Deposits in transit $1,460 b) Outstanding checks: $730 c) Bank statement shows a bank collection from bill receivables $1,000 d) Bank statement shows Interest received of $150 e) Bank service charge in the bank statement is $340 Required: prepare bank reconciliation statement at 30 June 2020.
On July 31, 2022, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $20.00. 2. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. 3. The July 31 receipts of $1,308.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349.00. 5. Checks outstanding on July 31 totaled $1,979.10. 6. On July 31, the bank statement showed an NSF charge of $685.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the…
Given this book and bank statement information, create an October bank reconciliation for Arrowhead company. And the journal entries required for the book side. BOOK INFO: Cash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck 10102 Accounts Payable 1,374.12 6,885.74 10/2/2020 Ck 10103 Rent 3,420.00 3,465.74 10/2/2020 Ck 10104 Utilities 689.00 2,776.74 10/4/2020 Deposit 3,743.10 6,519.84 10/4/2020 Ck 10105 Advertising 344.21 6,175.63 10/4/2020 Ck 10106 Subscription 102.84 6,072.79 10/9/2020 Ck 10107 Internet 74.97 5,997.82 10/9/2020 Deposit 4,859.47 10,857.29 10/9/2020 Ck 10108 Telephone 221.00 10,636.29 10/9/2020 Deposit 11,339.64 21,975.93 10/12/2020 Ck 10109 Accounts Payable 1,680.00 20,295.93 10/13/2020 Ck 10110 Wages…
Beckett Co. received its bank statement for the month ending June 30, 2019, and reconciled the statement balance to the June 30, 2019, balance in the Cash account. The reconciled balance was determined to be $6,428. The reconciliation recognized the following items: 1. Deposits in transit were $3,335. 2. Outstanding checks totaled $2,612. 3. Bank service charges shown as a deduction on the bank statement were $80. 4. An NSF check from a customer for $671 was included with the bank statement. Beckett Co. had not been previously notified that the check had been returned NSF. 5. Included in the canceled checks was a check written for $770. However, it had been recorded as a disbursement of $940. Required: Prepare the Bank reconciliation statement for the month ending June 30, 2019. BECKETT COMPANY Bank Reconciliation June 30, 2019 Balance per bank Balance per books Add: Add: Deduct: Deduct: Reconciled balance $ O Reconciled balance
In preparing its bank reconciliation for the month of April 2019, Haskins, Inc. has available the following information. Balance per bank statement, 4/30/19 $27,280 NSF check returned with 4/30/19 bank statement 900 Deposits in transit, 4/30/19 7,000 Outstanding checks, 4/30/19 10,400 Bank service charges for April 40 What should be the adjusted cash balance at April 30, 2019? Select one: a. $23,840 b. $23,880 c. $22,980 d. $22,940
Paul consulting is trying to prepare its bank reconciliation statement. for this purpose, the following data is available.1. the balances as per two books as at 30 September 2022 are as follows: bank statement balance = $28507 ( credit)cash at bank account balance =$27271( debit)2. the receipts of $ 1,092 have not been deposited.3. the given data reveals that the cheques of $2,081 were issued but not presented.4. a deposit from another customer for $450 was incorrectly credited into the bank account of paul consulting
Prepare a bank reconciliation for Piston Limited as at 30 September 2022.
Given the following information to reconcile GCompany’s cash book balance with its bank statement balance as of July 31, 2021: a. Cheques #296 for $1,334 and #307 for $12,754 were outstanding on the September 30 bank reconciliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $893 and cheque #321 for $2,000, both written in July, were not among the cancelled cheques returned with the statement. b. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for the July rent was correctly written for $4,090 but was erroneously entered in the accounting records as $4,900. c. Also enclosed with the statement was a $74 debit memo for bank services. It had not been recorded because no previous notification had been received. d. A credit memo enclosed with the bank statement indicated that there was an electronic fund transfer related to a…