Hello tutor please help me with this Question Rainey Company's true cash balance on October 31 is $4,150. The following information is availablefor the bank reconciliation:1) Outstanding checks, $660.2) Deposits in transit, $480.3) Bank service charges, $95.4) The bank had collected an account receivable for Rainey Company, $1,050.5) The bank statement included an NSF check written by one of Ramsey's customers for $630.What was the unadjusted book balance on October 31?a) $4,330b) $4,875c) $3,825d) $3,920

solution of the given question is like as: Start with the true cash balance = $4150 Outstanding…

Answered: Rainey Company's true cash balance on…

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

See similar textbooks

Similar questions

Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.
Rainey Company's true cash balance at October 31 is $6,900. The following information is available for the bank reconciliation: • Outstanding checks, $1,040 • Deposits in transit, $690 Bank service charges, $135 • The bank had collected an account receivable for Rainey Company, $1,450 • The bank statement included an NSF check written by one of Ramsey's customers for $870. What was the unadjusted book balance at October 31? Multiple Choice O O O $7,250 $6,455 $7,905 $6,590
Using the following information: (a) The bank statement balance is $5,389. (b) The cash account balance is $5,686. (c) Outstanding checks amounted to $736. (d) Deposits in transit are $961. (e) The bank service charge is $63. (f) A check for $50 for supplies was recorded as $41 in the ledger. Required: Prepare a bank reconciliation for Candace Co. for May 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” or “Add” will automatically appear if it is required. Enter all amounts as positive values.
Using the following information: (a) The bank statement balance is $4,690. (b) The cash account balance is $5,080. (c) Outstanding checks amounted to $715. (d) Deposits in transit are $1,020. (e) The bank service charge is $40. (f) A check for $72 for supplies was recorded as $27 in the ledger. Required: Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” or “Add” will automatically appear if it is required. Enter all amounts as positive values. Labels August 31 Amount Descriptions Bank service charge Deposits in transit not recorded by bank Error in recording Outstanding checks Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact…
On September 30 the bank statement of Fine Company showed a balance of $11,650. The following information was revealed by comparing the bank statement to the cash balance in Fine's accounting records: • Deposits in transit amounted to $4,815 • Outstanding checks amounted to $8,790 . $720 check was incorrectly drawn on Fine's account • NSF checks urned by the bank were $1,140 • The bank service charge was $41 • Credit memo for $160 for the collection of one of the company's account receivable What is the true cash balance? Multiple Choice OOO O $9,209 $8,395 $7,374 $8,514
Using the following information: The bank statement balance is $3,159. The cash account balance is $3,414. Outstanding checks amounted to $511. Deposits in transit are $641. The bank service charge is $116. A check for $43 for supplies was recorded as $34 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31.
On November 30, Hernandez Company's bank statement showed an ending balance of $37,361. The following information is available about Hernandez's account: Debit memo in bank statement for bank service charge, $47 Deposit in transit, $3,008 Outstanding checks, $3,196 Customer's NSF check for $743 was returned with the bank statement Required: b) Determine the unadjusted balance of the company's Cash account as of November 30.
Using the following information: The bank statement balance is $3,718. The cash account balance is $4,086. Outstanding checks amounted to $866. Deposits in transit are $1,177. The bank service charge is $48. A check for $78 for supplies was recorded as $69 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS