rangelina Adoption Agency's general ledger shows a cash balance of $4,582. The balance of cash in the March-end bank statements $7,323. A review of the bank statement reveals the following information: checks outstanding of $2,792, bank service fees of $74,and interest earned of $23.Calculate the correct balance of cash at the end of March. (Amounts to be deducted should be indicated with a minus sign.)Bank balanceCompany balanceChecks outstandingService feesInterest earnedCash balance per reconciliationCash balance per reconciliation

Checks that have been drawn by the company but have not been deducted from the bank balance are…

Answered: rangelina Adoption Agency's general…

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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A company's Cash account shows a balance of $3,460 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($50), an NSF check from a customer ($370), a customer's note receivable collected by the bank ($1,600), and interest earned ($130). Required: Record the necessary entry(ies) to adjust the company's balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the items that increase cash. 2 Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general Journal
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.
Spielberg Company’s general ledger shows a cash account balance of $23,220 on July 31, 2024. Cash sales of $1,885 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $55 and an NSF check from a customer of $250. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,460. The bank statement shows a balance of $22,490 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. 2. Record the necessary entry(ies) to adjust the balance for cash.
The bank statement for M Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement. 2. Outstanding checks totaled $390. 3. Bank service charges for July amounted to $30. 4. The bank collected a note receivable for the company for $1,200 plus $48 interest revenue. 5. A NSF check for $328 from a customer was returned with the statement How we should journalize item #4? Cash debit 1248 notes receivable 1200 and interest revenue 48 credit Cash debit 1248 notes receivable 1248 credit Cash debit 1248 notes payable 1200 and interest revenue 48 credit None of them
Beverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $146,035. The bank statement indicated a balance of $181,965 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $16,445. B. A deposit of $9,900, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $31,800 on a $30,000 note, including interest of $1,800. D. A check for $2,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $200. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. E. A check drawn for $170 had been erroneously charged by the bank as $710. F. Bank service charges for June amounted to $75. 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer…
On July 31, 2020, Concord Company had a cash balance per books of $6,043.75. The statement from Dakota State Bank on that date showed a balance of $7,738.05. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. The bank service charge for July was $25. The bank collected $1,680 for Keeds Company through electronic funds transfer. The July 31 receipts of $1,225.50 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $361 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $316. Checks outstanding on July 31 totaled $1,888.80. On July 31, the bank statement showed an NSF charge of $579 for a check received by the company from W. Krueger, a customer, on account.
The bank statement for M Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement. 2. Outstanding checks totaled $390. 3. Bank service charges for July amounted to $30. 4. The bank collected a note receivable for the company for $1,200 plus $48 interest revenue. 5. A NSF check for $328 from a customer was returned with the statement How we should reconcile item #4 Add to the book balance Deduct from book balance Add to the bank balance Deduct from bank balance
At July 31, Sunland Company has the following bank information: cash balance per bank $8,380, outstanding checks $712, deposits in transit $1,211, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. What is the adjusted cash balance per bank?
The cash account for Highlander Diamond Co. on April 1, 20Y5, indicated a balance of $35,400. During April, the total cash deposited was $120,255, and checks written totaled $109,200. The bank statement 30, 20Y5. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $21,450. b. A deposit of $13,913, representing receipts of April 30, had been made too late to appear on the bank statement. c. A check for $710 had been incorrectly charged by the bank as $170. d. A check for $220 returned with the statement had been recorded by Highlander Diamond Co. as $2.200. The check was for the payment of an obligation to Dirt Dog Inc. on account. e. The bank had collected for Highlander Diamond $6,480 on a note left for collection. The face of the note was $6,000. f. Bank service charges for April amounted to $115. g. A check for $1,950 from Fly Ball Co. was returned by the bank because…
Peterson Company's general ledger shows a cash balance of $7,420 on May 31. May cash receipts of $1,220, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check from a customer for $120 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,900. The bank statement shows a balance of $7,910 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement PETERSON COMPANY Bank Reconciliation May 31 Company's Cash Balance Per general ledger Bank balance per reconciliation $ 0 Company balance per reconciliation $ 0
At the end of April, Meyer Company had a $7,890 balance in its cash account, while its bank state-ment for April showed an ending cash balance of $7,200. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer’s customers. Meyer’s records show a $600 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.

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