Required information [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $7,200 debit balance and its bank statement shows $6,350 on deposit at the close of business on August 31. a. August 31 cash receipts of $2,940 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $290 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $2,820. d. In reviewing the bank statement, an $250 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $190 in bank service charges; the company has not yet recorded the cost of these services. Prepare a bank reconciliation using the above information.
Required information [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $7,200 debit balance and its bank statement shows $6,350 on deposit at the close of business on August 31. a. August 31 cash receipts of $2,940 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $290 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $2,820. d. In reviewing the bank statement, an $250 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $190 in bank service charges; the company has not yet recorded the cost of these services. Prepare a bank reconciliation using the above information.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Bank statement balance
Add:
Deduct:
Adjusted bank balance
ORGANIC FOOD COMPANY
Bank Reconciliation
August 31
$
FA
0
0
Book balance
Add:
Deduct:
0
0 Adjusted book balance
$
0
0
0
![Required information
[The following information applies to the questions displayed below.]
Organic Food Company's Cash account shows a $7,200 debit balance and its bank statement shows $6,350 on deposit at
the close of business on August 31.
a. August 31 cash receipts of $2,940 were placed in the bank's night depository after banking hours and were not
recorded on the August 31 bank statement.
b. The bank statement shows a $290 NSF check from a customer; the company has not yet recorded this NSF check.
c. Outstanding checks as of August 31 total $2,820.
d. In reviewing the bank statement, an $250 check written by Organic Fruits was mistakenly drawn against Organic
Food's account.
e. The August 31 bank statement lists $190 in bank service charges; the company has not yet recorded the cost of these
services.
Prepare a bank reconciliation using the above information.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F54dba2be-65b8-49a5-a613-25050a70a82a%2F66d7de1a-7bd3-4db2-8f07-b45d1ee16a02%2F4ccv7lv_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Organic Food Company's Cash account shows a $7,200 debit balance and its bank statement shows $6,350 on deposit at
the close of business on August 31.
a. August 31 cash receipts of $2,940 were placed in the bank's night depository after banking hours and were not
recorded on the August 31 bank statement.
b. The bank statement shows a $290 NSF check from a customer; the company has not yet recorded this NSF check.
c. Outstanding checks as of August 31 total $2,820.
d. In reviewing the bank statement, an $250 check written by Organic Fruits was mistakenly drawn against Organic
Food's account.
e. The August 31 bank statement lists $190 in bank service charges; the company has not yet recorded the cost of these
services.
Prepare a bank reconciliation using the above information.
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