Required information [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $6,400 debit balance and its bank statement shows $5,790 on deposit at the close of business on August 31. a. August 31 cash receipts of $2,140 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 $210 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $2,020. d. In reviewing the bank statement, an $170 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $110 in bank service charges; the company has not yet recorded the cost of these services. pare 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 $6,400 debit balance and its bank statement shows $5,790 on deposit at the close of business on August 31. a. August 31 cash receipts of $2,140 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 $210 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $2,020. d. In reviewing the bank statement, an $170 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $110 in bank service charges; the company has not yet recorded the cost of these services. pare a bank reconciliation using the above information.

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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The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
Wright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on deposit at the close of business on May 31. The May 31 bank statement lists $250 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $7,100. May 31 cash receipts of $7,700 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $550 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $300 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.
Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. August 31 cash receipts of $3,140 were placed in the bank’s night depository after banking hours and were not recorded on the August 31 bank statement. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. Outstanding checks as of August 31 total $3,020. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food’s account. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. Prepare any necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation.
Vegas company's unadjusted cash balance at Oct 31 is $5,400. The following information is available for bank reconciliation: - outstanding checks, $600 - deposit in transit, $450 - bank service charges, $90 - bank had collected an account receivable for company, $1000 - bank statement included an NSF check written by one of company's customers for $600. What was the adjusted book balance at Oct 31? A, $5,400 B, $5,710 C, $6,910 D, $5,490
[The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $13,398 debit balance and its bank statement shows $13,568 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $ 2,384. The June 30 bank statement lists a $95 bank service charge. Check No. 919, listed with the canceled checks, was correctly drawn for $789 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $798. The June 30 cash receipts of $2, 128 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information.
Brown Company's bank statement for September 30 showed: Bank statement balance Book balance of cash $2,790 $3,724 The following information was also available as of September 30: a. A customer's check for $150 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $10 processing fee b. The September 30 cash receipts, $3,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the Septemt bank statement. c. Outstanding checks amounted to $2, 190. d. A check for rent expense was written for $326 but by mistake was recorded in the accounting records as $362.
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,374 debit balance and its bank statement shows $15,539 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,735. b. The June 30 bank statement lists a $55 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,524 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 Bank reconciliation LO P3 "repare its bank reconciliation using the above information. DEL GATO CLINIC Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Deduct:…
Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $13,982 debit balance and its bank statement shows $14,264 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,928. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,630 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct: Adjusted book balance
[The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $12.709 debit balance and its bank statement shows $12,011 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,115. b. The June 30 bank statement lists a $15 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $189 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $198. d. The June 30 cash receipts of $2,807 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry…
ParentCo and SubCo report the following items of income and deduction for the current year Item PC Taxable income SC taxable income income (loss) from operations $ 100,000.00 $ 10,000.00 Section 1231 loss $ (10,000.00) capital gain $ 12,000.00 Charitable contribution $ 20,000.00 $ 1,000.00 compute ParentCo and SubCo's 2022 taxable income or loss computed on a separate basis ParentCo SubCo a $ 81,000.00 $ 22,000.00 b $ 81,000.00 $ 21,000.00 c $ 70,000.00 $ 22,000.00 d $ 70,000.00 $ 21,000.00
Finac Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, its Cash account shows an $13,871 debit balance. Finac Company's June 30 bank statement shows $13,431 on deposit in the bank. a. Outstanding checks as of June 30 total $2,404. b. The June 30 bank statement lists a $95 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $889 in payment of a utility bill on June 15. Finac Company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $898. d. The June 30 cash receipts of $2,758 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. A) Prepare a bank reconciliation for Finac Company using the above information. B) Journalize any transactions required from the bank reconciliation.
Required information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance #301 #302 #303 # 304 Checks Total Amount of Cash and Cash Equivalents $ 12,000 7,200 560 Cash (A) 21,500 9,000 11,000 7,200 5,200 21,840 BANK STATEMENT Deposits $ 9,000 12,000 7,200 560 5,200 1,900 11,000 Interest earned NSF check Service charge Credit Other # 301 May 2 # 302 May 4 #303 May 11 # 304 May 23 # 305 May 29 $ 180 340 90 Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 21,920 21,580…