Homework Help is Here – Start Your Trial Now!
Business
Accounting
Revise your worksheet to reflect the following transactions and updated values at the end of the accounting perlod, then answer the questions that follow. (Note: You do not need to upload your revised worksheet for Part 2.) 1 Cash on hand at the company and not yet deposited at the bank. 2 EFT for monthly utility bill not yet recorded by the company. 3 Note collected by the bank and not yet recorded by the company. 4 Interest collected by the bank from note in #3 not yet recorded by the company. SA check witten for insurance expense for $70 was cashed. The check was recorded on the books for $160. 6 Checks written by the company but not yet processed by the bank. 7 Service fee charged by bank but not yet recorded by the conpany. 8 Customer checks determined by the bank to have nonsufficient funds. 7,400 1,400 8,700 1,200 3,100 100 2,700 Bank balance at the end of the period. Company balance at the end of the period. 17,840 16,350 Required:

Revise your worksheet to reflect the following transactions and updated values at the end of the accounting perlod, then answer the questions that follow. (Note: You do not need to upload your revised worksheet for Part 2.) 1 Cash on hand at the company and not yet deposited at the bank. 2 EFT for monthly utility bill not yet recorded by the company. 3 Note collected by the bank and not yet recorded by the company. 4 Interest collected by the bank from note in #3 not yet recorded by the company. SA check witten for insurance expense for $70 was cashed. The check was recorded on the books for $160. 6 Checks written by the company but not yet processed by the bank. 7 Service fee charged by bank but not yet recorded by the conpany. 8 Customer checks determined by the bank to have nonsufficient funds. 7,400 1,400 8,700 1,200 3,100 100 2,700 Bank balance at the end of the period. Company balance at the end of the period. 17,840 16,350 Required:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please no copy paste from other sources
Revise your worksheet to reflect the following transactions and updated values at the end of the accounting perlod, then answer the questions that follow. (Note: You do not need to upload your revised worksheet for Part 2.) 1 Cash on hand at the company and not yet deposited at the bank. 2 EFT for monthly utility bilt not yet recorded by the company. 3 Note collected by the bank and not yet recorded by the company. 4 Interest collected by the bank from note in #3 not yet recorded by the company. SA check witten for insurance expense for $70 was cashed. The check was recorded on the books for $160. 6 Checks written by the company but not yet processed by the bank. 7 Service fee charged by bank but not yet recorded by the company. 8 Customer checks determined by the bank to have nonsufficient funds. 7,400 1,400 8,700 1,280 3,100 100 2,700 Bank balance at the end of the period. Company balance at the end of the period. 17,840 16,350 Required: 1-a. What is the revised Cash balance at the end of the period? Cash 1-b. Is the bank reconciliation in balance? Yes No 2-a. What is the balance in Cash if the entry to correct the insurance payment hasn't been made? Cash 2-b. Would the bank reconciliation still be in balance? Yes No 3. Which statement below is true regarding the effect of the company incorrectly recording a customer deposit at $260,000 rather than $26,000? No effect on the bank reconciliation. The difference of $234,000 will be subtracted from the book balance. The difference of $234,000 will be added to the book balance. The bank balance will be increased by $260,000.
Transcribed Image Text:Revise your worksheet to reflect the following transactions and updated values at the end of the accounting perlod, then answer the questions that follow. (Note: You do not need to upload your revised worksheet for Part 2.) 1 Cash on hand at the company and not yet deposited at the bank. 2 EFT for monthly utility bilt not yet recorded by the company. 3 Note collected by the bank and not yet recorded by the company. 4 Interest collected by the bank from note in #3 not yet recorded by the company. SA check witten for insurance expense for $70 was cashed. The check was recorded on the books for $160. 6 Checks written by the company but not yet processed by the bank. 7 Service fee charged by bank but not yet recorded by the company. 8 Customer checks determined by the bank to have nonsufficient funds. 7,400 1,400 8,700 1,280 3,100 100 2,700 Bank balance at the end of the period. Company balance at the end of the period. 17,840 16,350 Required: 1-a. What is the revised Cash balance at the end of the period? Cash 1-b. Is the bank reconciliation in balance? Yes No 2-a. What is the balance in Cash if the entry to correct the insurance payment hasn't been made? Cash 2-b. Would the bank reconciliation still be in balance? Yes No 3. Which statement below is true regarding the effect of the company incorrectly recording a customer deposit at $260,000 rather than $26,000? No effect on the bank reconciliation. The difference of $234,000 will be subtracted from the book balance. The difference of $234,000 will be added to the book balance. The bank balance will be increased by $260,000.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Types of cyber attacks
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS