### Bank Reconciliation Exercise for Rodgers Company**Objective:** Determine the adjusted bank balance on May 31.Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation:- **Cash balance per company records, May 31:** $3,412- **Deposits in transit:** $257- **Notes receivable and interest collected by bank:** $774- **Bank charge for check printing:** $49- **Outstanding checks:** $1,694- **NSF check:** $150**Choices:**- **a.** $2,599- **b.** $1,975- **c.** $1,031- **d.** $3,987### Solution Steps1. **Start with the cash balance as per company records:** $3,4122. **Add deposits in transit:** $3,412 + $257 = $3,6693. **Add notes receivable and interest collected by the bank:** $3,669 + $774 = $4,4434. **Subtract bank charges for check printing:** $4,443 - $49 = $4,3945. **Subtract outstanding checks:** $4,394 - $1,694 = $2,7006. **Subtract NSF check:** $2,700 - $150 = $2,550### ConclusionThe correct adjusted balance on May 31 is **$2,550**, which does not match any of the provided options. Therefore, it may be necessary to review both the problem and solution for any mistakes or misunderstandings in the provided data.

The management prepares a bank reconciliation statement to match the company's cash balance with the…

Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Determine the adjusted balance on May 31. O Cash balance per company records, May 31 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check Oa. $2,599 Ob. $1,975 Oc. $1,031 Od. $3,987 $3,412 257 774 49 1,694 150

Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Determine the adjusted balance on May 31. O Cash balance per company records, May 31 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check Oa. $2,599 Ob. $1,975 Oc. $1,031 Od. $3,987 $3,412 257 774 49 1,694 150

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is the amount of cash to be reported under current assets? The cash account in the current assets section of the statement of financial position of the Taiwan company consisted of the following: Bond Sinking Fund Checking account in FEBTC (P320,000 check is still outstanding per bank statement) Currency and coins awaiting deposit Deposit in a bank closed by BSP Petty cash fund (of which P10,000 is in the form of paid voucher Receivable from officers and employees 1,500,000 3,155,000 1,135,000 500,000 50,000 175,000 a.) 4, 400, 000 b.) 4, 330, 000 c.) 4, 830, 000 d.) 5, 830, 000
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Cash balance per company records, September 30 $2,607 Deposits in transit 474 816 21 Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check Determine the adjusted balance on September 30. a. $2,156 b. $1,501 Oc. $3,262 Od. $2,296 1,580 140
Thompson Company gathered the following reconciling information in preparing its October bank reconciliation. Cash balance per bank, October 31 $14,007Note receivable collected by bank 5,807Outstanding checks 9,366Deposits in transit 5,916Bank service charge 78NSF check 1,583Determine the cash balance per company records (before adjustment) on October 31. a.$10,557b.$6,411c.$14,703d.$29,289
The following data were gathered to use in reconciling the bank account of Reddan Company: $ 17,900 10,300 Balance per bank Balance per company records Bank service charges 40 Deposit in transit Note collected by bank with $170 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 3,400 4,900 6,140 b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Calculate the adjusted cash balance per books on September 30. Cash balance per books, September 30 $ 3,114 Deposits in transit 541 Notes receivable and interest collected by bank 831 Bank charge for check printing 37 Outstanding checks 1,438 NSF check 136 a.$2,217 b.$3,011 c.$3,772 d.$2,875
Solve this problem
Instructions The following data were gathered to use in reconciling the bank account of Donovan Company: Balance per bank $14,385 Balance per company records 11,200 Bank service charges 60 Deposit in transit 2,125 NSF check 1,480 Outstanding checks 6,850 Required: a. What is the adjusted balance on the bank reconciliation? b. On March 1, journalize any necessary entries for Donovan Company based on the bank reconciliation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journal b. On March 1, journalize any necessary entries for Donovan Company based on the bank reconciliation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line…
6, 7, A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Note: Enter debits before credits. Date October 31 Bank Reconciliation October 31 Journal entry worksheet Cash $ 6,482 3 291 6,773 79 $ 6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Book balance Add: 4 Collection of a note Interest earned Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. Saved General Journal $ 400 64 Debit 63 61 $ 6,354 Credit 464 6,818 124 $6,694
Prepare a bank reconcilation going from balance per bank and balance per book to correct cash balance. Outstanding checks from the June reconcilation cleared the bank in July.
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31. Cash balance per books, May 31 $3,259 Deposits in transit 212 Notes receivable and interest collected by bank 919 Bank charge for check printing 38 Outstanding checks 1,913 NSF check 157 Oa. $2,320 Ob. $3,983 Oc. $1,131 Od. $1,558
Jamison Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per bank, 6/30 $11,755 Note receivable collected by bank 5,140 Outstanding checks 7,655 Deposits-in-transit 4,164 Bank service charge 65 NSF check 1,500 Using the above information, determine the cash balance per books (before adjustments) for Jamison Company. a.$4,689 b.$15,330 c.$11,839 d.$8,264
17