Need General Accounting Questions Solution provide the Correct answer what is final Answer Ryan Company deposits all cash receipts on the day they are received and makes all cash paymentsby check. Ryan's June bank statement shows $23,361 on deposit in the bank. Ryan's comparison ofthe bank statement to its cash account revealed the following:Deposit in transit2,450Outstanding checks 1,107Additionally, a $48 check written and recorded by the company correctly, was recorded by thebank as an $84 deduction.The adjusted cash balance per the bank records should be

Step 1: Define Bank Reconciliation StatementA bank reconciliation consists of two parts; in the…

Answered: Ryan Company deposits all cash receipts…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: $2,928 Deposits in transit: $1,111 Outstanding checks: $679 Bank charges: $35 Notes receivable: $1,325; interest: $235
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.
Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $18,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit Outstanding checks 1,450 837 Additionally, a $29 check written and recorded by the company correctly was recorded by the bank as a $92 deduction The adjusted cash balance per the bank records should be:
Ryan Company deposits all cash recelpts on the day they are recelved and makes all cash payments by check. Ryan's June bank statement shows $23,861 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit Outstanding checks 2,550 1,134 Additionally, a $49 check written and recorded by the company correctly, was recorded by the bank as a $94 deduction. The adjusted cash balance per the bank records should be: Multiple Choice ,277 $25,232 $27,590 NA < Prev 7 of 10
Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows a $29,361 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit Outstanding checks Multiple Choice Additionally, a $49 check written and recorded by the company was incorrectly recorded by the bank as a $94 deduction. The adjusted cash balance per the bank records should be: O O $31,580 $31,535 $34,487 $31,625 3,650 1,431 $24.325 H Seved O
Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows a $29.361 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit Outstanding checks Multiple Choice Additionally, a $49 check written and recorded by the company was incorrectly recorded by the bank as a $94 deduction. The adjusted cash balance per the bank records should be: O O O $31,580 $31,535 $34,487 $31,625 3,650 1,431 $24,325 Seved (?)
Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $28,525. Clayborn's May bank statement shows a $25,000 balance in the bank. Determine the adjusted cash balance using the following information: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company A NSF check from a customer, not yet recorded by the company The adjusted cash balance should be: Multiple Choice O О О $26,750 $18,100 $33,650 $26,775 $28,385 $ 8,650 $ 6,900 $ 140 $ 1,635
Abdulla 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 July 31, 2018, its Cash account shows an $25,000 debit balance. Abdulla Company’s July 31 bank statement shows $21,646 on deposit in the bank. Prepare a bank reconciliation for Abdulla Company using the following information: a)The July 31 bank statement included a $90 debit memorandum for bank services. b)Check No. 123, listed with the canceled checks, was correctly drawn for $1,437 in payment of a utility bill on July 15. Abdulla Company mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $1,473. c)In reviewing the bank statement, a $2,200 check written by Ayesha Company was mistakenly drawn against Abdulla’s account.

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