Sheffield Sells is unable to reconcile the bank balance at January 31. Sheffield's reconciliation is shown here. Cash balance per bank Add: NSF check Less: Bank service charge $4,060.20 440.00 34.00 Adjusted balance per bank $4,466.20 Cash balance per books $4,375.20 Less: Deposits in transit Add: Outstanding checks 780.00 939.00 Adjusted balance per books $4,534.20 (a) What is the proper adjusted cash balance per bank? (List items that increase cash balance first. Round answers to 2 decimal places, eg. 52.75.) Add Less V: Sheffield Bank Reconciliation $

Sheffield Sells is unable to reconcile the bank balance at January 31. Sheffield's reconciliation is shown here. Cash balance per bank Add: NSF check Less: Bank service charge $4,060.20 440.00 34.00 Adjusted balance per bank $4,466.20 Cash balance per books $4,375.20 Less: Deposits in transit Add: Outstanding checks 780.00 939.00 Adjusted balance per books $4,534.20 (a) What is the proper adjusted cash balance per bank? (List items that increase cash balance first. Round answers to 2 decimal places, eg. 52.75.) Add Less V: Sheffield Bank Reconciliation $

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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Blue Company is unable to reconcile the bank balance at January 31. Blue’s reconciliation is asfollows. Cash balance per bank $5,300 Add: NSF check 1,490 Less: Bank service charge 25 Adjusted balance per bank $6,765 Cash balance per books $5,905 Less: Deposits in transit 950 Add: Outstanding checks 1,860 Adjusted balance per books $6,8
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In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Erroneous charge (deduction) made by bank Outstanding checks Collection from customer by bank The 8/31 unadjusted cash balance per books is: Select one: a. $19,250 b. $18,550 c. $18,050 d. $19,050 e. $17,850 $ 18,050 3,250 100 2,750 600
Sky Company is unable to reconcile the bank balance at January 31. Sky's reconciliation is as follows. Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books (a) $5,300 1,570 35 $6,835 $5,705 750 1,950 $6,905 Prepare a correct bank reconciliation. (List items that increase cash balance first.) V SKY COMPANY Bank Reconciliation V V > > $ $ $ $
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $7,150 Adjustments: Outstanding checks $3,430 Error by Chesner Co. in recording Check No. 1056 as $830 instead of $380 450 Note for $11,200 collected by bank, including interest 11,650 Deposit in transit on July 31 (7,280) Bank service charges (40) Total adjustments 8,210 Cash balance according to bank statement $15,360 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank acc4df036010fde_1 fill in the…
Using the following information, prepare a bank reconciliation. • Bank balance: $4,687 • Book balance: $5,690 • Deposits in transit: $1,546 • Outstanding checks: $956 • Interest income: $53 • NSF check: $466 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
VKS Co. is preparing its March 31 bank reconciliation. The following data are available:Per bank:February 28 balance - P859,500March deposits reflected - P476,000March checks reflected - P617,000 (erroneously includes a check drawn by IntAcc1 Company for P15,000)Note collected (including P2,000 interest) - P202,000Service charge - P1,200March 31 balance - P919,300Per books:February 28 balance - P840,600March receipts - P490,000 (includes a collection of P20,800 recorded erroneously. The correct amount of P28,000 was properly reflected in the bank statement)March disbursements – P610,000 (includes February service charge of P1,000)March 31 balance - P720,600Additional data from the February 28 bank reconciliation:Deposits in transit - P18,200Outstanding checks, P38,100How much were the deposit in transit at March 31?
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation: Cash balance per company's records, May 31 Deposits in transit Note receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check $4,461 213 855 38 1,599 164 Determine the adjusted balance that would appear in the company section of the bank reconciliation on May 31. Oa. $3,075 Ob. $5,114 Oc. $1,068 Od. $3,766
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30: 1 Balance per Cash account, June 30. $9172.542 Balance per bank statement, June 30. $9490.333 Deposits not reflected on bank statement. $942.504 Outstanding checks, June 30. $1,638.595 Service charge on bank statement not recorded in books. $14.306 Error by bank-Yertel Company check charged on Young Companys bank statement. $7157 Check for advertising expense $325incorrectly recorded in books as $676
epair Shop. 8. Mr. Rashid tried to reconcile his bank balance as on 31* May 2021 but could not reconcile. Mr. Rashid's Reconciliation is given below. Cash balance per bank OMR 17,801 Less: Bank service charge 125 Add: NSF check 3,450 Adjusted balance per bank OMR 21,126 Cash balance per books OMR 19,376 Add: Outstanding checks 4,650 Less: Deposits in transit 2,650 Adjusted balance per books OMR 21,375 Instructions Required: Prepare a correct bank reconciliation.
Please solve both the questions with a detailed explanation.
Please prepare a bank reconciliation and journal entries for the month ended April 30th for Bannon Co. 1) Balance per bank statement $ 9,915 2) Balance per cash general ledger account (books) $ 8,954 3) April 30th deposit of $ 2,600 is not on the bank statement (Deposit in Transit) 4) Check numbers #219 for $ 1000 and # 222 for $ 1,100 written in April do not appear on the April bank statement (Outstanding Checks) 5) Debit memo for a $ 20 service charge appeared on the bank statement 6) The bank incorrectly deducted $ 400 from Bannon's checking account 7) The bank collected a note on behalf of the company in April, a credit memo for net proceeds óf $ 2,000 included the principal of $1,900, interest of $ 150, less a collection fee of $ 50 accompanied the bank statement 8) A check from Apple Co. for $ 150 was returned by the bank marked NSF 9) The bank added $40 of interest earned directly to the checking account balance 10) A Cash Sale in the amount of $ 297 was erroneously journalnized…