(b)Journalize the entries required by the reconciliation. (Credit account titles are automatically indented when amount is entereindent manually. Round answers to 2 decimal places, e.g. 52.75.)No. Account Titles and ExplanationDebitCredit1.(To record NSF check.)(To record bank service charge.)eTextbook and MediaList of AccountsSave for LaterAttempts: 0 of 2 usedSubmili Z AAPR19étv2. View PoliciesShow Attempt HistoryCurrent Attempt in ProgressSheffield is unable to reconcile the bank balance at January 31. Sheffield's reconciliation is as follows.Cash balance per bank$4,060.20Add: NSF check440.00Less: Bank service charge34.00Adjusted balance per bank$4,466.20Cash balance per books$4,375.20Less: Deposits in transit780.00Add: Outstanding checks939.00Adjusted balance per books$4,534.20(a)Your answer is correct.APR1 ali Z A19étv

A bank reconciliation statement is a summary of banking and buiness activity that reconiles an…

Show Attempt History Current Attempt in Progress Sheffield is unable to reconcile the bank balance at January 31. Sheffield's reconciliation is as follows. Cash balance per bank $4,060.20 Add: NSF check 440.00 Less: Bank service charge 34.00 Adjusted balance per bank $4,466.20 Cash balance per books $4,375.20 Less: Deposits in transit 780.00 Add: Outstanding checks 939.00 Adjusted balance per books $4,534.20

Show Attempt History Current Attempt in Progress Sheffield is unable to reconcile the bank balance at January 31. Sheffield's reconciliation is as follows. Cash balance per bank $4,060.20 Add: NSF check 440.00 Less: Bank service charge 34.00 Adjusted balance per bank $4,466.20 Cash balance per books $4,375.20 Less: Deposits in transit 780.00 Add: Outstanding checks 939.00 Adjusted balance per books $4,534.20

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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From the give Problem 2, What is the adjusted cash in bank on December 31?
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
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 > > $ $ $ $
Bank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $7,735. The bank statement indicated a balance of $9,930 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3,570. A deposit of $3,720, representing receipts from October 31, had been made too late to appear on the bank statement. The bank had collected $1,940 on a note left for collection. The face of the note was $1,840. A check for $550 returned with the statement had been incorrectly recorded by Deaver Consulting as $500. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. A check drawn for $530 had been incorrectly charged by the bank as $30. Bank service charges for October amounted to $45. Instructions: 1. Prepare a bank reconciliation. Deaver…
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…
Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a balance of $11,670. The bank statement indicated a balance of $13,640 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,910. A deposit of $5,120, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,660 on a $2,520 note, including interest of $140. A check for $770 returned with the statement had been incorrectly recorded by American Medical Co. as $700. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $40 had been erroneously charged by the bank as $400. Bank service charges for April amounted to $50. Required: 1. Prepare a bank reconciliation. 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The…
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Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a balance of $10,405. The bank statement indicated a balance of $12,130 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,370. A deposit of $4,550, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,370 on a $2,240 note, including interest of $130. A check for $770 returned with the statement had been incorrectly recorded by American Medical Co. as $700. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $40 had been erroneously charged by the bank as $400. Bank service charges for April amounted to $35. Required: 1. Prepare a bank reconciliation.
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