Sky Company is unable to reconcile the bayk 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.) SKY COMPANY Bank Reconciliation > > SA $ $ $ $ $

Sky Company is unable to reconcile the bayk 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.) SKY COMPANY Bank Reconciliation > > SA $ $ $ $ $

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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While performing its monthly bank reconciliation, XYZ Inc. discovered that it recorded a cash receipt from a customer for an incorrect amount. The company debited “Cash” and credited “Sales Revenue” for $920 instead of $290. On its bank reconciliation, how should the company adjust for this error? Add $630 to the company (book) side. Subtract $630 from the company (book) side. Add $630 to the bank side. Subtract $630 from the bank side.
The bank reconciliation for Widgets Inc. included the following items: $30 bank service charge; NSF check of $275; bank error of $30; EFT collection from a customer for $2,335. Based on the information, Widgets Inc. will adjust cash by what amount? O $1,480 O $2,030 O $2,000 O $2,060
Concord Wyatt is unable to reconcile the bank balance at January 31. Concord’s reconciliation is as follows. Cash balance per bank $3,860.20 Add: NSF check 540.00 Less: Bank service charge 31.00 Adjusted balance per bank $4,369.20 Cash balance per books $4,175.20 Less: Deposits in transit 680.00 Add: Outstanding checks 936.00 Adjusted balance per books $4,431.20
Which of the following items will not appear on the Books side of the reconciliation? A a non-sufficient funds check of $75 was returned to the bank and deduct it from the bank balance. Be a deposit was in transit in not yet deposited in the bank. See the bank charge a service fee of $20 on the bank statement. D the bank collected in notes receivable of $1000 for the business
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Mazaya Company developed the following reconciling information in preparing its April bank reconciliation: Cash balance per bank, 4/30 RO.15,400; Note receivable collected by bank 8,400; Outstanding checks 12,600; Deposits in transit 6,300; Bank service charge 150; NSF check 1,680; Using the above information, determine the cash balance per books (before adjustments) for the Mazaya Company.
Urmila ben
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Cheyenne Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. (a) Deposit in transit $6,590. (b) Bank service charges $27. (Use Office Expense account.) (c) Interest credited to Cheyenne's account $41. (d) Outstanding checks $7,670. (e) NSF check returned $480. Prepare entries necessary to make Cheyenne's accounting records correct and complete. (If no entry is required, selec Do not indent manually.)
On March 31, 20XX, Able Company received its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation: Balance per ledger, P1,460,000 Note collected by bank, P100,000 Interest earned on note, P10,000 NSF check of customer, P130,000 Bank service charge on NSF check, P2,000 Other bank service charges, P3,000 Outstanding checks, P202,000 Deposit placed in night depository, P85,000 Check issued by Axle Company charged to Able's account, P20,000 What is the balance per bank statement?
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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