Accurate answer Sprite Company's unadjusted bank balance onMarch 31 is $6,490. The bank reconciliation revealedoutstanding checks amounting to $940 and depositsin transit of $640.Based on this information, Sprite's true cashbalance is

Explanation of Unadjusted Bank Balance:The unadjusted bank balance is the cash balance shown on the…

Answered: Sprite Company's unadjusted bank…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter8: Internal Control And Cash

Section: Chapter Questions

Problem 21E

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Hajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.
Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
The following information was available to reconcile Montrose Company's book balance of Cash with its bank statement balance as of October 31, 2023:a. After all posting was completed on October 31, the company's Cash account had a $17,613 debit balance but its bank statement showed a $39.192 balance.b. Cheques #296 for $1,781 and #307 for $17,028 were outstanding on the September 30 bank reconciliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $1.192 and cheque #321 for $2,670, both written in October, were not among the cancelled cheques returned with the statement.c. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for the October rent was correctly written for $4.110 but was erroneously entered in the accounting records as $4,920.d. A credit memo enclosed with the bank statement indicated that there was an electronic…
A. At July 31, Ramirez Company has the following bank information: cash balance per bank $8,039, outstanding checks $691, deposits in transit $1,163, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. B. Differences between when a company records a transaction and when the bank records the same transaction are called timing differences. True or False? C. When performing a bank reconciliation, checks outstanding are added back to the bank balance. True or False?
I need help finding the accurate solution to this financial accounting problem with valid methods.
Duncan, Inc.'s unadjusted book balance showed cash balance of $1,847 before preparing the bank reconciliation. Given the bank reconciliation shows outstanding checks of $696, deposits in transit of $965, NSF check of $156, and interest earned on the bank account of $17, the company's up-to-date ending cash balance equals:$_____
The following Information was avallable to reconcile Montrose Company's book balance of Cash with Its bank statement balance as of October 31, 2020: a. After all posting was completed on October 31, the company's Cash account had a $13,219 debit balance but its bank statement showed a $29,355 balance. b. Cheques #296 for $1,334 and #307 for $12,754 were outstandıng on the September 30 bank reconcilliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $893 and cheque #321 for $2,000, both written in October, were not among the cancelled cheques returned with the statement. c. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, It was found that cheque #320 for the October rent was correctly written for $4,090 but was erroneously entered in the accounting records as $4,90o. d. A credit memo enciosed with the bank statement Indicated that there was an electronic…
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The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
The cash account in the ledger of MMM Company shows a balance of P1,625,000 at December 31. The bank statement, however, shows a balance of P2,090,000 at the same date. The only reconciling items consist of a bank service charge of P2,000, a large number of outstanding checks totaling P690,000 and a deposit in transit. 14. What is the deposit transit in the December 31 bank reconciliation?
Using the following information, prepare a bank reconciliation for Young Co. for August 31, 2009: a. The bank statement balance is $4,010. b. The cash account balance is $4,207. c. Outstanding checks amounted to $517. d. Deposits in transit are $633. e. The bank service charge is $45. f. A check for $84 for supplies was recorded as $48 in the ledger.

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Sprite Company's unadjusted bank balance on March 31 is $6,490. The bank reconciliation revealed outstanding checks amounting to $940 and deposits in transit of $640. Based on this information, Sprite's true cash balance is