TB MC Qu. 5-118 (Algo) Urban Bloom, Incorporated's books show an ending...Urban Bloom, Incorporated's books show an ending cash balance of $18,000 before preparing the bank reconciliation. Given the bankreconciliation shows outstanding checks of $4,600, deposits in transit of $3,600, NSF check of $260, and interest earned on the bankaccount of $170, the company's up-to-date ending cash balance equals

Here we will have to reconcile the company’s ending cash balance with the bank balance using the…

TB MC Qu. 5-118 (Algo) Urban Bloom, Incorporated's books show an ending..... Urban Bloom, Incorporated's books show an ending cash balance of $18,000 before preparing the bank reconciliation. Gives econciliation shows outstanding checks of $4,600, deposits in transit of $3,600, NSF check of $260, and interest earned of account of $170, the company's up to date ending cash balance equals

TB MC Qu. 5-118 (Algo) Urban Bloom, Incorporated's books show an ending..... Urban Bloom, Incorporated's books show an ending cash balance of $18,000 before preparing the bank reconciliation. Gives econciliation shows outstanding checks of $4,600, deposits in transit of $3,600, NSF check of $260, and interest earned of account of $170, the company's up to date ending cash balance equals

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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Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2: Balance as of 6/30/Year 2 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/Year 2 Complete this question by entering your answers in the tabs below. Required A Bank Cash Account Stateme $24,790 $21,69 Required C 1,905 (35) (1,150) As part of the normal process for handling an NSF check, the accounting clerk has notified the customer that their account did not contain sufficient funds to pay the balance owed to the company. The customer was told that they will need to provide an alternative form of payment to cover the outstanding balance. < Required A $25,510 Required a. Prepare the adjustment that the clerk would have made to record the NSF check. c. Assume the clerk had stolen $1,150 cash, and recorded an entry for a nonexistent NSF check to reduce the cash balance so that it would match the bank balance. Select the internal control…
Required information [The following information applies to the questions displayed below.] As of June 30, Year 1, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available: 1. Deposit in transit: $2,400. 2. Credit memo in bank statement for interest earned in June: $30. 3. Outstanding check: $6,690. 4. Debit memo for service charge: $20. b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Using the following information: a. The bank statement balance is $4,265. b. The cash account balance is $4,448. c. Outstanding checks amount to $835. d. Deposits in transit are $954. e. The bank service charge is $55. f. A check for $37 for supplies was recorded as $28 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation Line Item Description May 31 Amount Amount Cash balance according to bank statement Adjusted balance Cash balance according to company's records Total deductions Adjusted balance
Exercise 4-9 (Algo) Calculate the balance of cash using a bank reconciliation (LO4-5) Jackman Company's general ledger shows a cash account balance of $23,400 on July 31, 2024. Cash sales of $1,893 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $37 and an NSF check from a customer of $420. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,620. The bank statement shows a balance of $22,670 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. 2. Record the necessary entry(ies) to adjust the balance for cash. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Per bank statement…
The following information was taken from a company’s bank reconciliation at the end of the year: Bank balance $ 9,000 Checks outstanding $ 7,400 Note collected by the bank $ 1,800 Service fee $ 33 Deposits outstanding $ 4,700 NSF check $ 330 What is the correct cash balance that should be reported in the company's balance sheet at the end of the year? Multiple Choice $6,267. $6,300. $10,470. $8,670.
Using the following information: The bank statement balance is $5,175. The cash account balance is $5,503. Outstanding checks amounted to $712. Deposits in transit are $998. The bank service charge is $33. A check for $76 for supplies was recorded as $67 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
Vegas company's unadjusted cash balance at Oct 31 is $5,400. The following information is available for bank reconciliation: - outstanding checks, $600 - deposit in transit, $450 - bank service charges, $90 - bank had collected an account receivable for company, $1000 - bank statement included an NSF check written by one of company's customers for $600. What was the adjusted book balance at Oct 31? A, $5,400 B, $5,710 C, $6,910 D, $5,490
Required information PA5-2 (Algo) Preparing a Bank Reconciliation and Journal Entries and Reporting Cash [LO 5-4, LO 5-5] [The following information applies to the questions displayed below.) The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $17,900. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Deposits $ 7,000 Balance, May 11 May 2 May 5 May 7 May B May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance in Cash Account Balance #301 #302 #303 #304 Checks $ 10,000 5,600 480 Cash (A) 17,900 7,000 9,000 5,600 4,400 17,920 10,000 5,600 480 4,400 1,100 9,000 Interest earned NSP check Service charge Credit Other #301 May 2 #302 May 4 #303 May 11 #304 May 23 #305 May 29 $…
Based on the following information, prepare a bank reconciliation to determine the adjusted (corrected) balance: (Input each amount as a positive value.) Bank balance $ 776 Account fees $ 27 Checkbook balance $ 732 ATM withdrawals $ 116 Outstanding checks $ 148 Deposit in transit $ 69 Direct deposits $ 98 Interest earned $ 10
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30:1. Balance per Cash account, June 30, $15,875.55.2. Balance per bank statement, June 30, $16,425.56.3. Deposits not reflected on bank statement, $1,631.25.4. Outstanding checks, June 30, $2,836.01.5. Service charge on bank statement not recorded in books, $24.75.6. Error by bank—Yertel Company check charged on Young Company’s bank statement, $1,237.50.7. Check for advertising expense, $562.50, incorrectly recorded in books as $1,170.00.
Required information [The following information applies to the questions displayed below.] The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $21,500. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance #301 #302 #303 # 304 Checks Total Amount of Cash and Cash Equivalents $ 12,000 7,200 560 Cash (A) 21,500 9,000 11,000 7,200 5,200 21,840 BANK STATEMENT Deposits $ 9,000 12,000 7,200 560 5,200 1,900 11,000 Interest earned NSF check Service charge Credit Other # 301 May 2 # 302 May 4 #303 May 11 # 304 May 23 # 305 May 29 $ 180 340 90 Balance $ 21,500 30,500 18,500 11,300 22,300 21,740 21,920 21,580…
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $25,940. 2. Cash balance according to the bank statement at August 31, $27,390. 3. Checks outstanding, $5,270. 4. Deposit in transit not recorded by bank, $4,230. 5. A check for $270 in payment of an account was erroneously recorded in the check register as $720. 6. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. a. 20Y6 Aug. 31 b. Aug. 31