Teal Mountain Wholesale Company assembled the following information in completing its March bank reconciliation: Balance per bank $17600 Outstanding checks $3575 Deposits in transit $5750 NSF check $370 Bank service charges $115 Cash balance per books $20260 As a result of this reconciliation, Teal Mountain will O reduce its cash account by $115. O increase its cash account by $255. O reduce its cash account by $2175. O reduce its cash account by $485.

Teal Mountain Wholesale Company assembled the following information in completing its March bank reconciliation: Balance per bank $17600 Outstanding checks $3575 Deposits in transit $5750 NSF check $370 Bank service charges $115 Cash balance per books $20260 As a result of this reconciliation, Teal Mountain will O reduce its cash account by $115. O increase its cash account by $255. O reduce its cash account by $2175. O reduce its cash account by $485.

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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Larkspur Wholesale Company assembled the following information in completing its March bank reconciliation: Balance per bank $14500 Outstanding checks $2950 Deposits in transit $4750 NSF check $300 Bank service charges $95 Cash balance per books $16695 As a result of this reconciliation, Larkspur will O O O increase its cash account by $205. O reduce its cash account by $95. reduce its cash account by $395. O reduce its cash account by $1800.
Copeland Company's bank reconciliation as of February 28 is shown below. Bank balance $ 38,943 3,600 + Deposit in transit - Outstanding checks Adjusted bank balance. Book balance Note collection Check printing - 2,380 $ 40,163 Adjusted book balance One of the journal entries that Copeland must record as a result of the bank reconciliation includes: Multiple Choice O Debit Cash $3,600; credit Accounts Receivable $3,600. Debit Cash $875; credit Notes Receivable $875. Debit Miscellaneous Expense $50, credit Accounts Payable $50. Debit Cash $3,600; credit Sales $3,600 $ 39,338 +875 -50 $ 40,163
Oakwood Company gathered the following reconciling information inpreparing its June bank reconciliation:Cash balance per books, 6/30 $12,600 Deposits in transit 900 Notes receivable and interest collected by bank 2,220 Bank charge for check printing 75 Outstanding checks 4,500 NSF check 420 The adjusted cash balance per books on June 30 is a. $15,225b. $14,820c. $14,325d. $15,165
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Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation: Line Item Description Amount Cash balance per company’s records, September 30 $3,019 Deposits in transit 450 Note receivable and interest collected by bank 895 Bank charge for check printing 31 Outstanding checks 1,286 NSF check 169 Determine the adjusted balance that would appear in the company section of the bank reconciliation on September 30. a. $3,047. b. $2,183. c. $2,878. d. $3,714.
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4 Paws Construction Company gathered the following reconciling informationin preparing its April bank reconciliation:Cash balance per books, 4/30 $17,600 Deposits in transit 2,400 Notes receivable and interest collected by bank 5,920 Bank charge for check printing 200 Outstanding checks 12,000 NSF check 1,120 The adjusted cash balance per books on April 30 is a. $24,600b. $23,520c. $22,200d. $24,440
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