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

See similar textbooks

Similar questions

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.
R&L Company provided the following bank reconciliation on May:Balance per bank 2,100,000Deposit Outstanding 300,000Checks Outstanding ( 50,000)Correct Cash Balance 2,350,000 Balance per book 2,360,000Bank Service Charge ( 10,000)Correct Cash Balance 2,350,000 Data for the Month of JuneBank BookChecks Recorded 2,300,000 2,400,000Deposits Recorded 1,700,000 1,800,000Collection by bank, plus interest 550,000NSF Check returned with June 100,000Balance 1,950,000 1,750,000 What is the amount of checks Outstanding on June? * What is the amount of deposit in transit on June?
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
Hello please give me Answer
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.
Bank Reconciliation Components ldentify the requested amount in each of the following situations: a. Howell Company's August 31 bank reconciliation shows deposits in transit of $3.400 The general ledger Cash in Bank account shows total cash receipts during September of $92.200. The September bank statement shows total cash deposits (and no credit memos) of $89.000. What amount of deposits in transit should appear in the September 30 bank reconciliation? b Wright Corporation's March 31 bank reconciliation shows deposits in transit of $2.600. The general ledger Cash in Bank account shows total cash receipts during April of S64 100. The April bank statement shows total cash deposits of S67200 (including $3,000. from the collection of a note: the note collection has not yet been recorded by Wright what amount of deposits in transit should appear in the April 30 bank reconciliation? Braddock Company's october 31 bank reconciliation shows outstanding checks of $3600.…
Saved Help Save & Exit Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $9,500. The bank reconciliation for the month contained the following items: $ 920 Deposits in transit Outstanding checks 720 Interest earned 20 NSF check returned to bank 270 Bank service charge 95 Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice Next > Prev 1 of 10 $9,155. $8,580. $8,900. $9,755. I Submit
Proof of Cash Problems 1. Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: The month Deposits, including P200,000 note collected for Lazer Disbursements, including P140,000 NSF customer check And P10,000 service charge P3,000,000 400,000 What is the cash balance per book on July 31? What is the amount of cash receipts per book in July ? What is the amount of cash disbursements per book in July? 3,400,000 (900,000) P2,500,000 P9,000,000 7,000,000 All reconciling items on June 30 cleared through the bank in July. The Outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31.
None
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
In a bank reconciliation, to adjust for the bank's deducting $980 for a company check that you wrote and booked for $890 requires A. increasing the book balance by $90 B. reducing the book balance by $90 C. increasing the bank balance by 590 D. reducing the bank balance by $90