The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized):Balance, April 1, Current. YearDeposits during AprilInterest collectedChecks cleared during AprilNSF check-A. B. WrightBank service chargesBalance, April 30, Current YearDebitApril 1 BalanceApril DepositsBANK STATEMENTCash balanceChecksCash (A)$45,500270150Deposits$37,2001,210Credit25,300 April Checks written43,400Balance$31,50068,70069,91024,41024,14023,99023,99043,700A comparison of checks written before and during April with the checks cleared through the bank showed outstandingchecks at the end of April of $4,400 (including $2,600 written before and $1,800 written during April). No deposits intransit were carried over from March, but a deposit was in transit at the end of April.3. What was the beginning balance in the cash account in the ledger on May 1, Current Year?

The bank reconciliation method refers to a statement that is used to match the bank balance with the…

The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current. Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year BANK STATEMENT Debit April 1 Balance April Deposits Cash balance Checks $45,500 270 150 Deposits $37,200 1,210 Cash (A) 25,300 April Checks written 43,400 Credit Balance $31,500 68,700 69,910 24,410 24,140 23,990 23,990 43,700 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,400 (including $2,600 written before and $1,800 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year?

The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current. Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year BANK STATEMENT Debit April 1 Balance April Deposits Cash balance Checks $45,500 270 150 Deposits $37,200 1,210 Cash (A) 25,300 April Checks written 43,400 Credit Balance $31,500 68,700 69,910 24,410 24,140 23,990 23,990 43,700 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,400 (including $2,600 written before and $1,800 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year?

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

At November 30, Mazaya Company has the following bank information: cash balance per book R 04,600; outstanding checks R.O 28o; deposits in transit R.O 550, credit memo for interest R.O10, bank service charge RO.20 What is Mazaya's adjusted cash balance on November 30? Select one: a. RO4.590 b. R.O.4.320 CRO4.870 d. RO.4.870
Urmilaben
On December 31, Reed Company's bank statement had a balance of $26,500. Analysis of the bank statement and comparison of the statement and records indicated the following: Deposits in transit at the end of December Outstanding checks at the end of December Bank service charge Customer's returned check, NSF Bank collection of note on our behalf Interest received on note Adjusted balance of Cash: $ 14,685 6,310 X 5 1,240 4,610 In reviewing the records, Reed Company also discovered the following error: A check for $190 in legal expense was incorrectly recorded on the books as $910. Required: Compute the adjusted balance of Cash per bank statement. $0 230
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,220 Deposits during June $ 18,100 25,320 Checks cleared during June $ 19,200 6,120 Bank service charges $ 40 6,080 Balance, June 30 6,080 Cash (A) June 1 Balance 7,220 June Deposits 19,200 19,500 Checks written June June 30 Balance 6,920 How would i record the 40$ deducted by the bank for a service change?
PLEASE ANSWER WITHOUT IMAGE
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,220 Deposits during June $ 18,100 25,320 Checks cleared during June $ 19,200 6,120 Bank service charges $ 40 6,080 Balance, June 30 6,080 Cash (A) June 1 Balance 7,220 June Deposits 19,200 19,500 Checks written June June 30 Balance 6,920 How would i find the cash balance?
The treasurer preparing the October bank reconciliation identified the following items: Cash balance per the company's records $32,700, Deposits in Transit $4,300, Outstanding Checks $2,200, Interest earned on the checking account $200, Customer NSF check $400. What is the company's adjusted cash balance at Oct. 31? A. $34,900 B. $32,700 C. $32,500 D. $34,800
The following data were accumulated for use in reconciling the bank account for Mathers Co. For July: 1. Cash balance according to the company's record at July 31, $25,470. 2. Cash balance according to the bank statement at July 31, $26,890. 3. Checks outstanding, $5,170. 4. Deposit in transit, not record it by bank, $4,150. 5.a check for a $270 and payment of an account was erroneously recorded in the check register at $720. 6. Bank debit memo for service charges, $50. Journalize the entries that should be made up by the company, part (a )error and part ( b) service charge A. July 31 _______ _______ B. July 31 ______ _____
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,220 Deposits during June $ 18,100 25,320 Checks cleared during June $ 19,200 6,120 Bank service charges $ 40 6,080 Balance, June 30 6,080 Cash (A) June 1 Balance 7,220 June Deposits 19,200 19,500 Checks written June June 30 Balance 6,920 Required: Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June. How would i fill out the bank reconcilliation for this problem?
Using the following information, determine the adjusted bank balance. Bank balance: $6,925 Deposits in transit: $1,932 Outstanding checks: $584 Interest income: $130 NSF check: $275
Franklin Company deposts all cash receipts on the day they are received and makes all cash payments by check. At the dove of business on August 31. as Cash account shows a debit balance of $13362 Franke's August tiank statement shows a $14.237 balance in the bank Determine the adjusted cash balance using the following information Deposit in transit Outstanding checks Bank service fees, not yet recorded by company The bank collected on a note receivable, not yet recorded by the company The adjusted cash balance should be O O O C $1873 $10.333 SHUBEY saja Help Seve&ait $4,500 $3,000 $50 $1,725
Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $ 7,000 Add: Deposits in transit 1,540 Deduct: Outstanding checks (2,000) Balance per books $ 6,540 Month of July Results Per Bank Per Books Balance July 31 $8,650 $9,250 July deposits 5,000 5,810 July checks 4,000 3,100 July note collected (not included in July deposits) 1,000 — July bank service charge 15 — July NSF check from a customer, returned by the bank (recorded by bank as a charge) 335 — Instructions a. Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance. b. Prepare the general journal entry or entries to correct the Cash account.