The bank reconciliation shows the following adjustments: Deposits in transit: $852 • Notes receivable collected by bank: $1,000; interest: $20 • Outstanding checks: $569 Error by bank: $300 • Bank charges: $30 Jsing the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] [ Select ] CR [ Select ] [ Select ] and DR [ Select ] [ Select ] CR [ Select ] [ Select ] CR [ Select ] [ Select ] > >

The bank reconciliation shows the following adjustments: Deposits in transit: $852 • Notes receivable collected by bank: $1,000; interest: $20 • Outstanding checks: $569 Error by bank: $300 • Bank charges: $30 Jsing the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] [ Select ] CR [ Select ] [ Select ] and DR [ Select ] [ Select ] CR [ Select ] [ Select ] CR [ Select ] [ Select ] > >

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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From the bank reconciliation practice problem on pages 4-5 and 4-6 of the lecture notes, what is the amount of the error in event “e” related to check 543?
Insructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Instructions The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $19,427. b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $26,500 on a $25,000 note, including interest of $1,500. d. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $195 had been erroneously charged by the bank as $915. f. Bank service charges for June amounted to $55. 1. Prepare a bank reconciliation. Refer to the…
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $ 11,720 Balance per company records 9,785 Bank service charges 55 Deposit in transit 1,730 NSF check 640 Outstanding checks 4,360 a. What is the adjusted balance on the bank reconciliation?$ b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.
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Stewart Recording Studio, owned by Ron Stewart, showed the following bank reconciliation at March 31: Stewart Recording Studio Bank Reconciliation March 31, 2020 Bank statement balance $ 22,200 Book balance $ 31,085 Add: Deposit of March 31 in transit 10,045 $ 32,245 Deduct: Outstanding cheques: #14 $ 843 #22 317 1,160 Adjusted bank balance $ 31,085 Adjusted book balance $ 31,085 Cash Acct. No. 101 Date Explanation PR Debit Credit Balance 2020 March 31 Balance 31,085 April 30 CR17 71,762 102,847 30 CD13 92,000 10,847 A list of deposits made and cheques written during April, taken from the Cash Receipts Journal and Cash Disbursements Journal, is shown below: Deposits Made April 7 $ 693 13 4,620 18 5,926 23…
Identify whether each of the following items would on appear on the bank side or the book side of a bank reconciliation. Enter Bank or Book below. Bank service charges Outstanding checks Deposits in transit NSF check Interest on a checking account The company properly wrote a check for $95.80 that the bank incorrectly paid as $9.58. The bank printed checks for the depositor for a fee. Bank debit memorandum Bank credit memorandum The bank collected a $1,000 note for the depositor.
Based on the he following information,preaper a blank reconciliation to determine the adjusted( corrected) balance; ( input each amount bas a positive value) Bank balance. $680 Checkbook balance. $642 Outstanding checks. $112 Direct deposit. $70 Account fees. $12 ATM withdrawal $80 Deposit in transit. $60 Interest earned. $8 Bank statement. Your checkbook
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Cash", "Bank Service Charges", "Interest Income", "Bank Errors", "Interest Expense"] [ Select ] ["$300", "$852", "$30", "$569", "$1,020"] CR [ Select ] ["Bank Errors", "Interest Income", "Bank Service Charges", "Interest Expense", "Cash"] [ Select ] ["$30", "$852", "$569", "$300", "$1,030"] and DR…
From the bank reconciliation practice problem on pages 4-5 and 4-6 of the lecture notes, what is the reconciled balance in the cash account?
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $27,770 Balance per company records 23,170 Bank service charges 130 Deposit in transit 4,090 NSF check 1,510 Outstanding checks 10,330 a. What is the adjusted balance on the bank reconciliation? Check My Work b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank. Accounts Receivable Miscellaneous Expense ED Feedback Previous Next Check My Work
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