DoneBalance per bankAdd:The bookkeeper did the following bank reconciliation.Ch 6 Bank Reconciliation.docxDeduct:Required:Bank ReconciliationDeposit in transitService Charge for MonthBookkeeper error made in recording checkwritten for $180 in payment of an accountspayable. check was recorded at $18.Balance per booksOutstanding checksNote collected by bank(includes interest of $12)a. Reconcile the bank balance to the correct cash balance.$6,844b. Reconcile the book balance to the correct cash balance.1,50016220(274)(252)1. Redo the bank reconciliation to calculate the correct cash balance.$8,000c. Record any journal entries that should be made to the company's books.

The bookkeeper did the following bank reconciliation. Balance per bank Add: Deposit in transit Service Charge for Month Bookkeeper error made in recording check written for $180 in payment of an accounts payable. check was recorded at $18 Deduct: Outstanding checks Note collected by bank (includes interest of $12) Balance per books $6,844 1,500 162 20 (274) (252) $8,000

The bookkeeper did the following bank reconciliation. Balance per bank Add: Deposit in transit Service Charge for Month Bookkeeper error made in recording check written for $180 in payment of an accounts payable. check was recorded at $18 Deduct: Outstanding checks Note collected by bank (includes interest of $12) Balance per books $6,844 1,500 162 20 (274) (252) $8,000

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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Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 Book balance: $8,923 Deposits in transit: $1,875 Outstanding checks: $569 and $1,423 Bank service charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $123 but posted in the accounting records as $213. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $6,580 Adjustments: Outstanding checks $3,160 Error by Chesner Co. in recording Check No. 1056 as $940 instead of $490 450 Note for $10,300 collected by bank, including interest 10,710 Deposit in transit on July 31 (6,700) Bank service charges (40) Total adjustments 7,580 Cash balance according to bank statement $14,160 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank b5a44b06801801d_1 Adjustments: Deposit in transit on July 31 $fill in the blank b5a44b06801801d_3 Outstanding checks…
The bank statement balance is $3,500 and shows a service charge of $24 , interest earned of $3, and an NSF cheque for $100. Deposits in transit total $1,400; outstanding cheques are $450. The bookkeeper mistakenly recorded as $158 a cheque of $132 in payment of an account payable. Prepare Bank Reconciliation Statement Prepare Adjusting Entries.
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 • Book balance: $8,866 • Deposits in transit: $1,832 Outstanding checks: $589 and $1,623 • Bank service charges: $50 • Bank incorrectly charged the account $50. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
6, 7, A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Note: Enter debits before credits. Date October 31 Bank Reconciliation October 31 Journal entry worksheet Cash $ 6,482 3 291 6,773 79 $ 6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Book balance Add: 4 Collection of a note Interest earned Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. Saved General Journal $ 400 64 Debit 63 61 $ 6,354 Credit 464 6,818 124 $6,694
Using the following information, prepare a bank reconciliation. Bank balance: $6,788 Book balance: $6,228 Deposits in transit: $1,712 Outstanding checks: $569 and $1,623 Bank charges: $50 Bank incorrectly charged the account $50. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
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…
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $6,070 Adjustments: Outstanding checks $2,910 Error by Chesner Co. in recording Check No. 1056 as $710 instead of $170 540 Note for $9,500 collected by bank, including interest 9,880 Deposit in transit on July 31 (6,180) Bank service charges (50) Total adjustments 7,100 Cash balance according to bank statement $13,170 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?$fill in the blank
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $22,240. Cash balance according to the bank statement at July 31, $23,450. Checks outstanding, $4,510. Deposit in transit, not recorded by bank, $3,630. A check for $590 in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 b. July 31