The Cash account of Salety Security Systema reported a balanoe of $2410 at December 31, 2024. There were outstanding checks totaing $2,000 and a December 31 deposit in transt of 5400. The bark statement,which came from Park Cites Bank, listed the December 31 balance of $4,530. Included in the bark balance was a colection of $530 on account from Jane Lindsey, a Safety oustomer who pays the bank directly Thebank statement also shows a $30 service charge and $20 of interest revenue that Safety eamed on ts barik balance. Prepare Safety's bank reconciliation at December 31,Safety Security SystemsBank ReconcillationDecember 31, 2024Bank:Balance, December 31, 2024ADDLESSAdusted hank balance, December 31, 2024BookBalance, Docombor 31, 2024ADD:LESSAdjusted book balance, December 31, 2024

Bank reconciliation statement is prepared to reconcile cash balance as per cash book and bank…

Answered: The Cash account of Salety Security…

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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On august 31, baginski aunt company receives its bank statement on below. The company deposit it’s receipts in the bank and makes all payments by check. The debit memo for $95 is for an NSF check written by L. Pets. Check number 925 for $47, payable to Jordan company(a creditor) was recorded in the checkbook and journal as $74. The ledger balance of cash as of august 31st are no. 928, $150 and no. 929, $292. The accountant notes that the deposit of august 31 for $599 did not appear on the bank statement. How would I prepare a bank reconciliation as of august 31, assuming that the debit memos have not been recorded, as well as journal the entries, as well as complete the bank form to determine the adjusted balance of cash?
Marin Company's general ledger indicates a cash balance of $24,340 as of September 30, 2021. Early in October Marin received a bank statement indicating that during September Marin had an NSF check of $3,500 returned to a customer and incurred service charges of $80. Marin also learned it had incorrectly recorded a check received from a customer on September 15 as $500 when in fact the check was for $570. Calculate Marin's correct September 30, 2021, cash balance. Balance per books Add Deduct Corrected cash balance.
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 ______ _____
On December 31, 2021, the cash account of Coco Corp, showed a balance of P391,480. The bank statement on that date showed a balance of P409,500. Upon examining the cash records and the bank statement, the following information were determined.a. There was a bank service charge of P 1,500 for the month of December 2021.b. There was a credit memo for a note collected by the bank for oOco Corp. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550c. December 31, 2021 receipts for P289,000 were deposited only on January 2, 2022d. Checks issued which have not yet cleared the bank as at December 31,2021 amounts to P186,610e. There is a debit memo for P45,320 for a customer’s check returned marked “DAIF”f. A receipt of P90,000 had been entered as P60,000 in the cash book. Check # 12345 issued amounting to P49,100 was erroneously recorded as P41,900 and check # 12346 issued in the correct amount of P5,820 had been taken up as P58,200.What is the…
Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found.
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Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs Total cost of work in process: Less: Work in process (12/31) Cost of goods manufactured Cost of Goods Manufactured Schedule 168,130 27,530 26,260 39,410 78,070 $183,200 143,740 $213,140 87,830 $541,930
The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank statement as of that date showed a balance of $7,470. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. 3. 4. 5. 6. 7. (a) There were bank service charges for June of $45. A bank memo stated that Bao Dai's note for $2,160 and interest of $64.80 had been collected on June 29, and the bank had made a charge of $9.90 on the collection. (No entry had been made on Sheffield's books when Bao Dai's note was sent to the bank for collection.) Receipts for June 30 for $6,102 were not deposited until July 2. Checks outstanding on June 30 totaled $3,844.89. The bank had charged the Sheffield Co.'s account for a customer's uncollectible check amounting to $455.76 on June 29. A customer's check for $162 (as payment on the customer's Accounts Receivable) had been entered as $108 in the cash receipts journal by Sheffield on June 15. Check no. 742 in the amount…
At August 31, Saladino Coffee has the following bank information: cash balance per bank Rp5.200.000, outstanding checks Rp1.462.000, deposits in transit Rp1.211.000, and a bank debit memo Rp110.000. Determine the adjusted cash balance per bank at July 31. Cash balance per bank Rp 5.200.000,00 Add : Deposits in Transit Rp 1.211.000,00 Rp 6.411.000,00 Less Outstanding Checks Rp 1.462.000,00 Adjusted cash balance per bank Rp 4.949.000,00 The information below relates to the Cash account in the ledger of Saladino Coffee Balance Rp 10.094.000 Rp 884.000 Collection of electronic funds transfer Interest earned on checking accounts NSF check: R. Doll Rp 26.000 Rp 245.000 Safety deposit box rent Rp 35.000 Cash balance per books Rp10.094.000 Add: *** ... Less NSF Check Rp245.000 Adjusted cash balance per books
On December 10, you receive your bank statement showing a balance of $2,981.97. Your checkbook shows a balance of $2,782.86. Outstanding checks are $387.86 and $175.56. The account earned $122.85. Deposits in transit amount to $479.16, and there is a service charge of $8.00. Calculate the reconciled balance. O $199.11 $2,668.01 $2,897.71 O $4,024.55
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $93,115. The bank statement indicated a balance of $125,800 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 $30,080. b. A deposit of $19,240, representing receipts of June 30, had been made too late to appear on the bank statement. c. The bank collected $24,075 on a $2,500 note, including interest of $1,575. d. A check for $1,800 returned with the statement had been incorrectly recorded by Pala Medical Co. as $180. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $390 had been erroneously charged by the bank as $930. f. Bank service charges for June amounted to $50. Instructions 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for…
On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88

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