I need help with question The cash account shows a balance of $42,000 before reconciliation. The bankstatement does not include a deposit of $9,200 made on the last day of themonth. The bank statement shows a collection by the bank of $4,960, and acustomer's check for $1,100 was returned because it was NSF. A customer'scheck for $1,380 was recorded on the books as $1,830, and a check written for$318 was recorded as $381. What was the correct balance in the cash account?

Step 1: Introduction to the Bank Reconciliation:Bank reconciliation is one of the internal controls…

Answered: The cash account shows a balance of…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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Similar questions

The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
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The cash account shows a balance of $42,000 before reconciliation. The bank statement does not include a deposit of $9,200 made on the last day of the month. The bank statement shows a collection by the bank of $4,960 and a customer's check for $1,100 was returned because it was NSF. A customer's check for $1,380 was recorded on the books as $1,830, and a check written for $318 was recorded as $381. The correct balance in the cash account was Select one: a. $54,673. b. $45,473. C. $46,573. d. $45,347.
The cash account shows a balance of R.O.45,00o before reconciliation. The bank statement does not include a deposit of R.O.2,300 made on the last day of the month. The bank statement shows a collection by the bank of R.O.940 and a customer's check for R.O.320 was returned because it was NSF A check written for R.O.79 was recorded as R.O.97. The correct balance in the cash account was:
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
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The bank statement contained two memoranda:1. A credit of $5,145 for the collection of a $5,000 note for Langer Company plus interestof $160 and less a collection fee of $15. Langer Company has not accrued any intereston the note.2. A debit of $572.80 for an NSF check written by L. Rees, a customer. At December 31,the check had not been redeposited in the bank.At December 31, the cash balance per books was $12,485.20, and the cash balance per thebank statement was $20,154.30. The bank did not make any errors, but two errors weremade by Langer Company.Instructions(a) Using the four steps in the reconciliation procedure, prepare a bank reconciliation atDecember 31.(b) Prepare the adjusting entries based on the reconciliation. (Hint: The correction of anyerrors pertaining to recording checks should be made to Accounts Payable. The correctionof any errors relating to recording cash receipts should be made to AccountsReceivable.)P8-5A Rodriguez Company maintains a checking account at the…
The Cash account of Ranger Corp. reported a balance of $2,480 at August 31. Included were outstanding cheques totaling s600 and an August 31 deposit of $380 that did not appear on the bank statement. The bank statement, which came from Turkay Bank, listed an August 31 balance of $3,297. Included in the bank balance was an August 30 collection of $624 on account from a customer who pays the bank directly. The bank statement also shows a $17 service charge, $20 of interest revenue that Ranger earned on its bank balance, and an NSF cheque for $30. Prepare a bank reconciliation to determine how much cash Ranger actually has at August 31. (Include the balances at August 31 in each of the addition subtotal calculations.) Ranger Corp. Bank Reconciliation August 31 Bank Books Balance, August 31 Balance, August 31 Add: Add: Subtotal Subtotal Less: Less: Choose from any list or enter any number in the input fields and then continue to the next question.
Iron Company receives a bank statement dated April 30 that shows a balance of $3,276.82. Iron’s checkbook balance, as of April 30, is $3,205.37. The bank has not processed check 892 for $45 or check 895 for $640. A $550 deposit made on April 30 does not appear on the bank statement. The bank statement shows a few items that Iron is unaware of: check printing charges of $65 and interest earned of $11.45. Iron recorded check 890 as $122, but the bank processed the check correctly as $132. Find the reconciled balance by completing the bank reconciliation:

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