None The cash account shows a balance of $45,000 beforereconciliation. The bank statement does not include a deposit of$2,300 made on the last day of the month. The bank statementshows a collection by the bank of $940 and a customer's check for$320 was returned because it was NSF. A customer's check for$450 was recorded on the books as $540, and a check written for$79 was recorded as $97. The correct balance in the cash accountwas:a. $45,512b. $45,548c. $45,728d. $45,848

Step 1: Introduction to The Bank Reconciliation Statement:A statement that compares the bank balance…

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

See similar textbooks

Similar questions

The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.
A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
The cash account shows a balance of $41500 before reconciliation. The bank statement does not include a deposit of $9600 made on the last day of the month. The bank statement shows a collection by the bank of $3950 and a customer's check for $1350 was returned because it was NSF. A customer's check for $1320 was recorded on the books as $1960, and a check written for $323 was recorded as $389. The correct balance in the cash account was O $44674. O $43394. O $43526. O $53126.
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:
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.
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 shows a balance of $42,000 before reconciliation. The bank statement does not include a deposit of $7,400 made on the last day of the month. The bank statement shows a collection by the bank of $4,969 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 $387. The correct balance in the cash account was Select one: a. $45,347. b. The answer does not exist c. $45,473. d. $54,673. e. $46,573.
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.
Liberty Company receives a bank statement dated April 30 that shows a balance of $4,722.68. Liberty’s checkbook balance, as of April 30, is $5,277.73. The bank has not processed check 566 for $35 or check 567 for $264. A $750 deposit made on April 30 does not appear on the bank statement. The bank statement shows a few items that Liberty is unaware of: check printing charges of $61.50 and interest earned of $11.45. Liberty recorded check 563 as $128, but the bank processed the check incorrectly as $182. Find the April 30 reconciled balance.
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.

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS