Provide correct answer The cash account shows a balance of $90,000 before reconciliation.The bank statement does not include a deposit of $4,600 made on thelast day of the month. The bank statement shows a collection by thebank of $1,880 and a customer's check for $640 was returned becauseit was NSF. A customer's check for $790 was recorded on the books as$970, and a check written for $159 was recorded as $195. The correctbalance in the cash account was:a. $91,024b. $91,096c. $91,456d. $95,696

To determine the correct balance in the cash account, let's go through each adjustment step by…

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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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?
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: $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.
The cash account shows a balance of $39700 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 $3900 and a customer's check for $1310 was returned because it was NSF. A customer's check for $1350 was recorded on the books as $1890, and a check written for $322 was recorded as $395. The correct balance in the cash account was O $51423. O $41677. O $42757. O$41823.
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 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:
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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The cash account for Etra Co. at June 30 of the current year indicated a balance of $9,870. The bank statement indicated a balance of $11,360 on June 30. Comparing the bank statement, the canceled checks, and the accompanying memorandums with the records a. Checks outstanding totaled $6,870 b. A deposit of 4,200, representing receipts of June 30, had been made too late to appear in the bank statement. c. A check for $1,510 returned with the statement had been recorded by Etra Co. as $270. The check was for the payment of A/P. d. The bank had collected for Etra Co. $1,025 on a note left for collection. The face of the note was $1,000. e. Bank service…
The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: Checks outstanding totaled $17,865. A deposit of $9,150, representing receipts of July 31, had been made too late to appear on the bank statement. The bank had collected $6,095 on a note left for collection. The face of the note was $5,750. A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as $930. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. A check drawn for $1,810 had been incorrectly charged by the bank as $1,180. Bank service charges for July amounted to $80. Required: 1. Prepare a bank reconciliation
The following are misstatements that might be found inthe client’s year-end cash balance (assume that the balance sheet date is June 30):1. The outstanding checks on the June 30 bank reconciliation were underfooted by$2,000.2. A loan from the bank on June 26 was credited directly to the client’s bank account.The loan was not entered as of June 30.3. A check was omitted from the outstanding check list on the June 30 bank reconciliation. It cleared the bank July 7.4. A check was omitted from the outstanding check list on the bank reconciliation. Itcleared the bank September 6.5. Cash receipts collected on accounts receivable from July 1 to July 5 were includedas June 29 and 30 cash receipts.6. A bank transfer recorded in the accounting records on July 1 was included as adeposit in transit on June 30.7. A check that was dated June 26 and disbursed in June was not recorded in the cashdisbursements journal, but it was included as an outstanding check on June 30.a. Assuming that each of…

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