The December bank statement and cash T-account for Stewart Company follow:BANK STATEMENTDateChecks DepositsOtherBalance$ 48, 00040, 38067,83053,930৪9,93888,97088,47088,52088,370Dec. 1$ 7,620550 $28,00013,9006.11172336, e00269603019, 20019,000NSF*$30031Interest earned5031Service charge150NSF check from J. Left, a customer.Cash (A)Dec. 1 BalanceDepositsDec. 112348, 00028, e0e36, eeeChecks written during December:7,6205503013,90096019, e003113,e0015019, 2004,500Dec. 31 Balance97,120There were no deposits in transit or outstanding checks at November 30.3. Prepare a bank reconciliation for December.STEWART COMPANYBank ReconciliationAt December 31Bank StatementCompany's BooksEnding Balance Per Bank StatementEnding Balance Per Cash AccountAdditions:Additions:Deductions:Deductions:Up-to-Date Cash BalanceUp-to-Date Cash Balance

A bank reconciliation must be completed at least on a monthly basis to ensure that there are…

The December bank statement and cash T-account for Stewart Company follow. BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 89,930 88,970 88,470 88,520 88, 370 Date Other Dec. 1 $ 7,620 55e $28, 000 13,90e 11 17 23 36, eee 26 960 30 19, 200 19, 000 NSF $300 Interest earned Service charge 31 se 31 15e *NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, eee Deposits 28, 0ee 36, eee 19,000 13,000 Checks written during December: 7,620 5se 13,900 960 Dec. 11 23 30 31 15e 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 3. Prepare a bank reconciliation for December. STEWART COMPANY Bank Reconciliation At December 31 Bank Statement Company's Books Ending Balance Per Bank Statement Ending Balance Per Cash Account Additions: Additions: Deductions: Deductions: Up-to-Date Cash Balance Up-to-Date Cash Balance

The December bank statement and cash T-account for Stewart Company follow. BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 89,930 88,970 88,470 88,520 88, 370 Date Other Dec. 1 $ 7,620 55e $28, 000 13,90e 11 17 23 36, eee 26 960 30 19, 200 19, 000 NSF $300 Interest earned Service charge 31 se 31 15e *NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, eee Deposits 28, 0ee 36, eee 19,000 13,000 Checks written during December: 7,620 5se 13,900 960 Dec. 11 23 30 31 15e 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 3. Prepare a bank reconciliation for December. STEWART COMPANY Bank Reconciliation At December 31 Bank Statement Company's Books Ending Balance Per Bank Statement Ending Balance Per Cash Account Additions: Additions: Deductions: Deductions: Up-to-Date Cash Balance Up-to-Date Cash Balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Balance, September 1 Checks BANK STATEMENT Deposits September 7 NSF check September 11 $ 3,000…

A: StepsTo calculate the total amount of Cash that should be reported on the balance sheet as of…

Q: The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized…

A: A bank reconciliation statement is a summary of cash balance as per the bank and as per books that…

Q: Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31,…

A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…

Q: The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT…

A: Bank Reconciliation statement Bank Reconciliation Statement is the statement which is prepared to…

Q: Cardinal Company's bank howed a ba 31, what balance should Cardinal's Cash account show? $276.640…

A: The bank reconciliation statement is prepared to adjust the bank balance and book balance for…

Q: Using the information below, prepare the Bank Reconciliation for the month of August. Be sure to…

A: A)

Q: answer please

A: Bank reconciliation statement: Bank statement is prepared by the bank. The company maintains its own…

Q: The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date…

A: The journal keep the record for transactions on regular basis. The bank reconciliation statement…

Q: The following pertain to French Quarter Gifts & T-Shirts, Inc. March 31, 2020 Cash Balance Per…

A: While preparing a Bank Reconciliation, adjustments are made to Cash balance as per bank statement to…

Q: Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book. The…

Q: Holiday Company issued its 9%, 25-year mortgage bonds in the principal amount of $3,000,000 on…

A: a. Prepare journal entries to record the issuance of the 11% bonds and the redemption of the 9%…

Q: The April 30, Current Year, bank statement and the April ledger account for cash showed the…

A: When the bank statement balance and cash account balance do not match due to some differences in the…

Q: Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:…

A: The bank reconciliaion statement can be made in the following manner :

Q: On January 31, Clark Company's cash balance per its general ledger is $4,280. The bank's cash…

A: Bank reconciliation statement is a statement which reconcile the bank balance of cash book and bank…

Q: Required information [The following information applies to the questions displayed below.] The…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Use the following bank statement and T-account to prepare the May 31 bank reconciliation. Date May 1…

A: Differences between the cash balance indicated on a bank statement and the amount recorded in the…

Q: The information below relates to the Cash account in the ledger of Lily Company. Balance September…

A: Decision-making and financial analysis are based on journal entries. Accurate transaction recording…

Q: Bank Reconciliation The cash account of Dixon Products reveals the following information: Cash…

A: A bank reconciliation statement is a summary of cash balance as per Bank and as per Books that…

Q: The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date…

A: Adjusted cash balance is the amount of cash balance which is determined after adjusting the errors…

Q: Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July…

A: Bank reconciliation statement is a statement prepared at the end of the financial period to show the…

Q: Requlred Informatlon (The following information applies to the questions displayed below.) The…

A: Deposits that are made by the company but are yet to be cleared by the bank are deposits in transit.…

Q: Hills Company's June 30 bank statement and the June ledger account for cast BANK STATEMENT Checks…

A: Bank reconciliation statement is the one which is prepared by the entity for the purpose of…

Q: The information below relates to the Cash account in the ledger of Coronado Company. Balance…

A: Bank reconciliation is defined as a process associated with matching the cash balance that prevails…

Q: Hills Company's June 30 bank statement and the June ledger account for cash are summarized here:…

A: Cash is generally defined as physical currency in the form of coins and bills used as a medium of…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

The December bank statement and cash T-account for Stewart Company follow:
BANK STATEMENT
Date
Checks Deposits
Other
Balance
$ 48, 000
40, 380
67,830
53,930
৪9,938
88,970
88,470
88,520
88,370
Dec. 1
$ 7,620
550 $28,000
13,900
6.
11
17
23
36, e00
26
960
30
19, 200
19,000
NSF*
$300
31
Interest earned
50
31
Service charge
150
NSF check from J. Left, a customer.
Cash (A)
Dec. 1 Balance
Deposits
Dec. 11
23
48, 000
28, e0e
36, eee
Checks written during December:
7,620
550
30
13,900
960
19, e00
31
13,e00
150
19, 200
4,500
Dec. 31 Balance
97,120
There were no deposits in transit or outstanding checks at November 30.
3. Prepare a bank reconciliation for December.
STEWART COMPANY
Bank Reconciliation
At December 31
Bank Statement
Company's Books
Ending Balance Per Bank Statement
Ending Balance Per Cash Account
Additions:
Additions:
Deductions:
Deductions:
Up-to-Date Cash Balance
Up-to-Date Cash Balance

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Balance, December 31, 2018 $3,340 ADD: Deposit in transit 100 3,440 LESS: Outstanding checks $400 400 Adjusted bank balance, December 31, 2018 $3,040 Book: Balance, December 31, 2018 $2,540 ADD: Bank collection $510 Interest revenue 20 530 3,070 LESS: Service charge $30 30 Adjusted book balance, December 31, 2018 $3,040
Chapter 8 The December cash records of Dickson Insurance Cash Receipts Cash Payments Date Cash Debit Check no. Cash Credit Dec, 4 Dec, 9 Dec, 14 Dec, 17 Dec, 31 $4,180 500 510 2,130 1,850 Beg. Balance + Deposits - Checks Dickson's Cash account shows a balance of $17,030 at Dec, 31. On Dec, 31 Dickson Insurance received the following bank statement: Dec, 1 Dec, 5 Dec, 10 Dec, 15 Dec, 18 Dec, 22 1416 1417 1418 1419 1420 1421 1422 End. Balance Dec, 8 Dec, 11(Check no. 1416) Dec, 19 Dec, 22 (Check no. 1417) Dec, 29 (Check no. 1418) Dec, 31 (Check no. 1419) Dec, 31 Bank Statement for December $850 130 630 1,190 1,490 1,100 650 Bank End. Balance Bank Reconciliation EFT BC Book End. Balance NSF EFT SC $600 4,180 500 510 2,130 1,400 $1,000 850 $400 130 630 1,910 $40 $13,900 Total 9,320 BC - Bank Collections, EFT – Electronic Fund Transfer, NSF- Nonsufficient funds checks, SC - Service Charge Total (4,960) - The EFT Deposit was a receipt of rent. The EFT check was an insurance payment. - The…
The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,170 August 2 $ 100 13,070 August 3 $ 9,000 22,070 August 4 200 21,870 August 5 150 21,720 August 9 490 21,230 August 10 110 21,120 August 15 3,000 24,120 August 21 200 23,920 August 24 14,900 9,020 August 25 5,500 14,520 August 30 600 13,920 August 30 Interest earned $ 20 13,940 August 31 Service charge 10 13,930 Cash (A) Debit Credit August 1 Balance 13,170 Deposits Checks written August 2 9,000 100 August 1 August 12 3,000 200 August 2 August 24 5,500 150 August 3 August 31 4,000 110 August 4 490 August 5 190 August 15 250 August 17 600 August 18 200 August 19 14,900 August 23 August 31 Balance 17,480 No deposits were in transit and no checks were…
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 Cash (A) Debit June 1 Checks $ 19,900 Deposits Other $ 18,800 Credit Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 $31 Balance $ 7,360 26,160 6,260 6,229 6,229 1. In addition to the balance in its bank account, Hills Company also has $420 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?
how do you do the IF formula?
nta 22 Coronado has the following assets at December 31, 2019. Cash in bank-savings account 134,000 Certificates of deposit (270-day) 226,000 sponder a como Cash on hand 1,600 Postdated checks 6,000 Cash refund due from State Taxing Authority 32,100 Checking account balance 12,000 What amount should be reported as cash? arcar nta O a. 135,600 O b. 134,000 O c. 179,700 O d. 147,600 pe here to search
The December bank statement and cash T-account for Stewart Company follow: 55 December 1 December 1 December 6 December 11 December 17 December 23 December 26 December 30 December 31 December 31 NSF check from J. Left, a customer. Deposits December 11 Checks December 23 December 30 December 31 $ 7,540 9,900 13,600 Balance December 31 Balance BANK STATEMENT Deposits $ 27,000 34,000 18,000 Cash (A) 38,400 27,000 34,000 18,000 11,000 90,950 Other 3. Prepare a bank reconciliation for December. NSF* Interest earned Service charge Credit elow.] Checks written during December: 7,540 470 9,900 13,600 5,400 $ 220 There were no deposits in transit or outstanding checks at November 30. Balance $ 38,400 30,860 57,390 47,490 81,490 81,020 85,200 85,230 85,160
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 1 Required:1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June.
Required information Skip to question [The following information applies to the questions displayed below.]The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,600 August 2 $ 120 13,480 August 3 $ 9,300 22,780 August 4 220 22,560 August 5 160 22,400 August 9 530 21,870 August 10 130 21,740 August 15 3,100 24,840 August 21 220 24,620 August 24 15,500 9,120 August 25 5,650 14,770 August 30 620 14,150 August 30 Interest earned $ 20 14,170 August 31 Service charge 10 14,160 Cash (A) Debit Credit August 1 Balance 13,600 Deposits Checks written August 2 9,300 120 August 1 August 12 3,100 220 August 2 August 24 5,650 160 August 3 August 31 4,100 130 August 4 530 August 5 200 August 15 280 August 17 620 August 18 220 August 19…
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 2 Prepare any journal entries that should be made as a result of the bank reconciliation.