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The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $26,490. Cash balance according to the bank statement at July 31, $27,860. Checks outstanding, $5,380. Deposit in transit, not recorded by bank, $4,320. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $50. Question Content Area a.  Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co.Bank ReconciliationJuly 31 Cash balance according to bank statement $fill in the blank e16548065fc8f8c_1   - Select -   - Select - Adjusted balance $fill in the blank e16548065fc8f8c_6 Cash balance according to company's records $fill in the blank e16548065fc8f8c_7   - Select -   - Select - Adjusted balance $fill in the blank e16548065fc8f8c_12   Question Content Area b.  If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash? $fill in the blank 1c4df1058024058_1 c.  Must a bank reconciliation always balance (reconcile)?

The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $26,490. Cash balance according to the bank statement at July 31, $27,860. Checks outstanding, $5,380. Deposit in transit, not recorded by bank, $4,320. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $50. Question Content Area a.  Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co.Bank ReconciliationJuly 31 Cash balance according to bank statement $fill in the blank e16548065fc8f8c_1   - Select -   - Select - Adjusted balance $fill in the blank e16548065fc8f8c_6 Cash balance according to company's records $fill in the blank e16548065fc8f8c_7   - Select -   - Select - Adjusted balance $fill in the blank e16548065fc8f8c_12   Question Content Area b.  If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash? $fill in the blank 1c4df1058024058_1 c.  Must a bank reconciliation always balance (reconcile)?

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 1COMP
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  1. The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July:

    1. Cash balance according to the company's records at July 31, $26,490.
    2. Cash balance according to the bank statement at July 31, $27,860.
    3. Checks outstanding, $5,380.
    4. Deposit in transit, not recorded by bank, $4,320.
    5. A check for $480 issued in payment of an account was erroneously recorded in the check register as $840.
    6. Bank debit memo for service charges, $50.

    Question Content Area

    a.  Prepare a bank reconciliation, using the format shown in Exhibit 12.

    Nakajima Co.Bank ReconciliationJuly 31
    Cash balance according to bank statement $fill in the blank e16548065fc8f8c_1
     
    		 - Select -
     
    		 - Select -
    Adjusted balance $fill in the blank e16548065fc8f8c_6
    Cash balance according to company's records $fill in the blank e16548065fc8f8c_7
     
    		 - Select -
     
    		 - Select -
    Adjusted balance $fill in the blank e16548065fc8f8c_12
     

    Question Content Area

    b.  If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash?
    $fill in the blank 1c4df1058024058_1

    c.  Must a bank reconciliation always balance (reconcile)?

     

     

     
     
  2.  
  3.  
  4.  
  5.  
 

 

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