The following data were gathered to use in reconciling the bank account of Azalea Company: Balance per bank $ 23,360 Balance per company records 19,490 Bank service charges 110 Deposit in transit 3,440 NSF check 1,270 Outstanding checks 8,690 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Azalea Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. 00

The following data were gathered to use in reconciling the bank account of Azalea Company: Balance per bank $ 23,360 Balance per company records 19,490 Bank service charges 110 Deposit in transit 3,440 NSF check 1,270 Outstanding checks 8,690 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Azalea Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. 00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Using the following information: a. The bank statement balance is $4,265. b. The cash account balance is $4,448. c. Outstanding checks amount to $835. d. Deposits in transit are $954. e. The bank service charge is $55. f. A check for $37 for supplies was recorded as $28 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation Line Item Description May 31 Amount Amount Cash balance according to bank statement Adjusted balance Cash balance according to company's records Total deductions Adjusted balance
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The bank reconciliation shows the following adjustments: Deposits in transit: $892 Notes receivable collected by bank: $1,030; interest: $25 Outstanding checks: $590 Error by bank: $340 Bank charges: $34 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank.
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
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Problem Solving. Required: 1. Prepare a properly classified bank reconciliation statement for each of the problems given below.2. Prepare the necessary adjusting journal entries on the company’s book for book reconciling items.
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