The following data were gathered to use in reconciling the bank account of Torres Company:Balance per bank$12,175Balance per company recordsBank service charges9,48050Deposit in transit1,800NSF check1,250Outstanding checks5,795a. What is the adjusted balance on the bank reconciliation?b. Journalize any necessary entries for Torres Company based on the bank reconciliation.

a.Calculate adjusted balance on the bank reconcilation:

Answered: The following data were gathered to use…

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 $2,622. b. The cash account balance is $3,032. c. Outstanding checks amounted to $555. d. Deposits in transit are $835. e. The bank service charge is $121. f. A check for $52 for supplies was recorded as $43 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: A || A %24
Read and understand the transaction. Prepare a Bank Reconciliation Statement using the following methods: Adjusted Method Book-to-bank Method Bank-to-book Method Use the space provided for each method for you answer. Moonlight Company maintains cash in ODB Bank. The following information was made available for the month of October 2021: The bank statement at the of the month shows ₱10,000. Deposits not yet reflected in the bank statement, ₱84,000. Checks issued but not yet encashed by the payees, ₱65,000. The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, ₱4,000. The ledger shows a cash-in-bank balance of ₱12,000. Notes receivable collected by the bank for Moonlight Company amounted to ₱16,000. Interest earned by Moonlight Company from keeping their cash at ODB Bank is ₱5,000. ODB Bank charged Moonlight Company ₱1,000 service charges directly debited to their account as seen in the…
Bank Reconciliation statement to be prepared
Please prepare the bank reconciliation for CSA
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1. Based on the above information, prepare a bank reconciliation for the Wisconsin Company.2. Prepare the necessary general journal entries to bring Cash to the reconciled balance.3. Post to the Cash t-account
Instructions The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $22,569. Cash balance according to the bank statement at August 31, $29,187. 3. Checks outstanding, $13,346. Deposit in transit not recorded by bank, $7,087. A check for $42 in payment of an account was erroneously recorded in the check register as $420. 6. Bank debit memo for service charges, $19. Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles. 1. 2. m4. 5.
Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor. This item would be included on the bank reconciliation as a(n) ____. a.addition to the cash balance per bank b.deduction from the cash balance per books c.deduction from the cash balance per bank d.addition to the cash balance per books
This question is related to reconciliation of the Bank Statement to the General Ledger. Place the correct letter next to each number. Letters can be used more than once or not at all. a. Addition to the bank statement balance b. Deduction from the bank statement balance c. Addition to the company’s book balance d. Deduction from the company’s book balance ______ 12-1. The service charge by the bank was $8. ______ 12-2. A $1,700 note receivable was collected for the company by the bank. ______ 12-3. There were two outstanding checks totaling $3,200. ______ 12-4. A $355 NSF check drawn by a customer was deducted from the company’s bank account and returned to the company. ______12-5. A deposit of $725 was made after banking hours on March 31st. ______12-6. A check for $342 was erroneously recorded in the company’s books as $324.
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The following data were accumulated for use in reconciling the bank account for Mathers Co. For July: 1. Cash balance according to the company's record at July 31, $25,470. 2. Cash balance according to the bank statement at July 31, $26,890. 3. Checks outstanding, $5,170. 4. Deposit in transit, not record it by bank, $4,150. 5.a check for a $270 and payment of an account was erroneously recorded in the check register at $720. 6. Bank debit memo for service charges, $50. Journalize the entries that should be made up by the company, part (a )error and part ( b) service charge A. July 31 _______ _______ B. July 31 ______ _____

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