The following information pertains to Park Company at December31, 1998:Bank statement balanceCheckbook balanceDeposit in transitOutstanding checks100,000140,00050,00010,000In Park's December 31, 1998, balance sheet, cash should bereported as The following information pertains to Nu Company at December31, 1998.Checkbook balanceBank statement balanceCheck drawn on Nu's account, payable to a vendor, datedand recorded 12/31/98, but not mailed until 1/20/9960,00080,0009,000On Nu's balance sheet at December 31, 1998, how much shouldbe shown as cash?

Hi student Since there are multiple questions, we will answer only first question. Ideally cash…

The following information pertains to Park Company at December 31, 1998: Bank statement balance Checkbook balance Deposit in transit Outstanding checks 100,000 140,000 50,000 10,000 In Park's December 31, 1998, balance sheet, cash should be

The following information pertains to Park Company at December 31, 1998: Bank statement balance Checkbook balance Deposit in transit Outstanding checks 100,000 140,000 50,000 10,000 In Park's December 31, 1998, balance sheet, cash should be

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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The information below relates to the Cash account in the ledger of Vaughn Company. Balance September 1-$17,450; Balance September 30-$17,664; The September bank statement shows a balance of $16,682 on September 30 and the following memoranda. Cash deposited-$64.240. Checks written-$64,026. Credits Collection of $1,622 note plus interest $38 $1,660 Interest earned on checking account $53 (a) At September 30, deposits in transit were $4,580, and outstanding checks totaled $2,513. : NSF check: Richard Nance $555 Safety deposit box rent $73 Debits Prepare the bank reconciliation at September 30. (List items that increase cash balance first.) VAUGHN COMPANY Bank Reconciliation $ $ $ $ $
Required information [The following information applies to the questions displayed below.] As of June 30, Year 1, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available: 1. Deposit in transit: $2,400. 2. Credit memo in bank statement for interest earned in June: $30. 3. Outstanding check: $6,690. 4. Debit memo for service charge: $20. b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Can i please get help with this practice question? 7.6 The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $24,854 debit balance, but its July bank statement shows a $26,714 cash balance. Check Number 3031 for $1,310, Check Number 3065 for $431, and Check Number 3069 for $2,078 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous…
The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current. Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Debit April 1 Balance April Deposits BANK STATEMENT Cash balance Checks Cash (A) $45,500 270 150 Deposits $37,200 1,210 Credit 25,300 April Checks written 43,400 Balance $31,500 68,700 69,910 24,410 24,140 23,990 23,990 43,700 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,400 (including $2,600 written before and $1,800 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year?
As of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0
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Using the following information: The bank statement balance is $5,175. The cash account balance is $5,503. Outstanding checks amounted to $712. Deposits in transit are $998. The bank service charge is $33. A check for $76 for supplies was recorded as $67 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
This information relates to the Cash account for Cullumber Company. Balance September 1-$17,090; Cash deposited-$64,000 Balance September 30-$18,290; Checks written-$62,800 The September bank statement shows a balance of $17,190 at September 30 and the following memoranda. Credits Collection of electronic funds transfer Interest earned on checking account $1,990 50 Debits NSF check: H. Kane Safety deposit box rent $720 65 At September 30, deposits in transit were $4,903 and outstanding checks totaled $2,548.
The information below relates to the Cash Account in the Ledger of Vaughn Company. Balance September 1-$17,060; Cash Deposited-$64,330. Balance September 30-$17,784: Checks written-$63,606. The September bank statement shows a balance of $16,802 on September 30 and the following memoranda. CREDITS Collection of $1684 note plus interest $36 $1720 Interest earned on checking account $51 DEBITS NSF check: Richard Nance $615 Safety Deposit box Rent $71 At September 20, Deposits in Transit were $4640, and outstanding checks totaled $2573 Make a bank Recociliation
! Required information [The following information applies to the questions displayed below.] The September 30 bank statement for Cadieux Company and the September ledger account for cash are summarized here: Balance, September 1 September 7 September 11 September 12 September 17 September 26 September 29 September 30 September 1 September 10 September 30 Debit Balance September 30. Balance Checks Total Amount of Cash # 101 # 102 # 103 BANK STATEMENT Deposits $ 810 1,720 2,310 Cash (A) 2,020 3,030 810 2,550 1,720 2,310 50 2,710 $ 3,030 NSF check EFT deposit Service charge Credit Other September 10 September 15. September 22 September 28 # 101 # 102 # 103 # 104 $ 100 155 20 Balance $ 2,020 1,920 4,950 4,140 2,420 110 265 245 No outstanding checks and no deposits in transit were noted in August. However, there are deposits in transit and checks outstanding at the end of September. The NSF check and EFT involved transactions with Cadieux Company's customers. 4. If the company also has $420…
At July 31, Sunland Company has the following bank information: cash balance per bank $8,380, outstanding checks $712, deposits in transit $1,211, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. What is the adjusted cash balance per bank?
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