The following information was available to the accountant of Boots Company when preparing the monthly bank reconciliation: Outstanding cheques: #643 for $502 #651 for $43 Bank service charges $25 Deposits in transit $190 Interest received from bank $5 Customer cheque returned by bank as NSF $20 Cash balance per bank statement $975 Cash balance per books (prior to $660 reconciliation) The amount of cash that should appear on the Balance Sheet following completion of the reconciliation and adjustment of the accounting records is: Multiple Choice $660 Drov 38 of 50 Next

The following information was available to the accountant of Boots Company when preparing the monthly bank reconciliation: Outstanding cheques: #643 for $502 #651 for $43 Bank service charges $25 Deposits in transit $190 Interest received from bank $5 Customer cheque returned by bank as NSF $20 Cash balance per bank statement $975 Cash balance per books (prior to $660 reconciliation) The amount of cash that should appear on the Balance Sheet following completion of the reconciliation and adjustment of the accounting records is: Multiple Choice $660 Drov 38 of 50 Next

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 bank reconciliation shows the following adjustments: Outstanding checks: $987 Error by bank recorded customer check twice: $436 Notes receivable collected by bank: $2,500; interest: $145 Deposits in transit: $1,698 Bank charges: $70 PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the adjustments. Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR CR and DR CR CR PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Thompson Company gathered the following reconciling information in preparing its October bank reconciliation. Cash balance per bank, October 31 Note receivable collected by bank Outstanding checks Deposits in transit Bank service charge NSF check Determine the cash balance per company records (before adjustment) on October 31. a. $10,663 b. $28,548 $14,699 3,875 9,784 4,065 226 1,966 c. $7,297 d. $8,980
Coasters Co. issued a note receivable to a customer. The customer made payment directly to the Coaster’s bank. The payment appeared on the month-end bank statement. How would this payment be adjusted in the bank reconciliation? Add to company records (book side) Subtract from company records (book side) Subtract from bank statement (bank side) Add to bank statement (bank side)
Please help me fill out this bank reconciliation showing the true cash balance.
Answer both questions. Answers only.
Can you please show your work on how you came up with the balance per bank and the balance per book on the reconciliation statement? Branson Co. received its bank statement for the month ending May 31, 2019, and reconciled the statement balance to the May 31, 2019, balance in the Cash account. The reconciled balance was determined to be $36,400. The reconciliation recognized the following items: A deposit made on May 31 for $22,700 was included in the Cash account balance but not in the bank statement balance. Checks issued but not returned with the bank statement were No. 673 for $4,550 and No. 687 for $9,700. Bank service charges shown as a deduction on the bank statement were $110. Interest credited to Branson Co.'s account but not recorded on the company's books amounted to $88. Returned with the bank statement was a "debit memo" stating that a customer's check for $3,240 that had been deposited on May 23 had been returned because the customer's account was overdrawn. During a…
More info (Click the icon to view the bank statement.) a. A deposit of $2,300 is in transit. b. Rick's Deli has an ending checkbook balance of $6,010. c. Checks outstanding: no. 111, $800; no. 119, $1,600; no. 121, $360. d. Bill Johnson's check for $500 bounced due to lack of sufficient funds. e. Bank service charge $75. Print Done Old Balance 6,700 Lowell National Bank Rio Mean Branch Bugna, Texas Rick's Deli 8811 2nd St. Bugna, Texas Checks and Other Withdrawals in Order of Payment 50.00 270.00 220.00 510.00 500.00 NSF 1,350.00 520.00 75.00 SC (NSF = nonsufficient funds; SC = service charge.) Deposits 230.00 650.00 310.00 1,280.00 220.00 Date 2/2 2/3 2/10 2/15 2/20 2/24 2/28 New Balance 6,700 6,380 6,390 6,530 6,340 6,270 5,895
Assign the letter to indicate whether the following items would be added from the company's books or the bank statement during the construction of a bank reconciliation. Clear All Charges for some other company's safe deposit box were posted to your account A $1,000 note from one of Added to the bank your customers was statement balance collected by the bank Added the company's Interest revenue earned by books the note above EFT deposit from a customer
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation.
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Determine the adjusted balance on May 31. Cash balance per company records, May 31 $4,119 Deposits in transit 157 Notes receivable and interest collected by bank 840 Bank charge for check printing 27 Outstanding checks 1,081 NSF check 188 a.$3,847 b.$4,744 c.$997 d.$3,195
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,046 Deposits in transit: $320 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,500; interest: $35 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
In preparing its bank reconciliation for the month of March 2007, Derby Company has available the following information: Balance per bank statement 3/31/07 $36,050, Deposit in transit 3/31/07 6,250, Outstanding checks 3/31/07 5,750, Credit erroneously recorded by bank in Derby's account 3/12/07 250, Bank service charges for March 50. What should be the correct balance of cash, at March 31, 2007? $35,250 O $36,250 $36,300 $36,550