The following information was taken from a company's bank reconciliation at the end of the year. Bank balance Checks outstanding Note collected by the bank Service fee Deposits outstanding NSF check Multiple Choice What is the correct cash balance that should be reported in the company's balance sheet at the end of the year? $10,620 $9,520. $5,673 $9,908 $8,700 $1,100 $ 27 $5,700. $4,500 $ 380

The following information was taken from a company's bank reconciliation at the end of the year. Bank balance Checks outstanding Note collected by the bank Service fee Deposits outstanding NSF check Multiple Choice What is the correct cash balance that should be reported in the company's balance sheet at the end of the year? $10,620 $9,520. $5,673 $9,908 $8,700 $1,100 $ 27 $5,700. $4,500 $ 380

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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Bank Reconciliation The following data were gathered to use in reconciling the bank account of Azalea Company: Balance per bank $ 17,300 Balance per company records 9,455 Bank service charges 35 Deposit in transit 3,700 Note collected by bank with $100 interest 5,350 Outstanding checks 6,230 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Azalea Company based on the bank reconciliation. f an amount box does not require an entry, leave it blank. Cash Accounts Receivable Miscellaneous Expense Cash
Required information [The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance $ 7,200 25,200 Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 $18,000 $19,100 6,100 6,070 6,070 $30 Cash (A) June 1 Balance 6,800 June Deposits 19,000 19,400 Checks written June June 30 Balance 6,400
What is the amount of cash receipts per book in December? Chris Company presented the following bank reconciliation for the month of November: Balance per bank statement, November 30 Add: Deposit in Transit Less: Outstanding checks Bank credit recorded in error Balance per book, November 30 1,200,000 200,000 Data per bank statement for the month of December follow: December deposits, including note collected of 1,000,000 for Chris December disbursements, including NSF customer check 350,000 & service charge 50,000 3,600,000 800,000 4,400,000 1,400,000 3,000,000 5,500,000 4,400,000 1 point All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks amounting to 500,000 were outstanding and deposits of 700,000 were in transit on December 31.
Bank Reconciliation (Partial) The cash account for Feldman Company contains the following information for April: Cash balance, 3/31 $14,685 Cash received during April 55,680 70,365 Cash disbursements during April: Cheque 7164 $33,500 Cheque 7165 11,250 Cheque 7166 18,750 Cheque 7167 900 64,400 Cash balance, 4/30 $5,965 The bank statement for April contains the following information: Bank balance, 3/31 $25,285 Add: Deposits during April 55,680 80,965 Less: Cheques paid during April: Cheque 7162 $8,900 Cheque 7163 1,700 Cheque 7164 33,500 Cheque 7165 11,250 55,350 Bank balance, 4/30 $25,615 Required: Assuming there were no deposits in transit at March 31 and that all outstanding cheques at March 31 cleared during April, do the following: 1. Identify the outstanding cheques at April 30. 2. Prepare the reconciliation of the bank and cash account balances at April…
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Prepare a bank reconciliation from the following information:a. Balance per bank statement as of May 31, $17,755.44b. Balance per books as of May 31, $12,211.94c. Deposits in transit, $2,254.81d. Outstanding checks, $7,819.16e. Bank service charge, $20.85
Thompson Company gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, October 31 $ 14,665 Note receivable collected by bank 5,712 Outstanding checks 10,125 Deposits in transit 5,910 Bank service charge 180 NSF check 1,500 Using the above information, determine the cash balance per books (before adjustments) for Thompson Company. Oa. $30,700 Ob. $10,450 Oc. $6,418 Od. $14,482
Entries for Bank Reconciliation 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, $25,010. Cash balance according to the bank statement at July 31, $26,060. Checks outstanding, $5,080. Deposit in transit, not recorded by bank, $4,080. A check for $340 issued in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company, part (a) Error and part (b) Service Charge. If an amount box does not require an entry, leave it blank. a. July 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. July 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
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Jamison Company gathered the following reconciling information in preparing its June bank reconciliation. Cash balance per bank, June 30 $10,580 Note receivable collected by bank 5,781 8,771 3,495 127 1,779 Outstanding checks Deposits in transit Bank service charge NSF check Determine the cash balance per company records (before adjustment) on June 30. a. $9,179 b. $22,846 OC. $5,304 d. $1,429