The Leo Company cash account had a balance of $962 on August 31.This included a bank deposit of $87 that was in transit on the 31st. TheAugust 31 bank statement contained the following information:NSF CheckBank statement balance$ 1,089$ 16$ 7$ 68Bank service chargeCollection of notes receivableLeo also had checks outstanding of $169. What is Leo's reconciledbalance?a. $920b. $962c. $1,007d. $1,089

Step 1: Introduction to Bank Reconciliation:The process of bank reconciliation involves matching the…

Answered: The Leo Company cash account had a…

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: The bank statement balance is $4,256. The cash account balance is $4,421. Outstanding checks amounted to $878. Deposits in transit are $1,008. The bank service charge is $26. A check for $35 for supplies was recorded as $26 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: $fill in the blank 3 fill in the blank 5 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: $fill in the blank 10 fill in the blank 12 Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
On April 30, the bank reconciliation of Metlock, Inc. shows three outstanding checks: no. 254, $630; no. 255, $870; and no. 257, $500. The May bank statement and the May cash payments are shown as follows. Date 5/4 5/2 5/17 5/12 5/20 5/29 5/30 Date 5/2 Bank Statement 5/5 5/10 5/15 5/22 5/24 5/29 Checks Paid Check No. 254 257 258 259 261 263 262 Cash Payments Checks Issued 258 259 260 261 262 263 264 Amount Check No. Amount $630 Check No. " 500 289. 215 590 460 770 $289 215 980 590 770 460 Using Step 2 in the reconciliation procedure, list the outstanding checks at May 31. 540 Total $ Amount
Franklin Company deposts all cash receipts on the day they are received and makes all cash payments by check. At the dove of business on August 31. as Cash account shows a debit balance of $13362 Franke's August tiank statement shows a $14.237 balance in the bank Determine the adjusted cash balance using the following information Deposit in transit Outstanding checks Bank service fees, not yet recorded by company The bank collected on a note receivable, not yet recorded by the company The adjusted cash balance should be O O O C $1873 $10.333 SHUBEY saja Help Seve&ait $4,500 $3,000 $50 $1,725
1. Cash balance according to the company's records at August 31, $25,520. 2. Cash balance according to the bank statement at August 31, $26,850. 3. Checks outstanding, $5,180. 4. Deposit in transit, not recorded by bank, $4,160. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50. Prepare Bank Reconciliation statement?
On December 10, you receive your bank statement showing a balance of $2,981.97. Your checkbook shows a balance of $2,782.86. Outstanding checks are $387.86 and $175.56. The account earned $122.85. Deposits in transit amount to $479.16, and there is a service charge of $8.00. Calculate the reconciled balance. O $199.11 $2,668.01 $2,897.71 O $4,024.55
please step by step solution.
On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
BMI Inc's March 31 bank statement balance was $70,000. As of March 31, outstanding checks total $22,000 and deposits in transit total $15,000 and a bank service charge of $150. Assuming there are no other reconciling items, what was the March 31 cash balance on Trane's book? A.$77,00 B.$63,000 C.$70,000 D.$107,000
Based on the following information, determine the true balance in your checking account. Balance in your checkbook Balance on bank statement $ 453 597 23 Interest earned on the account Total of outstanding checks Deposits in transit Service charge and other fees True balance $6 223 62
The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $25,750 Balance per company records 19,140 Bank service charges 45 Deposit in transit 2,300 Note collected by bank with $200 interest 5,200 Outstanding checks 3,755 a. What is the adjusted balance on the bank reconciliation? 24,295 V
Given the following information, determine the adjusted cash balance per books from the following information: a. Balance per books as of June 30, $8,600. b. Outstanding checks, $820. с NSF check returned with bank statement, $130. d. Deposit mailed the afternoon of June 30, $300. e Check printing charges, $30. Interest earned on checking account, $12. Adjusted cash balance per books $

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