The May bank statement for Consulting Services shows a balance of $7,600, but the balance per books shows a cash balance of $9,300. Other information includes: 1. A check for $220 to pay the electric bill was recorded on the books as $10. 2. Included on the bank statement was a note collected by the bank for $370 plus interest of $30. 3. Checks outstanding totaled $270. 4. Bank service charges were $40. 5. Deposits in transit were $2,120. Which item should be added to the company's book balance during the bank reconciliation? O A. Deposit in transit O B. Bank service charge Oc. Outstanding check O D. Note collected by the bank

The May bank statement for Consulting Services shows a balance of $7,600, but the balance per books shows a cash balance of $9,300. Other information includes: 1. A check for $220 to pay the electric bill was recorded on the books as $10. 2. Included on the bank statement was a note collected by the bank for $370 plus interest of $30. 3. Checks outstanding totaled $270. 4. Bank service charges were $40. 5. Deposits in transit were $2,120. Which item should be added to the company's book balance during the bank reconciliation? O A. Deposit in transit O B. Bank service charge Oc. Outstanding check O D. Note collected by the bank

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 following data were gathered to use in reconciling the bank account of Photo Op: Balance per bank... $14,500 Balance per company records.... .13,875 Bank service charges.. 75 Deposit in transit... .3,750 NSF check... 800 Outstanding checks... .5,250 What is the adjusted balance on the bank reconciliation?
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Using the following information, determine the adjusted bank balance. Bank balance: $6,925 Deposits in transit: $1,932 Outstanding checks: $584 Interest income: $130 NSF check: $275
The bank statement balance is $3,500 and shows a service charge of $24 , interest earned of $3, and an NSF cheque for $100. Deposits in transit total $1,400; outstanding cheques are $450. The bookkeeper mistakenly recorded as $158 a cheque of $132 in payment of an account payable. Prepare Bank Reconciliation Statement Prepare Adjusting Entries.
The accountant of CLN Company gathered the following information:- The November 30 bank statement balance included the bank service charges of P2,000.- The November 30 cash balance in the ledger was P244,500.- On November 30, outstanding checks were P63,000 while undeposited collections were P36,000.- The December bank service charges as shown on the bank statement was P3,000.- The December 31 cash balance in the general ledger was P319,750 which recognized P482,750 for Decemberreceipts and P405,500 for checks written during December. In transit to the bank at December 31 were receipts of P28,750. Checks of P15,000 written prior to December and checks of P60,500 written in December had not yetcleared the bank What is the unadjusted bank balance on December 31?a. P316,750b. P363,500c. P322,750d. P366,500
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. A company's bank statement shows a balance of $10,000, while its cash account in the company's records indicates a balance of $9,500. Upon further analysis, the following discrepancies are identified: Outstanding checks total $1,200. • The bank erroneously recorded a deposit of $500 as $50. • The company recorded a check for $800 as $80. • The bank charged a service fee of $25. Calculate the adjusted cash balance after reconciling these discrepancies. Remember to subtract any outstanding checks and bank errors, and add any unrecorded deposits or adjustments to the cash balance to arrive at the adjusted cash balance.
Zebu Inc manager was working on a bank reconciliation statement whereas he identified the following items: Book balance =$32,800 Deposit in Transit = $4,300 Outstanding checks = $2,200 Interest earned on checking account =$100 Customer NSF check returned by bank =$400 He wants to know the adjusted cash balance figure: $34,600 $34,900 $32,500 $32,800 $37,100
Using the following information: The bank statement balance is $5,289. The cash account balance is $5,764. Outstanding checks amounted to $751. Deposits in transit are $1,174. The bank service charge is $43. A check for $71 for supplies was recorded as $62 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
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Using the following information: The bank statement balance is $3,093. The cash account balance is $3,305. Outstanding checks amounted to $767. Deposits in transit are $815. The bank service charge is $155. A check for $40 for supplies was recorded as $31 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co.Bank ReconciliationAugust 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
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