Use the following to answer questions 9 -11 On August 31st, the general ledger of MT shows a balance for cash of $18,000. Cash receipts yet to be deposited into the checking account total $3,500, while checks written by MT but not yet processed by the bank total $6,650. The company's balance of cash does not reflect a NSF check of $300, a service fee of $25 and interest earned on the checking account of $12 and a note receivable collected by the bank of $3,000; however, these amounts are included in the balance of cash of $23,837 reported by the bank as of the end of August. Answer the following based on the process of doing the bank reconciliation: 9. $ reconcile the Bank balance (include “–“ if needed): Determine the total amount that is used to 66 10. $ Determine the total amount that is used to reconcile the Company cash balance (include if needed) יייי - 11. $ What is the balance in the company’s cash account after the reconciliation?
Use the following to answer questions 9 -11 On August 31st, the general ledger of MT shows a balance for cash of $18,000. Cash receipts yet to be deposited into the checking account total $3,500, while checks written by MT but not yet processed by the bank total $6,650. The company's balance of cash does not reflect a NSF check of $300, a service fee of $25 and interest earned on the checking account of $12 and a note receivable collected by the bank of $3,000; however, these amounts are included in the balance of cash of $23,837 reported by the bank as of the end of August. Answer the following based on the process of doing the bank reconciliation: 9. $ reconcile the Bank balance (include “–“ if needed): Determine the total amount that is used to 66 10. $ Determine the total amount that is used to reconcile the Company cash balance (include if needed) יייי - 11. $ What is the balance in the company’s cash account after the reconciliation?
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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Question
![Use the following to answer questions 9 -11
On August 31st, the general ledger of MT shows a balance
for cash of $18,000. Cash receipts yet to be deposited into
the checking account total $3,500, while checks written by
MT but not yet processed by the bank total $6,650. The
company's balance of cash does not reflect a NSF check of
$300, a service fee of $25 and interest earned on the
checking account of $12 and a note receivable collected by
the bank of $3,000; however, these amounts are included in
the balance of cash of $23,837 reported by the bank as of
the end of August.
Answer the following based on the process of doing the
bank reconciliation:
9. $
reconcile the Bank balance (include “–“ if needed):
Determine the total amount that is used to
10. $
Determine the total amount that is used to
reconcile the Company cash balance (include
if needed)
11. $
What is the balance in the company's
cash account after the reconciliation?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F26aecb43-bec4-4f8d-b1c6-a8d08f430dd8%2F76286d7b-de51-49f5-9e54-7e4d8f54e744%2Fvwkeym5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use the following to answer questions 9 -11
On August 31st, the general ledger of MT shows a balance
for cash of $18,000. Cash receipts yet to be deposited into
the checking account total $3,500, while checks written by
MT but not yet processed by the bank total $6,650. The
company's balance of cash does not reflect a NSF check of
$300, a service fee of $25 and interest earned on the
checking account of $12 and a note receivable collected by
the bank of $3,000; however, these amounts are included in
the balance of cash of $23,837 reported by the bank as of
the end of August.
Answer the following based on the process of doing the
bank reconciliation:
9. $
reconcile the Bank balance (include “–“ if needed):
Determine the total amount that is used to
10. $
Determine the total amount that is used to
reconcile the Company cash balance (include
if needed)
11. $
What is the balance in the company's
cash account after the reconciliation?
Expert Solution
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Step 1
Introduction:-
MT's general ledger indicates a cash balance of $18,000. Cash receipts total $3,500, while checks written by MT but not yet processed by the bank total $6,650. A $300 NSF check, a $25 service fee, $12 interest received on the checking account, and a $3,000 note receivable collected by the bank are not included in the company's cash balance; nonetheless, these items are included in the bank's cash balance of $23,837 as of the end of August.
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