Using the following information: a. The bank statement balance is $2,622. b. The cash account balance is $3,032. c. Outstanding checks amounted to $555. d. Deposits in transit are $835. e. The bank service charge is $121. f. A check for $52 for supplies was recorded as $43 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31.

Using the following information: a. The bank statement balance is $2,622. b. The cash account balance is $3,032. c. Outstanding checks amounted to $555. d. Deposits in transit are $835. e. The bank service charge is $121. f. A check for $52 for supplies was recorded as $43 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Instructions The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $22,569. Cash balance according to the bank statement at August 31, $29,187. 3. Checks outstanding, $13,346. Deposit in transit not recorded by bank, $7,087. A check for $42 in payment of an account was erroneously recorded in the check register as $420. 6. Bank debit memo for service charges, $19. Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles. 1. 2. m4. 5.
The treasurer preparing the October bank reconciliation identified the following items: Cash balance per the company's records $32,700, Deposits in Transit $4,300, Outstanding Checks $2,200, Interest earned on the checking account $200, Customer NSF check $400. What is the company's adjusted cash balance at Oct. 31? A. $34,900 B. $32,700 C. $32,500 D. $34,800
a. The June 30 cash balance in the general ledger is $878. b. The June 30 balance shown on the bank statement is $402. c. Checks Issued but not returned with the bank statement were Number 712 for $24 and Number 723 for $55. d. A deposit made late on June 30 for $472 Is Included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $74 that was deposited on June 24 had been returned because the customer's account was overdrawn. 1. During a review of the checks that were returned with the bank statement, It was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: Prepare a bank reconciliation as of June 30 from the above information. Note: Total the entries of the same account together when entering in the bank…
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
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 Book balance: $8,923 Deposits in transit: $1,875 Outstanding checks: $569 and $1,423 Bank service charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $123 but posted in the accounting records as $213. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
Complete a Bank Reconciliation for the following: On March 31st the checkbook balance of Dust Bunnies Cleaning Co. was $2,568. The bank statement was $3,254.50. Checks outstanding were $2,788. The statement revealed a deposit in transit of $2,125 as well as a bank service charge of $11.50. The company earned interest income of $35.00. Complete a bank reconciliation for Dust Bunnies Cleaning Co.
At August 31, Saladino Coffee has the following bank information: cash balance per bank Rp5.200.000, outstanding checks Rp1.462.000, deposits in transit Rp1.211.000, and a bank debit memo Rp110.000. Determine the adjusted cash balance per bank at July 31. Cash balance per bank Rp 5.200.000,00 Add : Deposits in Transit Rp 1.211.000,00 Rp 6.411.000,00 Less Outstanding Checks Rp 1.462.000,00 Adjusted cash balance per bank Rp 4.949.000,00 The information below relates to the Cash account in the ledger of Saladino Coffee Balance Rp 10.094.000 Rp 884.000 Collection of electronic funds transfer Interest earned on checking accounts NSF check: R. Doll Rp 26.000 Rp 245.000 Safety deposit box rent Rp 35.000 Cash balance per books Rp10.094.000 Add: *** ... Less NSF Check Rp245.000 Adjusted cash balance per books
please step by step solution.
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company’s records at July 31, $49,910. 2. Cash balance according to the bank statement at July 31, $48,250. 3. Checks outstanding, $4,460. 4. Deposit in transit, not recorded by bank, $6,450. 5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30. Required: Journalize the entry or entries that should be made by the company. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTSNakajima Co.General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes…
Clark Inc plans to sell 9000 lawn chairs during May, 9700 in June, and 7000 during July. The company keeps 15% of the next month's sales as ending inventory. How many units should Clark produce during June? 10105 9295 Not enough information to determine 10750
Using the following information: a. The bank statement balance is $4,265. b. The cash account balance is $4,448. c. Outstanding checks amount to $835. d. Deposits in transit are $954. e. The bank service charge is $55. f. A check for $37 for supplies was recorded as $28 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation Line Item Description May 31 Amount Amount Cash balance according to bank statement Adjusted balance Cash balance according to company's records Total deductions Adjusted balance
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.