Using the following information:a. The bank statement balance is $3,349.b. The cash account balance is $3,674.c. Outstanding checks amount to $537.d. Deposits in transit are $795.e. The bank service charge is $58.f. A check for $79 for supplies was recorded as $70 in the ledger.Prepare a bank reconciliation for Miller Co. for August 31.Miller Co.Bank ReconciliationLine Item DescriptionAugust 31Amount AmountCash balance according to bank statementAdjusted balanceCash balance according to company's recordsTotal deductionsAdjusted balance

Bank Reconciliation Statement for Miller Co. as of August 31st: Bank Statement Balance: $3,349Add:…

Answered: Using the following information: a. The…

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 $3,718. The cash account balance is $4,086. Outstanding checks amounted to $866. Deposits in transit are $1,177. The bank service charge is $48. A check for $78 for supplies was recorded as $69 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.
Using the following information: The bank statement balance is $5,175. The cash account balance is $5,503. Outstanding checks amounted to $712. Deposits in transit are $998. The bank service charge is $33. A check for $76 for supplies was recorded as $67 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: $- 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
Information needed to prepare a bank reconciliation for the DineFine Restaurant for November 30, 20X4, is presented below: a. Balance of cash per books on November 30, 20X4, is $1,252.86. b. Balance per bank statement on November 30, 20X4, is $1,192.96. c. The November 30 cash receipts of $382.50 were placed in the local bank's drop box at 9:00 P.M. on November 30. d. Bank services charges amounted to $14 for printing new checks. e. The outstanding checks at November 30 were #864, $232.50; # 868, $12.75; #869, $122.17. f. An NSF check in the amount of $25 was returned with the bank statement. g. Check #842 for $76 was erroneously recorded on the books at $67. h. A credit memo for $3.18 for interest earned was included with the bank statement. Required: Prepare a bank reconciliation for the restaurant for November 30, 20X4.
Using the following information: The bank statement balance is $3,159. The cash account balance is $3,414. Outstanding checks amounted to $511. Deposits in transit are $641. The bank service charge is $116. A check for $43 for supplies was recorded as $34 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31.
a. The bank statement balance is $3,240. b. The cash account balance is $3,407. c. Outstanding checks amounted to $736. d. Deposits in transit are $698. e. The bank service charge is $196. f. A check for $32 for supplies was recorded as $23 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance 000 00
The bank statement for M Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement. 2. Outstanding checks totaled $390. 3. Bank service charges for July amounted to $30. 4. The bank collected a note receivable for the company for $1,200 plus $48 interest revenue. 5. A NSF check for $328 from a customer was returned with the statement How we should journalize item #4? Cash debit 1248 notes receivable 1200 and interest revenue 48 credit Cash debit 1248 notes receivable 1248 credit Cash debit 1248 notes payable 1200 and interest revenue 48 credit None of them
The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation on the basis of the following reconciling items: a. Cash sales of $742 were erroneously recorded in the cash receipts journal as $724. b. Deposits in transit not recorded by bank, $425. c. Bank debit memo for service charges, $35. d. Bank credit memo for note collected by bank, $2,475 including $75 interest. e. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. f. Checks outstanding, $1,860.
Using the following information: a. The bank statement balance is $3,106. b. The cash account balance is $3,320. c. Outstanding checks amounted to $655. d. Deposits in transit are $714. e. The bank service charge is $146. f. A check for $59 for supplies was recorded as $50 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance
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. The August 31 bank statement contained the following information: NSF Check Bank statement balance $ 1,089 $ 16 $ 7 $ 68 Bank service charge Collection of notes receivable Leo also had checks outstanding of $169. What is Leo's reconciled balance? a. $920 b. $962 c. $1,007 d. $1,089
INS The following information relating to the bank checking account is available for Wild Bill's Texas Barbeque at May 31. EXERCISE 7-7 Another Short Bank Reconcil- latlon Balance per bank statement at May 31 Outstanding checks Deposit in transit.. Service charge by bank... Interest credited by the bank....... $9,740.15 3,352.70 1,106.30 Balance per depositor's accounting records at May 31 10.00 43.10 INSTRUCTIONS Prepare a bank reconciliation at May 31. 7,460.65
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $25,940. 2. Cash balance according to the bank statement at August 31, $27,390. 3. Checks outstanding, $5,270. 4. Deposit in transit not recorded by bank, $4,230. 5. A check for $270 in payment of an account was erroneously recorded in the check register as $720. 6. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. a. 20Y6 Aug. 31 b. Aug. 31
The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation on the basis of the following reconciling items: Cash sales of $742 were erroneously recorded in the cash receipts journal as $724. Deposits in transit not recorded by bank, $425. Bank debit memo for service charges, $35. Bank credit memo for note collected by bank, $2,475 including $75 interest. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. Checks outstanding, $1,860. Farmer Co. Bank Reconciliation June 30 Cash balance according to bank statement $fill in the blank 1 fill in the blank 3 $fill in the blank 4 fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 $fill in the blank 10 fill in the blank 12 fill in the blank 13 $fill in…

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