Using the following information, calculate the adjusted bank balance. • Bank balance: $12,565. • Book balance: $13,744. • Deposits in transit: $2,509. • Outstanding checks: $1,777. • Bank charges: $125. • Bank incorrectly charged the account for $153. The bank will correct the error next month. • Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.

Using the following information, calculate the adjusted bank balance. • Bank balance: $12,565. • Book balance: $13,744. • Deposits in transit: $2,509. • Outstanding checks: $1,777. • Bank charges: $125. • Bank incorrectly charged the account for $153. The bank will correct the error next month. • Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.

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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A check register shows a balance of $484.95. The bank statement shows a cash balance of $506.27. The check register shows an outstanding check for $27.82. The bank statement shows a service charge of $6.50. Compute the adjusted balance of the check register and the bank statement. 467.45 578.45 None of the above 487.45 $478.45
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The bank mistakenly withdraws a check amounting $75,000 on thecompany’s account. What is the journal entry to correct the bank record?
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The following data apply to Pro Beauty Supply Incorporated for May Year 1: 1. Balance per the bank on May 31: $10,885. 2. Deposits in transit not recorded by the bank: $1,510. 3. Bank error, check written by Best Beauty Supply was charged to Pro Beauty Supply's account: $900. 4. The following checks written and recorded by Pro Beauty Supply were not included in the bank statement. 3013 3054 3056 $ 135 480 1,040 5. Note collected by the bank: $650. 6. Service charge for collection of note: $23. 7. The bookkeeper mistakenly recorded a check for $348 but the check was correctly written for May utilities in the amount of $438. 8. Bank service charge in addition to the note collection fee: $25. 9. Customer checks returned by the bank as NSF: $142. Required Determine the amount of the unadjusted cash balance per Pro Beauty Supply's books. Unadjusted cash balance
When the bank statement is received on July 3, it shows a balance, before reconciliation, of $6,120 as of June 30. After reconciliation, the adjusted balance is $3,650. If one deposit in transit amounted to $1,470, what was the total of the outstanding checks assuming that no other adjustments would be made to the bank statement?
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
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