Using the following information, prepare a bank reconciliation.• Bank balance: $4,021• Book balance: $2,928Deposits in transit: $1,111Outstanding checks: $679• Bank charges: $35• Notes receivable: $1,325; interest: $325Search entries or authorUnreadReplyReplies are only visible to those who have posted at least one reply.PreviousMacBook AirF720F3O00ロロロF5F6F4&$456#3

The question is based on the concept of Financial Accounting.

Answered: Using the following information,…

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 bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Cash", "Bank Service Charges", "Interest Income", "Bank Errors", "Interest Expense"] [ Select ] ["$300", "$852", "$30", "$569", "$1,020"] CR [ Select ] ["Bank Errors", "Interest Income", "Bank Service Charges", "Interest Expense", "Cash"] [ Select ] ["$30", "$852", "$569", "$300", "$1,030"] and DR…
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $27,770 Balance per company records 23,170 Bank service charges 130 Deposit in transit 4,090 NSF check 1,510 Outstanding checks 10,330 a. What is the adjusted balance on the bank reconciliation? Check My Work b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank. Accounts Receivable Miscellaneous Expense ED Feedback Previous Next Check My Work
More info (Click the icon to view the bank statement.) a. A deposit of $2,300 is in transit. b. Rick's Deli has an ending checkbook balance of $6,010. c. Checks outstanding: no. 111, $800; no. 119, $1,600; no. 121, $360. d. Bill Johnson's check for $500 bounced due to lack of sufficient funds. e. Bank service charge $75. Print Done Old Balance 6,700 Lowell National Bank Rio Mean Branch Bugna, Texas Rick's Deli 8811 2nd St. Bugna, Texas Checks and Other Withdrawals in Order of Payment 50.00 270.00 220.00 510.00 500.00 NSF 1,350.00 520.00 75.00 SC (NSF = nonsufficient funds; SC = service charge.) Deposits 230.00 650.00 310.00 1,280.00 220.00 Date 2/2 2/3 2/10 2/15 2/20 2/24 2/28 New Balance 6,700 6,380 6,390 6,530 6,340 6,270 5,895
Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found. а. A bank debit memo issued for an NSF check from a customer of $21.25. b. A bank credit memo issued for interest of $8.50 earned during the month. С. During the evening of July 31, a deposit of $1,948.25 was made, which is not shown on the bank statement. d. A bank debit memo issued for $18.50 for bank service charges. е. Checks for the amounts of $34.00, $17.85, and $93.25 were written during July but have not yet been received by the bank. f. The reconciliation from the previous month, June, showed outstanding checks of $260.80. One of these checks in the amount of $7.38 has not yet been received by the bank. g. After comparing the canceled checks to the bank statement, it was discovered that a check…
Based on the following information, what amount would be subtracted from the bank statement side of the bank reconciliation? ATM withdrawal $31; Outstanding checks $135; Interest $4; Deposit in-transit $87.Multiple Choice $139 $166 $87 $135 $31
Control Features of a Bank Account: Reconciling the Bank Account (Entries from Bank Reco Knowledge Check A bank reconciliation from Ware, Inc. is provided here. Cash balance per bank statement Add: Deposits in transit $18,200 2,100 20,300 Less: Outstanding checks 1,050 Adjusted cash balance per bank 19,250 Cash balance per books 17,000 Add: Electronic funds transfer received $2,650 Interest earned 30 2,680 19,680 Less: NSF check-J. King 400 Bank charges 30 430 Adjusted cash balance per books $19,250 Prepare all necessary journal entries as a result of the bank reconciliation. (List all debit entries before credit entries. Credi titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Nov 30 Cash Debit Credit
Using the following information, prepare a bank reconciliation. • Bank balance: $4,687 • Book balance: $5,690 • Deposits in transit: $1,546 • Outstanding checks: $956 • Interest income: $53 • NSF check: $466 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
Question 19 ) BRS
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Which of the following journal entries is recorded as a result of the bank reconciliation process to record a NSF check for $250? A. Cash 250 Accounts Receivable 250 B. Accounts Receivable 250 Petty Cash 250 C. Accounts Receivable 250 Cash 250 D. Cash 250 Accounts Payable 250

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Using the following information, prepare a bank reconciliation. • Bank balance: $4,021 • Book balance: $2,928 • Deposits in transit: $1,111 • Outstanding checks: $679 Bank charges: $35