Using the following information, prepare the journal entries to reconcile the bank statement. • Bank balance: $6,788 • Book balance: $8,561 ● Deposits in transit: $1,803 ● Outstanding checks: $569 and $1,523 • 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 $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank

Using the following information, prepare the journal entries to reconcile the bank statement. • Bank balance: $6,788 • Book balance: $8,561 ● Deposits in transit: $1,803 ● Outstanding checks: $569 and $1,523 • 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 $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank

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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I am not sure what these question is asking me to do. I am to record a account title a general ledger with the following question and information. Record the journal entry for the bank reconciliation for the debit memos or checks not included on the books, if necessary. Information: The following information is available for the bank reconciliation: (1) Checks written but not paid by the bank, $8,350. (2) A deposit of $6,500 made on December 31, Year 6, had been recorded but was not shown on the bank statement. (3) A debit memo for $55 for a new supply of checks. (Hint: Use Office Supplies Expense account.) (4) A credit memo for $30 for interest earned on the checking account. (5) An NSF check for $120. (6) The balance shown on the bank statement was $80,822.
In comparing the processed checks on the bank statement with the entries in the accounting records, it is found that check number 2889 for December's utilities was correctly written and drawn for $970 but was erroneously entered in the accounting records as $790. The journal entry to adjust the books for the bank reconciliation would include which of the following for this situation? a) $970 increase to Cash and a $790 decrease to Utility Expense. b) $180 increase to Cash and a $180 increase to Utility Expense. c) $180 decrease to Cash and a $180 increase to Utility Expense. d) $180 decrease to Cash and a $180 decrease to Utility Expense. e) $180 increase to Cash and a $120 decrease to Utility Expense.
XYZ Inc is preparing the October month-end Bank Reconciliation. The balance in the cash ledger on October 31 was $1,900. Some adjustments to this cash ledger balance were recorded on the Bank Reconciliation Report, as follows: • Bank service charge $55 NSF cheque: $375 • Cheque # 40 was correctly written and processed for $3,030 however the XYZ bookkeeper recorded the cheque amount for $3,300. What is the adjusted cash balance for October 31, for the Bank Reconciliation Report? Show your basic math.
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