Using the following information, prepare the journal entries to reconcile the bank statement. • Bank balance: $3,678 • Book balance: $2,448 • Deposits in transit: $322 • Outstanding checks: $108 and $434 • Bank service charges: $25

Using the following information, prepare the journal entries to reconcile the bank statement. • Bank balance: $3,678 • Book balance: $2,448 • Deposits in transit: $322 • Outstanding checks: $108 and $434 • Bank service charges: $25

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 7EA: Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance:...

See similar textbooks

Related questions

Q: From the following, prepare a bank reconciliation statement from details as on 1 November 2022:…

A: Bank reconciliation statement is prepared by the management at a particular time period. It helps to…

Q: Given the following information, prepare a bank reconciliation and the related journal entries…

A: Bank Reconciliation statement is prepared to match the balance of cash book and pass book.

Q: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: Prepare a bank reconciliation using the following information: Balance per Bank – 1/31…

A: Sometimes the balance as per the bank statement and the balance recorded in the books is not matched…

Q: The following data were gathered to use in reconciling the bank account of Crystal Company: Balance…

A: Bank reconciliation consists of reconciling balance as per bank books to adjusted bank balance and…

Q: The following data were gathered to use in reconciling the bank account of Eves Company. Prepare a…

A: Bank reconciliation:Bank statement is prepared by bank. The company maintains its own records from…

Q: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book…

A: Bank reconciliation is an essential statement prepared by management at the end of each month to…

Q: The following data were gathered to use in reconciling the bank account of Reddan Company: Balance…

A: Bank Reconciliation is prepared to match the cash balance per bank to the cash balance per book.

Q: The following data were gathered to use in reconciling the bank account of Savannah Company:…

A: Particulars Amount Balance per bank $16,750 Add: Deposits-in-transit $2,195 Less:…

Q: As an Accountant of Mickey Mouse Corporation, you were assigned to assessed the bank balance of the…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Reconcile the bank account and the accounting books based on the following information: a. The bank…

A: Bank Reconciliation: Cash Balances as per an entity's accounting records are matched with a cash…

Q: Try It! For each of the following items, determine whether the item would be: a. added to the bank…

A: 11. Interest revenue earned Is not adjusted in bank balance They are adjusted in the books. 12.…

Q: The following reconciling items are applicable to the bank reconciliation for Ellington Company: (1)…

A: Introduction: Bank Reconciliation statement: It's a statement prepared by the customer of the bank.…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,021 • Book…

A: Introduction: Bank reconciliation statement: BRS stands for Bank Reconciliation statement. To…

Q: Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the…

A: Ideally cash balance as per cashbook and bank balance as per bank statement should reconcile with…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,021 • Book…

A: The question is based on the concept of Financial Accounting.

Q: 1. Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: Using the following information, prepare a bank reconciliation. Bank balance: $4,787 Book balance:…

A: Bank reconciliation statement is prepared to match the balance of cash book and pass book.

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,587 • Book…

A: Introduction: Bank Reconciliation statement: To reconcile the differences between bank book and cash…

Q: From the following information, construct a bank reconciliation for P.J. Co. as of March 31, 2022:…

A: A bank reconciliation statement is prepared by the management at a particular time period. It helps…

Q: Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance:…

A: Outstanding checks=$108+$334=$442

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $7,651 • Book…

A: Introduction: BRS: To reconcile the difference between Bank book and cash book balances bank…

Q: Using the following information, prepare the journal entries to reconcile the bank statement. Bank…

A: Balance as per cash book $2,849 Balance as per bank book $4,178 Add: Notes receivables $1000 Add:…

Q: The following data were gathered to use in reconciling the bank account of Dotson Company: Balance…

A: In accounting, bank reconciliation is the method of reconciling the bank account balance in the…

Q: The following data were gathered to use in reconciling the bank account of Conway Company: Balance…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: As an Accountant of Mickey Mouse Corporation, you were assigned to assessed the bank balance of the…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: The following information relating to the bank checking account is available for Music Hall at July…

A: Bank reconciliation statement is a statement which reconciles the bank balance as per bank statement…

Q: The following information is available for the ABC Company for its March 31 bank reconciliation:…

A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with…

Q: Using the following information, prepare a bank reconciliatio Bank balance: $7,651 Book balance:…

A: The practice of comparing the balances in such an institution's account holder account to the…

Q: Read and understand the transaction. Prepare a Bank Reconciliation Statement using the following…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Using the following information: The bank statement balance is $4,256. The cash account balance is…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: e following information, determine the adjusted bank balance. Bank balance: $6,925 Deposits in…

A: Solution: Adjusted bank balance is the balance of bank after adjusting for cash transaction which…

Q: Identify whether each of the following items would be (a) added to the book balance, (b) deducted…

A: Deposits in transit and outstanding checks are adjusted in the bank balance. Bank service charge,…

Q: A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.…

A: A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.…

Q: 14. Prepare the bank reconciliation statement using the following data and also record the necessary…

A: Outstanding checks should be added back to book balance.

Q: Using the folowing information, prepare a bank reconciliation. • Bank balance: $4,687 Book balance:…

A: Bank reconciliation statement means the statement in which the balance as per cash book and balance…

Q: bank reconciliation?

Q: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book…

A: While preparing bank reconciliation, adjusted balances for both book balance and bank balances are…

Q: Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance:…

A: Bank reconciliation is the matching of books with the bank statement, to arrive at the correct cash…

Q: Using the following information: The bank statement balance is $3,718. The cash account balance is…

A: Bank reconciliation is a process of knowing the differences between cash balance as per the cash…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,687 • Book…

A: Definition:

Q: Using the following information: The bank statement balance is $3,159. The cash account balance is…

A: Bank Reconciliation Statement Is a statement prepared to reconcile the difference between the…

Q: You are provided with information relating to Umdoni Stores. The following information appeared in…

A: BRS stands for Bank reconciliation statement which is defined as the banking as well as business…

Q: The following data were gathered to use in reconciling the bank account of Eves Company: Balance per…

A: Bank Reconciliation is a document that compares the bank balance on an entity's balance sheet to the…

Q: The following data were gathered to use in reconciling the bank account of Savannah Company: Balance…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,587 • Book…

A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the differences…

Q: Using the following information: (a) The bank statement balance is $5,389. (b) The cash account…

A: Bank Reconciliation: A bank reconciliation statement is a document that matches the cash balance on…

Q: Using the following information, prepare the journal entries to reconcile the bank statement. • Bank…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

100%

Using the following information, prepare the journal entries
to reconcile the bank statement.
• Bank balance: $3,678
• Book balance: $2,448
• Deposits in transit: $322
• Outstanding checks: $108 and $434
• Bank service charges: $25
• Notes receivable: $1,000; Interest income: $35
If an amount box does not require an entry, leave it blank.
II II

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Definition

VIEW

Step 2: Explanation

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Match the following words with their definitions by entering the correct number in the spaces below. 1.deposit ticket 2.ATM 3.check 4.bank statement 5.blank endorsement _____ a.A document ordering a bank to pay cash from a depositors account. _____ b.An endorsement where the payee simply signs the back of the check, making the check payable to any bearer. _____ c.Automated teller machinea machine used by depositors to make withdrawals or deposits at any time. _____ d.A statement of account issued by a bank to each depositor once a month. _____ e.A form showing a detailed listing of items being deposited.
Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35
Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bank
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 Prepare the correcting journal entry.
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $4,178 Book balance: $2,849 Deposits in transit: $323 Outstanding checks: $108 and $534 Bank service charges: $25 Notes receivable: $1,000; Interest income: $35 If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $4,687 Book balance: $404 Deposits in transit: $1,546 Outstanding checks: $958 Interest income: $52 NSF check: $456 If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
eBook Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $4,678 Book balance: $2,351 Deposits in transit: $325 Outstanding checks: $108 and $534 Bank service charges: $25 Notes receivable: $2,000; Interest income: $35 If an amount box does not require an entry, leave it blank.
The bank reconciliation shows the following adjustments: • Deposits in transit: $882 • Notes receivable collected by bank: $1,040; interest: $35 • Outstanding checks: $580 • Error by bank: $310 • Bank charges: $40 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Bank Service Charges Cash Interest Income II II II II
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 Notes receivable: $1,325; interest: $235 Prepare the journal entry to reconcile the bank statement. ***** I just need the answer to the journal entry ONLY please!
Domingo Company received the following bank statement. Bank Statement Beginning balance $0 Deposits Checks A. $11,000 101 $500 D. 1,300 102 500 103 154 106 489 Bank service charges 100 Total $12,300 $1,743 Ending balance $10,557 Prepare the journal entry required to reconcile the book balance to the bank balance. If an amount box does not require an entry field, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6
IV. Direction: Determine if the bank transaction is to be shown on the debit side or credit side of bankstatement. Write DEBIT or CREDIT on the blank before the number. __________1. NSF check.__________2. Interest on depositor’s account.__________3. Cancelled check.__________4. Deposits made by depositor.__________5. Check booklet fee.__________6. Payment made by debtor to the account of depositor.__________7. Notes collected by bank for the account of depositor.__________8. Bank service charge.__________9. Check from customer honored by bank._________10. Check issued by depositor honored by bank