Using the following, prepare a bank reconciliation forSamtani Co. for August 31, 2020,including a proper three-line heading (please use Figure8.6 in the text as your guide):a) The bank statement balance is $4,010b) The cash account balance is $4,207c) Outstanding checks amounted to $507d) Deposits in transit are $633e) The bank service charge is $35f) A check for $84 for supplies was recorded as $48 in theledger (an error in recording)

The objective of this question is to prepare a bank reconciliation statement for Samtani Co. for…

Answered: Using the following, prepare a bank…

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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Prepare any necessary journal entries based on the following data regarding the bank reconciliation prepared by Ragoon Services on May 31, 2019. a) Outstanding cheques amount to $1,650. b) The service charges for May amount to $35.
The 31 August 2021 bank statement of Bach Ltd has just arrived from United Bank. To prepare Bach’s bank reconciliation, you gather the following data: a) Bach’s Cash account has a balance of $2,900 on 31 August. b) The bank statement includes two dishonoured cheques from customers: B. Smith, $400 and A. Green, $110. c) The following cheques appear in the cash payments journal of Bach but have not yet been cleared by the bank at 31 August: Cheque no. Amount 237 $190 288 170 291 520 294 630 d) Bach collects from a few customers by EFT. The August bank statement lists a $1,300 EFT deposit for a collection on account. e) The bank statement includes two special deposits that Bach hasn’t recorded yet: $970 for dividend revenue, and $80 interest revenue which Bach earned on its bank balance during August. f) The bank statement lists a $30 bank service charge and a $15 excess transaction…
1) The "I am Definitely Switching My Major to Accounting Company" received its bank statement for the month ended October 31, 2023. To prepare the bank reconciliation $22do you gather the following data: - a) The balance per the bank statement is $16,292 b) The checkbook balance is $15,650 c) The bank statement shows an NSF Check from one of the company's customers in the amount of $895.00 d) There is a bank service charge of $45.00 on the bank statement e) Outstanding checks total $847.00 and deposits in transit total $1416.00 f) The bank statement shows collection of a note receivable in the amount of $2000 plus interest of $200.00 less a bank fee of $49.00 Required: Prepare a bank reconciliation using the above information
Shown below is the information needed to prepare a bank reconciliation for Alpha Communications at December 31, 2018: At December 31, cash per bank statement was $16,200; cash per the company’s records was $17,225. Two debit memoranda accompanied the bank statement: services charges for December of $25, and a $775 check drawn by Jane Jones marked “NSF”. Cash receipts of $9,000 on December 31 were deposited at the bank by end of day but were not shown in the bank statement until January 4. The following checks had been issued (written) in December but were not included among the paid checks returned by the bank: check no. 410 for $8,000 and check no. 425 for $2,500. Included in the bank statement was a check withdrawn (written) for an amount of $5,300 (rent expense) that was erroneously recorded for $3,500 in Alpha's records. The bank statement shows a credit (memorandum) interest of $75. Instructions Prepare a bank reconciliation at December 31, 2018. Prepare the…
The accountant of Sophia Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Sophia Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.
1) Prepare a bank reconciliation dated December 31, 2020, for Welcome Inc. based on the following information. Balance per bank statement is $21,200.68. Balance per books is $20,559.40. The December bank statement indicated a service charge of $35. Cheque #1169 for $410.50 and cheque #1183 for $2,150.00 were not returned with the bank statement. The bank had not received a deposit in transit of $3,443.22 when the bank statement was generated. A bank debit memo indicated an NSF cheque written by Bill Broke to Welcome Inc. on December 11, 2020, for $169. A bank credit memo indicated a bank collection of $1,700 and interest revenue of $28 on December 15, 2020.
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In the normal operation of business you receive a check from a customer and deposit it into your checking account. With your bank statement you are advised that this check for $775 is NSF. The bank also informs you that due to the amount of activity on your business account the monthly service charge is $75. During a bank reconciliation, you will: a. add both values from balance according to books. b. subtract both values from balance according to books. c. add both values from balance according to bank. d. subtract both values from balance according to bank.
At August 31, Saladino Coffee has the following bank information: cash balance per bank Rp5.200.000, outstanding checks Rp1.462.000, deposits in transit Rp1.211.000, and a bank debit memo Rp110.000. Determine the adjusted cash balance per bank at July 31. Cash balance per bank Rp 5.200.000,00 Add : Deposits in Transit Rp 1.211.000,00 Rp 6.411.000,00 Less Outstanding Checks Rp 1.462.000,00 Adjusted cash balance per bank Rp 4.949.000,00 The information below relates to the Cash account in the ledger of Saladino Coffee Balance Rp 10.094.000 Rp 884.000 Collection of electronic funds transfer Interest earned on checking accounts NSF check: R. Doll Rp 26.000 Rp 245.000 Safety deposit box rent Rp 35.000 Cash balance per books Rp10.094.000 Add: *** ... Less NSF Check Rp245.000 Adjusted cash balance per books
The Cash account of Ranger Security Systems reported a balance of $2,550 at December 31, 2025. There were outstanding checks totaling $800 and a December 31 deposit in transit of $100. The bank statement, which came from Tri Cities Bank, listed the December 31 balance of $3,910. Included in the bank balance was a collection of $670 on account from Sally Jones, a Ranger Security Systems customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Ranger Security System earned on its bank balance. Prepare Ranger Security System's bank reconciliation at December 31. Ranger Security Systems Bank Reconciliation Bank: Balance, December 31, 2025 ADD: Deposit in transit December 31, 2025 LESS: Outstanding checks Adjusted bank balance, December 31, 2025 Book: Balance, December 31, 2025 ADD: LESS: Service charge Adjusted book balance, December 31, 2025
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,742, while the company’s records show a balance of $12,336. Information that might be useful in preparing a bank reconciliation is as follows: Outstanding checks are $1,235. The October 31 cash receipts of $790 are not deposited in the bank until November 2. One check written in payment of utilities for $138 is correctly recorded by the bank but is recorded by Blockwood as a disbursement of $183. In accordance with prior authorization, the bank withdraws $551 directly from the checking account as payment on a note payable. The interest portion of that payment is $51 and the principal portion is $500. Blockwood has not recorded the direct withdrawal. Bank service fees of $25 are listed on the bank statement. A deposit of $568 is recorded by the bank on October 13, but it did not belong to Blockwood. The deposit should have been made to the checking account of Hollybuster Video, a…
Using the reconciling items below, prepare a bank reconciliation for the September 30, 2021 year end. For every item on the bank reconciliation, explain what supporting evidence you would obtain to test the item (be specific, do not just say “look at supporting documentation”). Also, provide your conclusion – based on your bank reconciliation, is the cash balance in the client’s books correct? If not – quantify the error. 1. Cash balance per client $100,000 2. Cash balance per the bank statement $100,000 3. The company wrote mailed the following cheques on September 30, 2021, which did not get cashed until October 2, 2021. a. Cheque 1234 $2,000 b. Cheque 2345 $4,000 c. Cheque 3456…

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