Quick answer of this accounting questions Wilson Corporation had checks outstanding totaling $8,750 on its April bankreconciliation. In May, Wilson Corporation issued checks totaling $42,300. The Maybank statement shows that $37,800 in checks cleared the bank in May. A deposit of $1,200was in transit at the end of May. What is the amount of outstanding checks on WilsonCorporation's May bank reconciliation?a. $13,250b. $12,050c. $45,050d. $37,800

Step 1: Definition of Outstanding ChecksOutstanding checks are checks that have been written and…

Answered: Wilson Corporation had checks…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 3E

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Using the following information, prepare a bank reconciliation. 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 $412. 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, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
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
The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.
Minor Company had checks outstanding totaling $4,127 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,968. The May bank statement shows that $26,955 in checks cleared the bank in May. A check from one of Minor Company's customers of $397 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a.$68,923 b.$22,828 c.$18,743 d.$19,140
HARRIS COMPANY HAD CHECKS OUTSTANDING TOTALLING $15,400 ON ITS MAY BANK RECONCILIATION. IN JUNE, HARRIS COMPANY ISSUED CHECKS TOTALLING $64,900. THE JUNE BANK STATEMENT SHOWS THAT $47,600 IN CHECKS CLEARED THE BANK IN JUNE. A CHECK FROM ONE OF HARRIS COMPANY'S CUSTOMERS IN THE AMOUNT OF $300 WAS ALSO RETURNED MARKED "NSF." THE AMOUNT OF OUTSTANDING CHECKS ON HARRIS COMPANY'S JUNE BANK RECONCILIATION SHOULD BE A. $63,000 B. $32,700 C. $49,500 D. $47,600
Dekin Company had checks outstanding totaling $6,400 on its May bank reconciliation. In June, Dekin Company issued checks totaling $39,900. The July bank statement shows that $29,700 in checks cleared the bank in July. A check from one of Dekin Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Dekin Company's July bank reconciliation should be which of the following? A. $19,600 B. $10,200 C. $16,600 D. $3,800
Minor Company had checks outstanding totaling $4,889 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,278. The May bank statement shows that $26,319 in checks cleared the bank in May. A check from one of Minor Company's customers of $451 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a. $67,597 b. $21,430 c. $19,848 d. $19,397
Harris Company had checks outstanding totaling $4,883 on its May bank reconciliation. In June, Harris Company issued checks totaling $39,485. The June bank statement shows that $26,185 in checks cleared the bank in June. A check from one of Harris Company's customers of $845 was also returned marked "NSF." Determine the amount of outstanding checks on Harris Company's June bank reconciliation. Select the correct answer. $65,670 $17,338 $21,302 $18,183
The accountant of ABC Company is preparing a bank reconciliation statement for the month of October. The bank statement shows a balance of $9,719 while the ledger balance is $7,261. He compiles the following information: Description Check #3119 recorded at $1,830 Amount $1,380 a b NSF checks $500 EFT for insurance deducted $336 d EFT for rent collected $775 Service charge deducted Outstanding checks Deposit in transit Notes collected by bank e $15 f $4,036| g $3,402 h $1,450 Compute the adjusted bank balance for the month of October. а. $10,520 b. $9,070 с. $9,085 d. $8,749

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