wwwO0P7.3 (LO 3), AP On July 31, 2025, KeedsCompany had a cash balance per books of$6,140. The statement from Dakota StateBank on that date showed a balance of$7,690.80. A comparison of the bankstatement with the Cash account revealedthe following facts.The bank service charge for July was $25.The bank collected $1,520 from acustomer for Keeds Company throughelectronic funds transfer.The July 31 receipts of $1,193.30 were notincluded in the bank deposits for July.These receipts were deposited by thecompany in a night deposit vault on July31.Company check No. 2480 issued to L.Taylor, a creditor, for $384 that clearedthe bank in July was incorrectly entered inthe cash payments journal on July 10 for$348.Checks outstanding on July 31 totaled$1,860.10.On July 31, the bank statement showed anNSF charge of $575 for a check receivedby the company from W. Krueger, acustomer, on account.InstructionsPrepare the bank reconciliation as of July31.Adjusted cash bal.$7,024.00Prepare the necessary adjusting entries atJuly 31.15.56

The objective of this question is to prepare a bank reconciliation statement for Keeds Company as of…

Answered: www O 0 P7.3 (LO 3), AP On July 31,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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On May 31, Mason Company's cash balance per its general ledger is $4,830. The bank's cash balance per the May 31 bank statement is $3700. The following information is gathered from the bank statement and company records: Checks outstanding Deposits outstanding 1,900 1,600 Interest earned on bank account NSF check Service fee 70 1,300 200 What is the company's correct ending balance of cash on May 31, per the reconciliation? Multiple Choice $4,500 $4,530 $3,400
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
The accountant of CLN Company gathered the following information:- The November 30 bank statement balance included the bank service charges of P2,000.- The November 30 cash balance in the ledger was P244,500.- On November 30, outstanding checks were P63,000 while undeposited collections were P36,000.- The December bank service charges as shown on the bank statement was P3,000.- The December 31 cash balance in the general ledger was P319,750 which recognized P482,750 for Decemberreceipts and P405,500 for checks written during December. In transit to the bank at December 31 were receipts of P28,750. Checks of P15,000 written prior to December and checks of P60,500 written in December had not yetcleared the bank What is the total cash receipts per bank during the month of December?a. P490,000 b. P482,500 c. P497,250 d. P488,000
A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of $8,500. The company's Cash at Bank balance as per company records had a debit balance of $9,145. The following were discovered as the reasons for the discrepancy between the two balances: 1. The bank statement included a debit entry of $90 for the annual bank service fee. 2 Outstanding EFTs at 28 February totalled S6,200. 3. On 28th February, receipts deposited amounting to $8,820 are still outstanding with the bank. 4. Cash sales of S694 on 20 February were deposited in the bank. The cash receipts journal entry and the deposit slip were wrongly made for S649. The bank credited Allied Ltd for the correct amount. 5. Notes receivable of $1,800 was collected by the bank for Allied Pty Ltd on 28 February plus S220 interest. No interest has been accrued on the note. Prepare BRS
The accountant of CLN Company gathered the following information:- The November 30 bank statement balance included the bank service charges of P2,000.- The November 30 cash balance in the ledger was P244,500.- On November 30, outstanding checks were P63,000 while undeposited collections were P36,000.- The December bank service charges as shown on the bank statement was P3,000.- The December 31 cash balance in the general ledger was P319,750 which recognized P482,750 for Decemberreceipts and P405,500 for checks written during December. In transit to the bank at December 31 were receipts of P28,750. Checks of P15,000 written prior to December and checks of P60,500 written in December had not yetcleared the bank What is the total disbursements per books for the month of December?a. P403,500b. P404,500c. P405,500d. P407,500
The books of Cajardo Service, Inc. disclosed a cash balance of P687,570 on December 31, 2010. The bank statement as of December 31 showed a balance of P547,800. Addifional information that might be useful in reconciling the two balances follows: A. Check No. 748 for P30,000 was originally recorded on the books as P45,000. B. A Customer's note dated September 25 was discounted on October 12. The note was dishonored on December 29, the note's maturity date. The bank charged Cajardo's account for P142,650, including a protest fee of P2,650. C. The deposit of December 24 was recorded on the books as P28,950 but it was actually a deposit of P27.000. D. Outstanding checks totaled P98,850 as of December 31. E. There woas a bank service charge for December of P2,100 not yet recorded on the books. F. Cajardo's account had been charged on December 26 for a customer's NSF check for P12.960. G. Cajardo properly deposited P6.000 on December 3 that was not recorded by the bank. H. Receipts of…
The accountant of CLN Company gathered the following information:- The November 30 bank statement balance included the bank service charges of P2,000.- The November 30 cash balance in the ledger was P244,500.- On November 30, outstanding checks were P63,000 while undeposited collections were P36,000.- The December bank service charges as shown on the bank statement was P3,000.- The December 31 cash balance in the general ledger was P319,750 which recognized P482,750 for Decemberreceipts and P405,500 for checks written during December. In transit to the bank at December 31 were receipts of P28,750. Checks of P15,000 written prior to December and checks of P60,500 written in December had not yetcleared the bank What is the total cash disbursements per bank during the month of December?a. P419,000b. P405,500c. P408,500d. P396,000
Required information [The following information applies to the questions displayed below.] As of June 30, Year 1, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available: 1. Deposit in transit: $2,400. 2. Credit memo in bank statement for interest earned in June: $30. 3. Outstanding check: $6,690. 4. Debit memo for service charge: $20. b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Accounting please answer asap? John Corporation's bank statement for April 30 showed an ending cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of April 30: • The bank deducted $125 for an NSF check from a customer deposited on April 15. • The April 30 cash receipts, $1,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the April 30 bank statement. • A$15 debit memorandum (service charges) for checks printed by the bank was included with the canceled checks. • Outstanding checks amounted to $1,145. • Included with the bank statement was a credit memo in the amount of $875 for an EFT in payment of a customer's account. • Included with the canceled checks was a check for $275, drawn on the account of another company by error. Required: 1. Prepare a bank reconciliation as of April 30. 2. Prepare the journal entries for the…
On December 31, 2020, TEJ Company had a cash balance per books of $8,664. The statement from DUABI Islamic Bank on that date showed a balance of $15,900. A comparison of the bank statement with the Cash account revealed the following facts. NSF check of customer returned by bank $4,200. Check No. 210 was correctly written and paid by the bank for $593. The cash payment journal reflects an entry for Check No. 210 as a debit to Accounts Payable and a credit to Cash in Bank for $539. Bank service charge for December was $100. A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared by the bank in December. The bank collected a note receivable for the company for $3,000 plus $100 interest revenue. Checks written in December but still outstanding $8,000. Checks written in November but still outstanding $5,150. Deposits of December 29 and 30…
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