In comparing the canceled checks on the bank statement with the entries in the accounting records,...
In comparing the canceled checks on the bank statement with the
entries in the accounting records, O'Brien Company found that check
number 4239 for May's rent was correctly written and drawn for
$9,855 but was erroneously entered in the accounting records as
$9,585.
When preparing the May bank reconciliation, the O'Brien Company
should:
Select one:
A. Deduct $270 from the bank statement balance
B. Add $270 to the book balance of cash
C. Add $270 to the bank statement balance
D. Deduct $270 from the book balance of cash
Homework Answers
Answer: Option (B) Add $270 to the book balance of cash
The amount of $9855 which is to be paid was entered in accounting records as $9585 therefore the balance as per accounting record must have reduced by $270
Therefore to reconcile, the company will
Add $ 270 to the book balance of cash
Add Answer to:
In comparing the canceled checks on the bank statement with the
entries in the accounting records,...
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The following information is available to re The following Information is available to reconcile Clark Company's...
The following information is available to re
The following Information is available to reconcile Clark Company's book balance of cash with its bank! statement cash balance as of July 31, 2011. a. On July 31, the company's Cash account has a $25,866 debit balance, but its July bank statement shows a $28,509 cash balance. b. Check No. 3031 for $1,650 and Check No. 3040 for $817 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with...
Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 [The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2017 a. On July 31, the company's Cash account has a $25,644 debit balance, but its July bank statement shows a $28,407 cash balance. b. Check No. 3031 for $1,690 and Check No. 3040 for...
Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 The following information applies to the questions displayed below] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2017 a. On July 31, the company's Cash account has a $25,862 debit balance, but its July bank statement shows a $28,128 cash balance. b. Check No. 3031 for $1,490 and Check No. 3040 for $737 were...
Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3 The following information applies to the questions displayed below] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2017 a. On July 31, the company's Cash account has a $25,868 debit balance, but its July bank statement shows a $28,161 cash balance b. Check No. 3031 for $1,510 and Check No. 3040 for...
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The following information is available to re
The following Information is available to reconcile Clark Company's book balance of cash with its bank! statement cash balance as of July 31, 2011. a. On July 31, the company's Cash account has a $25,866 debit balance, but its July bank statement shows a $28,509 cash balance. b. Check No. 3031 for $1,650 and Check No. 3040 for $817 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with...
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