The following data apply to Pro Beauty Supply Inc. for May Year 1: Balance per the...
The following data apply to Pro Beauty Supply Inc. for May Year
1:
- Balance per the bank on May 31: $11,300.
- Deposits in transit not recorded by the bank: $2,150.
- Bank error; check written by Best Beauty Supply was charged to Pro Beauty Supply’s account: $700.
- The following checks written and recorded by Pro Beauty Supply were not included in the bank statement:
| 3013 | $ | 250 | |
| 3054 | 520 | ||
| 3056 | 1,400 | ||
- Note collected by the bank: $850.
- Service charge for collection of note: $13.
- The bookkeeper recorded a check written for $623 to pay for the May utilities expense as $533 in the cash disbursements journal.
- Bank service charge in addition to the note collection fee: $35.
- Customer checks returned by the bank as NSF: $101.
Required
Determine the amount of the unadjusted cash balance per Pro Beauty
Supply’s books.
Homework Answers
Solution:
Adjusted Cash balance = Bank Balance + Deposits in transit + Bank error - Outstanding checks
= $11300 + $2150 + $700 - ($250+520+1400) = $11,980
Unadjusted Cash balance per books = Adjusted Cash balance - Note collected by bank + service charges for collection + Company error + Bank service charges + NSF check
= $11980 - 850 + 13 + (623- 533)+ 35 + 101
= $11,369
Add Answer to:
The following data apply to Pro Beauty Supply Inc. for May Year
1:
Balance per the...
The following data apply to Pro Beauty Supply Inc. for May Year 1: 1. Balance per...
The following data apply to Pro Beauty Supply Inc. for May Year 1: 1. Balance per the bank on May 31: $12,485 2. Deposits in transit not recorded by the bank: $1,840. 3. Bank error; check written by Best Beauty Supply was charged to Pro Beauty Supply's account: $950. 4. The following checks written and recorded by Pro Beauty Supply were not included in the bank statement: 3013 220 3054 520 3056 1,270 5. Note collected by the bank: $800....
Shown below is the bank reconciliation for Marvelous Company for May 2019: Balance per bank, May...
Shown below is the bank reconciliation for Marvelous Company for May 2019: Balance per bank, May 31, 2019 P75,000 Add: Deposits in transit 12,000 Total 87,000 Less: Outstanding checks P14,000 Bank credit recorded in error 5,000 19,000 Cash balance per books, 5/31/19 P68,000 The bank statement for June 2019 contains the following data: Total deposits P55,000 Total charges, including an NSF check of P4,000 and a service charge of P200 48,000 All outstanding checks on May 31, 2019, including the...
The following information is available to reconcile Branch Company’s book balance of cash with it...
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. On July 31, the company’s Cash account has a $24,752 debit balance, but its July bank statement shows a $27,080 cash balance. Check No. 3031 for $1,520 and Check No. 3040 for $752 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
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.
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 $26,809 cash balance. b. Check No. 3031 for $1,060 and Check No. 3040 for $522 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
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.
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 $25,756 debit balance, but its July bank statement shows a $26774 cash balance. b. Check No. 3031 for $1,000 and Check No. 3040 for $492 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
Problem: The following information is available to reconcile Branch Company's book balance of cash with its...
Problem: The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2019. A. On July 31, the company's Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. B. Check No. 3031 for $1,482 and Check No: 3040 for $558 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check...
са The following information pertains to Hughes Company as of May 31, 2018; 1. Balance per...
са The following information pertains to Hughes Company as of May 31, 2018; 1. Balance per bank statement as of May 31, 2018, was $59,410. 2. Balance per Hughes Company's Cash account at May 31, 2018, was $60,904. 3. A late deposit of $4,275 on May 31 did not appear on the bank statement. 4. Outstanding checks as of May 31 totaled $7,614. 5. During May, the bank credited Hughes Company with the proceeds, $6,795, of a note that it...
12. Shane Company gathered the following reconciling information in preparing its April bank reconciliation: Cash b...
12. Shane Company gathered the following reconciling information in preparing its April bank reconciliation: Cash balance per books, 4/30 ... Deposits in transit $6,600 900 Notes receivable and interest collected by bank ............... 2,200 Bank charge for check printing Outstanding checks NSF check 450 The adjusted cash balance per books on April 30 is a. $4,310. b. $8,300. c. $7,910. d. $8,330 4.500 13. For which of the following errors should the appropriate amount be added to the balance per...
Exercise 4-44 (Algorithmic) Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of...
Exercise 4-44 (Algorithmic) Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $21,676, whereas Johnson's cash account shows a balance of $21,220 on October 31. The following additional information is available: A $755 deposit made on October 31 was not recorded by the bank until November. At the end of October, outstanding checks total $1,222. The bank statement shows bank service charges of $125 not yet recorded by the company. The company erroneously recorded as $973...
***Please check my answers. Answers are bolded.*** 28.) The following items appeared on the January 31...
***Please check my answers. Answers are bolded.*** 28.) The following items appeared on the January 31 bank reconciliations for Shelly Company: Outstanding Checks: $80 NSF Check: $6 Bank Service Charge: $8 Deposit in Transit: $100 Error: Check written by Shelly for $476 was correctly recorded by Shelly, but recorded for $512 by the bank. Bank collection of Note Receivable for Shelly: $170 The unadjusted January 31 bank statement balance is $1,000. The adjusted cash balance for the January 31 balance...
The following data apply to Pro Beauty Supply Inc. for May Year 1: 1. Balance per the bank on May 31: $12,485 2. Deposits in transit not recorded by the bank: $1,840. 3. Bank error; check written by Best Beauty Supply was charged to Pro Beauty Supply's account: $950. 4. The following checks written and recorded by Pro Beauty Supply were not included in the bank statement: 3013 220 3054 520 3056 1,270 5. Note collected by the bank: $800....
Shown below is the bank reconciliation for Marvelous Company for May 2019: Balance per bank, May 31, 2019 P75,000 Add: Deposits in transit 12,000 Total 87,000 Less: Outstanding checks P14,000 Bank credit recorded in error 5,000 19,000 Cash balance per books, 5/31/19 P68,000 The bank statement for June 2019 contains the following data: Total deposits P55,000 Total charges, including an NSF check of P4,000 and a service charge of P200 48,000 All outstanding checks on May 31, 2019, including the...
Problem: The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31, 2019. A. On July 31, the company's Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. B. Check No. 3031 for $1,482 and Check No: 3040 for $558 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check...
са The following information pertains to Hughes Company as of May 31, 2018; 1. Balance per bank statement as of May 31, 2018, was $59,410. 2. Balance per Hughes Company's Cash account at May 31, 2018, was $60,904. 3. A late deposit of $4,275 on May 31 did not appear on the bank statement. 4. Outstanding checks as of May 31 totaled $7,614. 5. During May, the bank credited Hughes Company with the proceeds, $6,795, of a note that it...
12. Shane Company gathered the following reconciling information in preparing its April bank reconciliation: Cash balance per books, 4/30 ... Deposits in transit $6,600 900 Notes receivable and interest collected by bank ............... 2,200 Bank charge for check printing Outstanding checks NSF check 450 The adjusted cash balance per books on April 30 is a. $4,310. b. $8,300. c. $7,910. d. $8,330 4.500 13. For which of the following errors should the appropriate amount be added to the balance per...
Most questions answered within 3 hours.
-
Two random variables X and Y have joint density function f(x,y)
=c(where c >0 denotes an...
asked 1 minute from now -
Bonita Corporation issued 1,900 shares of $10 par value common
stock upon conversion of 950 shares...
asked 2 minutes ago -
When finding confidence interval for mu , if population standard
deviation (sigma) is known, we use...
asked 32 minutes ago -
Convert your enthalpy of reaction (kJ/mol) to heat of explosion
(kJ/kg) using the molar mass of...
asked 17 minutes ago -
At what annual rate would the following have to be
invested?
$8,929, to grow to $55,581,...
asked 16 minutes ago -
If the codon were 5 bases long instead of three, how many codons
would exist in...
asked 23 minutes ago -
Mittuch Corp. is evaluating a project with the following cash
flows. The company uses a discount...
asked 31 minutes ago -
An income elasticity coefficient of −1.8 means the product is a
normal good.
true or false
asked 23 minutes ago -
PLEASE ANSWER ASAP ASIAN AMERICAN HISTORY
Considering the number of migrants and the time period in...
asked 30 minutes ago -
1. If a good has a price elasticity of demand equal to
0, ________.
a) the...
asked 33 minutes ago -
1. Research through the literature give other ways of converting
methyl benzenes to benzoic acids, draw...
asked 35 minutes ago -
a) A car has a fuel economy of 25 miles per gallon. Calculate
this value in...
asked 46 minutes ago