Homework Answers
3) Adjusted Bank Balance
| Unadjusted balance | 10000 |
| Add: Deposit in transit | 2500 |
| Less: Outstanding Check | -6000 |
| Adjusted balance | 6500 |
Adjusted Book Balance
| Unadjusted balance | 5050 |
| Add: EFT Payment | -1000 |
| Add: bank Collection | 3000 |
| Less: NSF Check | -550 |
| Adjusted balance | 6500 |
Note : Please post each question individually as HOMEWORKLIB guidelines
Add Answer to:
3. Calculate an adjusted bank balance and adjusted book balance given the following information: Bank Balance...
Calculate the adjusted bank balance and book balance for a company given the following information: Bank Balance De...
Calculate the adjusted bank balance and book balance for a company given the following information: Bank Balance December 31, 2018: $15,000 Book Balance December 31, 2018: $9,000 Outstanding checks: $12,000 Deposits in transit: $500 Interest paid on balance $200 Bank Fees $75 NSF Check $525 Bank EFT Payments: $5,100
Calculate the adjusted bank balance and book balance for a company given the following information: Bank...
Calculate the adjusted bank balance and book balance for a company given the following information: Bank Balance December 31, 2018: $15,000 Book Balance December 31, 2018: $9,000 Outstanding checks: $12,000 Deposits in transit: $500 12 Interest paid on balance $200 $75 Bank Fees $525 NSF Check $5.100 9:50 AM Bank EFT Payments: O a e to search
4. A company currently operates a restaurant Identity at least 5 risks that the company may...
4. A company currently operates a restaurant Identity at least 5 risks that the company may identify as part of its risk assessment. After doing so, identify at least 1 preventive, detective and corrective control for each of the identified risks. Finally explain how each risk may be transferred, if possible
Robert's Company gathered the following reconciling info. in preparing it's May bank reconciliation: Book balance at...
Robert's Company gathered the following reconciling info. in preparing it's May bank reconciliation: Book balance at May 31, $4550, Bank balance at May, 31, $6025, Deposits in transit, not recorded by the bank of $425, Deposit of $650 incorrectly recorded by the as $560, Check #342 for $410 was incorrectly recorded by the company as $140, Outstanding checks of $2220, and NSF check of $140 was returned by the bank to the company. The adjusted cash balance according to the...
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted...
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31. Cash balance per books, 5/31 $4,361 Deposits in transit 287 Notes receivable and interest collected by bank 790 1,018 196 Bank charge for check printing Outstanding checks NSF check Ca$4,224 b. $3,630 c. $1,077 d. $4,930
Problem A: Lopez Hair Designs has a company book balance of $63,200 and a bank balance...
Problem A: Lopez Hair Designs has a company book balance of $63,200 and a bank balance of $50,200. The following additional information is available: Deposits in Transit: $30,000 Outstanding checks: 9,200 Notes Receivable collected by the bank 11,000 Not sufficient funds (NSF) 3,000 Bank fees 110 Lopez Hair Design incorrectly recorded on their books a check (disbursement) for $10 that should have been recorded at $100. Prepare a reconciliation: Adjusted balance per bank Adjusted balance per books
In preparing a bank reconciliation, a firm must show that the adjusted bank balance equals the...
In preparing a bank reconciliation, a firm must show that the adjusted bank balance equals the adjusted book balance. If the original book balance is $1,700 and there is $50 of interest received from the bank, $100 of EFT (electronic funds transfer into the account), and an insufficient funds check of $30 issued by the company, then what is the adjusted book balance? $1,820 $1,880 $1,620 Not able to be determined from the facts In preparing a bank reconciliation, a...
Using the following information, prepare a bank reconciliation Bank balance: $12.565. • Book balance: $13,744 •...
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 Use the following Formati Bank Statement Balance Add: Less Adjusted...
Using the following information: The bank statement balance is $5,550. The cash account balance is $5,720....
Using the following information: The bank statement balance is $5,550. The cash account balance is $5,720. Outstanding checks amounted to $875. Deposits in transit are $1,002. The bank service charge is $34. A check for $43 for supplies was recorded as $34 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement$ Adjustments: Deposits in transit not recorded by bank $ Outstanding checks Total adjustments...
Bank Balance Options: Add, NA, Subtract 1st Book Balance Options: Add, NA, Subtract 2nd Book Balance...
Bank Balance Options: Add, NA, Subtract
1st Book Balance Options: Add, NA, Subtract
2nd Book Balance Option: DR, CR, NA
Exercise 8-11 Bank reconciliation and adjusting entries LO P3 A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the...
Calculate the adjusted bank balance and book balance for a company given the following information: Bank Balance December 31, 2018: $15,000 Book Balance December 31, 2018: $9,000 Outstanding checks: $12,000 Deposits in transit: $500 Interest paid on balance $200 Bank Fees $75 NSF Check $525 Bank EFT Payments: $5,100
Calculate the adjusted bank balance and book balance for a company given the following information: Bank Balance December 31, 2018: $15,000 Book Balance December 31, 2018: $9,000 Outstanding checks: $12,000 Deposits in transit: $500 12 Interest paid on balance $200 $75 Bank Fees $525 NSF Check $5.100 9:50 AM Bank EFT Payments: O a e to search
4. A company currently operates a restaurant Identity at least 5 risks that the company may identify as part of its risk assessment. After doing so, identify at least 1 preventive, detective and corrective control for each of the identified risks. Finally explain how each risk may be transferred, if possible
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31. Cash balance per books, 5/31 $4,361 Deposits in transit 287 Notes receivable and interest collected by bank 790 1,018 196 Bank charge for check printing Outstanding checks NSF check Ca$4,224 b. $3,630 c. $1,077 d. $4,930
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 Use the following Formati Bank Statement Balance Add: Less Adjusted...
Bank Balance Options: Add, NA, Subtract
1st Book Balance Options: Add, NA, Subtract
2nd Book Balance Option: DR, CR, NA
Exercise 8-11 Bank reconciliation and adjusting entries LO P3 A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the...
Most questions answered within 3 hours.
-
A newspaper in a large Midwestern city reported that the
National Association of Realtors said that...
asked 33 seconds ago -
1. Develop a use case diagram for the bank case study described
in Chapter 1. 2....
asked 10 minutes ago -
The phylum Protista has often been referred to as a junk drawer
of classification. Explain what...
asked 17 minutes ago -
The average amount of money spent for lunch per person in the
college cafeteria is $7.09...
asked 19 minutes ago -
You follow the lab procedure and at the end of Part 4C, you used
an average...
asked 38 minutes ago -
Write 250-450 words, about the following: • Analyze how a
servant leader in your organization or...
asked 41 minutes ago -
3. American and Japanese workers can each produce 4 cars a
year. An American worker can...
asked 44 minutes ago -
On October 1, 20X1, a company purchased a piece of land by
agreeing to pay the...
asked 56 minutes ago -
Jamie is doing a survey at her school about whether the students
feel the cafeteria food...
asked 1 hour ago -
What are the roles of 3' and 5' untranslated regions in
mRNAs?
asked 1 hour ago -
A domestic television receives antenna delivers a sky noise
power of -105 dBm to a matched...
asked 1 hour ago -
What do you think are the chemical reactions involved in the
breathalyzer tests administered to potentially...
asked 1 hour ago