The following information is available to the accountant of
M&M Company when preparing the monthly bank
reconciliation:
Outstanding cheques: $ 500
Bank service charges 50
Deposits in transit 1,500
Customer note receivable collected by bank 975
Cash balance per bank statement 1,265
Assuming there is no error on bank statement, the cash balance on
M&M’s book before the reconciliation should be
a. 1840
b. 1400
c. 1340
d. 1290
Please explain how to get the value
c.$1,340.
cash balance as per bank statement | 1,265 |
add: | |
deposit in transit | 1500 |
bank service charges | 50 |
less:outstanding cheques | (500) |
less: customer note receivable collected by bank | (975) |
cash balance on M and M's book | 1,340 |
The following information is available to the accountant of M&M Company when preparing the monthly bank...
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Ayayai Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Balance per bank Add: Deposits in transit Deduct: Outstanding cheques Balance per books April 30 Bank Reconciliation $7,100 1,500 (2,000) $6,600 Month of May Results Balance on May 31 May deposits May cheques May note collected (not included in May deposits) May bank service charge May NSF cheque from a customer, returned by the bank (recorded by the bank...
bank reconciliation
Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Burgoon Enterprises on May 31: a. The balance on the May 31 bank statement is $8,432.11. b. Not included on the bank statement is a $1,250 deposit made by Burgoon Enterprises late on May 31. c. A comparison between the canceled checks returned with the bank statement and the company records indicated that the following checks are outstanding at May 31: No....
The
bank statement balance is $ 4 800 and shows a service charge of $
14, interest earned of $ 6, and an NSF cheque for $ 400. Deposits
in transit total $ 1100; outstanding cheques are $ 575. The
bookkeeper recorded as $ 160 a cheque of $ 138 in payment of an
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The bank statement balance is $4,800 and shows a service charge of $14, interest earned of $6, and an NSF cheque for $400. Deposits...
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In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: Cash balance per company books on January 30 $ 5,325 Deposits in transit at month-end $ 1,920 Outstanding checks at month-end $ 580 Bank service charges $ 31 EFT automatically deducted monthly, not yet recorded by Maxi $ 500 An NSF check returned on a customer account $ 325 The adjusted cash balance per the books on January 31 is:
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