1) True cash balance is
Unadjusted Cash balance = $3,850
Add: Deposits in Transit = $460
Less: Outstanding Checks = $580
True Cash balance = $3,730
2) Inventory Purchased Account.................Debit $7,300
To Accounts Payable account..................Credit $7,300
Duke Company's unedusted bank balance at March 31 is $3850. The bank reconciliation revealed outstanding checks...
Denis Company's unadjusted bank balance at March 31, 2019 is $3,200. The bank reconciliation revealed outstanding checks amounting to $500 and deposits in transit of $400. Based on this information, Dent's true cash balance is:
6. Rainey Company's true cash balance at October 31 is 55030. The reconciliation • Outstanding check 5780 • Deposits in transit, 5540 • Rank service charges, $105 . The hankhadootected account receivable for Rainey Copy, $1150 . The bank statement included an NSF check written by one of R y 's u s for What was the unadjusted book balance at October 31? A) S5825 B) $4780 54675 D) 55270 7. At March 31, Cummins Co. had an unadjusted balance...
During a bank reconciliation process, outstanding checks and deposits in transit are subtracted from the bank statement balance outstanding checks are added and deposits in transit are subtracted from the bank statement balance outstanding checks are subtracted and deposits in transit are added to the bank statement balance outstanding checks and deposits in transit are added to the bank statement balance Sales to customers who use bank credit cards such as MasterCard and Visa are usually recorded by a debit...
The Roscoe Company's March 31 bank statement balance was $70,500. As of March 31, outstanding checks total $22,200 and deposits in transit total $15,100. Assuming there are no other reconciling items, what was the March 31 cash balance on Roscoe's books? Multiple Choice O $70,500 $63,400 Oo oo $107,800. $77,600
Schwinn Company assembled the following information in completing its March bank reconciliation: Balance per bank Outstanding checks Deposits in transit NSF check Bank service charges Cash balance per books $12,224 $2,480 $4,000 $256 $80 $14,080 As a result of this reconciliation, Schwinn will reduce its cash account by $1,520. reduce its cash account by $80. increase its cash account by $176. reduce its cash account by $336. > Moving to another question will save this response. << < Question 18...
QUESTION 47 The Marjan Company's bank statement showed a balance of $14,087 on March 31, 2017. In searching its records and the bank statement, Marjan found the following: $ 856 80 Outstanding checks Bank service charges Non-sufficient funds checks Deposits in transit Customer note collected by the bank 907 1,640 1,020 Based on this financial information, what should be the adjusted bank balance on the bank reconciliation? (Do Not enter dollar signs.) II
Prepare a bank reconciliation for March 31, 2012, given the followingA. The bank statement balance is $4,000B. The cash account balance is $3,000C. The Outstanding checks total $1,500D. Deposits in transit are $500E. The bank service charge is $20F. Interest reported on the bank statement was $10G. A check for $10 was recorded as $100 in the ledgerH. A NSF for $80 was returned with the statement. This was not known until it came in the bank statement.
Fill in the missing amounts for the following bank reconciliation: Bank reconciliation March 31, 20-- Bank statement Balance $5,429 Add: Deposit in transit $5,795 Deduct: Outstanding checks No. 211 $302 No. 225 No. 228 448 1,221 Adjusted Bank Statement Balance $ Ledger Balance of Cash $4,080 Add: Note collected by bank 622 $ Deduct: Bank service and collection charges $ NSF check from customer 105 128 Adjusted Ledger Balance of Cash $
P4A. Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of LOS . Flynn the ac- S8,112.62. On that date, the bank statement indicated a balance of $9,098.55. A comparison of re- turned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $3,358.19. 2. Outstanding checks July 31 totaled $1,251.12 3. The bank erroneously charged a $215 check of Solomon Company against the Sullivan bank account. 4. A $15...
Journal entries based on the bank reconciliation are required in the company's accounts for outstanding checks deposits in transit bank errors book errors