Homework Answers
| Bank Statement Balance | 8252.15 |
| Add:Deposit in Transit | 500 |
| Less:Outstanding checks | 5500.13 |
| Reconciled balance | 3252.02 |
| Beginning Bank Balance | 4501.1 |
| Add:Note collected by Bank | 51 |
| Less:NSF Check | 1300.08 |
| Reconciled balance | 3252.02 |
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The bank statement for Michelle's Boutique indicates a balance of $8,252.15 on February 28th. The cash...
The bank statement for Michah Mack Construction Co. indicates a balance of $9,184.60 on June 30....
The bank statement for Michah Mack Construction Co. indicates a balance of $9,184.60 on June 30. The cash account in the depositor's records had a balance of $6,767.10. Prepare a bank reconciliation on the basis of the following items: 1. Outstanding checks amounted to $3,192.50. 2. Deposit in transit are $700.00 3. Bank debit memorandum for service charges is $30. 4. A check for $83 for supplies was recorded as $38 in the ledger. 5. NOTE: Do not use commas,...
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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...
The bank statement for Adcock Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date.
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Firebird Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for February 2019 indicated the following: Balance, February 28, 2019 Service charge for February Interest earned during February NSF check from Valerie Corp. (deposited by Firebird) Note ($12,000) and interest ($350) collected from a customer of Firebird's $87,392 100 875 630 12,350 An analysis of canceled checks and deposits and the records of Firebird Corp. revealed the following items: $73,260 Checking account balance per Firebird's books...
The bank statement for Dillon Company indicates a balance of $1,730 on June 30. The cash balance per books had a balance of $799 on this date.
The bank statement for Dillon Company indicates a balance of $1,730 on June 30. The cash balance per books had a balance of $799 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $760, representing cash receipts of June 30, did not appear on the bank statement. 2. Outstanding checks totaled $340. 3. Bank service charges for June amounted to $25 4. The bank collected a note receivable for the company for $1,400 plus $56 interest...
Beckett Co. received its bank statement for the month ending June 30, 2019. and reconciled the...
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Bank Reconciliation On July 31, Arthur Company's Cash in Bank account had a balance of $8,112.62. On that date, the bank statement indicated a balance of $10,170.62 A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $3,316.12. 2. Outstanding checks July 31 totaled $1,251.12. 3. The bank erroneously charged a $215.00 check of Solomon Company against the Arthur bank account. 4. A $15 bank service charge has not yet been...
1. The bank statement for Allen Co. indicates a balance of $7,100.00 on June 30. The...
1. The bank statement for Allen Co. indicates a balance of $7,100.00 on June 30. The cash account balance had a balance of $3,975.00. Prepare bank reconciliation on the basis of the following information, and journalize the changes on the company's cash balance. Cash Receipts of $672 had been recorded on the company's books as $654, • Deposits in transit not record by the bank, $400 • Bank service charges, $20 Note collected by the bank and not yet notified...
The bank statement for Mat Co. revealed a balance of $900, and the checkbook balance showed...
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Match the descriptions with the appropriate terms. Bank Reconciliation a. Statement issued by bank describing the...
Match the descriptions with the appropriate terms. Bank Reconciliation a. Statement issued by bank describing the activities in a depositor's checking account NSF Check b. A document prepared by the bank to explain a deduction from a depositor's account. Debit Memo Deposit in Transit C. The party to whom the check is payable to. Payee d. Statement prepared by company personnel to explain the difference between the cash balance on Check the bank statement versus the cash balance on the...
The bank statement for Michah Mack Construction Co. indicates a balance of $9,184.60 on June 30. The cash account in the depositor's records had a balance of $6,767.10. Prepare a bank reconciliation on the basis of the following items: 1. Outstanding checks amounted to $3,192.50. 2. Deposit in transit are $700.00 3. Bank debit memorandum for service charges is $30. 4. A check for $83 for supplies was recorded as $38 in the ledger. 5. NOTE: Do not use commas,...
Exercise 219 The bank statement for Adcock Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement. 2. Outstanding checks totaled $390. 3. Bank service charges for June amounted to $30. 4. The bank collected a note receivable for the company for $1,200 plus $48 interest...
Firebird Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for February 2019 indicated the following: Balance, February 28, 2019 Service charge for February Interest earned during February NSF check from Valerie Corp. (deposited by Firebird) Note ($12,000) and interest ($350) collected from a customer of Firebird's $87,392 100 875 630 12,350 An analysis of canceled checks and deposits and the records of Firebird Corp. revealed the following items: $73,260 Checking account balance per Firebird's books...
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