LeBaron Corporation’s identified deposits in transit (outstanding deposits) of $7,412in preparing to do its bank reconciliation....
LeBaron Corporation’s identified deposits in transit (outstanding deposits) of $7,412in preparing to do its bank reconciliation. When doing the bank reconciliation, what should LeBaron do with the deposits in transit?
Question 6 options:
|
Add the deposits in transit to their cash balance. |
|
|
Add the deposits in transit to the bank balance. |
|
|
Subtract the deposits in transit from the bank balance. |
|
|
Subtract the deposits in transit from their cash balanc |
Homework Answers
When doing the bank reconciliation, LeBaron should Add the deposits in transit to the bank balance.
Correct answer is option 2.
Add Answer to:
LeBaron Corporation’s identified deposits in transit
(outstanding deposits) of $7,412in preparing to do its bank
reconciliation....
LeBaron Corporation identified outstanding checks of $10,553 in preparing to do its bank reconciliation. When doing...
LeBaron Corporation identified outstanding checks of $10,553 in preparing to do its bank reconciliation. When doing the bank reconciliation, what should LeBaron do with the outstanding checks? options: Add the outstanding checks to the bank balance. Add the outstanding checks to their cash balance. Subtract the outstanding checks from the bank balance. Subtract the outstanding checks from their cash balance.
During a bank reconciliation process, outstanding checks and deposits in transit are subtracted from the bank...
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...
PA5-3 Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries [LO 5-4, LO 5-5]
PA5-3 Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries [LO 5-4, LO 5-5] [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: There were no deposits in transit or outstanding checks at November 30. PA5-3 Part 3 3. Prepare a bank reconciliation for December. PA5-3 Part 4 4. Prepare any journal entries that the company should make as a result of the bank reconciliation. (If no entry is required...
Electric Sunset Company gathered the following reconciling information in preparing its July bank reconciliation: Cash balance...
Electric Sunset Company gathered the following reconciling information in preparing its July bank reconciliation: Cash balance per books, 7/31 $5,500 Deposits in transit 300 Notes receivable and interest collected by bank 1,100 Bank charge for check printing 20 Outstanding checks 2,000 NSF check 170 The adjusted cash balance per books on July 31 is Question 1 options: a) $4,410. b) $6,410. c) $6,710. d) $4,710.
A company wishes to prepare its bank reconciliation for the month of November The following information...
A company wishes to prepare its bank reconciliation for the month of November The following information is available: Bank's cash balance at Nov 30 (before adjustments) Company's cash balance at Nov 30 (before adjustments) Interest earned on bank account Bank service charges Deposits-in-transit NSF check Outstanding checks $6,000 6,750 50 20 1,000 280 500 Question: After preparing its bank reconciliation, what is the adjusted cash balance the company should report in its accounting records at Nov 30? Answer: $ (do...
E6-28 (Algo) Preparing Bank Reconciliation and Entries and Reporting Cash L06-4 The September 30 bank statement...
E6-28 (Algo) Preparing Bank Reconciliation and Entries and Reporting Cash L06-4 The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here. BANK STATEMENT Checks Balance, September 1 Deposits recorded during September Checks cleared during September $26,900 NSF checks-Betty Brown Bank service charges Balance, September 30 $26.550 180 Cash (A) Sept. Checks written Sept. 1 Balance Sept. Deposits 7,300 28,850 No outstanding checks and no deposits in transit were carried over from August,...
In preparing its bank reconciliation for the month of April 2018, Haskins, Inc. has available the...
In preparing its bank reconciliation for the month of April 2018, Haskins, Inc. has available the following information. Balance per bank statement, 4/30/18 $40,920 NSF check returned with 4/30/18 bank statement 1,350 Deposits in transit, 4/30/18 10,500 Outstanding checks, 4/30/18 15,600 Bank service charges for April 60 What should be the adjusted cash balance at April 30, 2018?
Question 8 Match how to treat the item for a bank reconciliation Outstanding checks [Choose) add...
Question 8 Match how to treat the item for a bank reconciliation Outstanding checks [Choose) add to cash ledger add to bank subtract from cash ledger subtract from bank Outstanding deposits Bank error, added too much to company bank account [ Choose
Oxley Company gathered the following reconciling information in preparing its June Bank Reconciliation: Cash balance per...
Oxley Company gathered the following reconciling information in preparing its June Bank Reconciliation: Cash balance per General Ledger, June 30 $4,119 Deposits in Transit $627 Notes Receivable and Interest collected by bank $1,216 Bank Charge for check printing $35 Outstanding Checks $1,719 NSF Check $1,276 What is the Adjusted Cash Balance on June 30?
Jamison Company developed the following reconciling information in preparing its June bank reconciliation: Cash balance per...
Jamison Company developed the following reconciling information in preparing its June bank reconciliation: Cash balance per bank, 6/30 $12,558 Note receivable collected by bank 7,396 Outstanding checks 5,133 Deposits-in-transit 4,858 Bank service charge 72 NSF check 1,098 Using the above information, determine the cash balance per books (before adjustments) for Jamison Company. A. $6,057 B. $18,509 C. $18,784 D. $12,283
A company wishes to prepare its bank reconciliation for the month of November The following information is available: Bank's cash balance at Nov 30 (before adjustments) Company's cash balance at Nov 30 (before adjustments) Interest earned on bank account Bank service charges Deposits-in-transit NSF check Outstanding checks $6,000 6,750 50 20 1,000 280 500 Question: After preparing its bank reconciliation, what is the adjusted cash balance the company should report in its accounting records at Nov 30? Answer: $ (do...
E6-28 (Algo) Preparing Bank Reconciliation and Entries and Reporting Cash L06-4 The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here. BANK STATEMENT Checks Balance, September 1 Deposits recorded during September Checks cleared during September $26,900 NSF checks-Betty Brown Bank service charges Balance, September 30 $26.550 180 Cash (A) Sept. Checks written Sept. 1 Balance Sept. Deposits 7,300 28,850 No outstanding checks and no deposits in transit were carried over from August,...
Question 8 Match how to treat the item for a bank reconciliation Outstanding checks [Choose) add to cash ledger add to bank subtract from cash ledger subtract from bank Outstanding deposits Bank error, added too much to company bank account [ Choose
Most questions answered within 3 hours.
-
Do not neglect the old for the new. The existing business must
not lose priority simply...
asked 2 hours ago -
Kylie is a single mom with two dependent children,
Tanner, age 7 and Olivia, age 11....
asked 4 hours ago -
Phosphorous + bromine = phosphorous tribromide. If 35.0 g of
bromine are reacted and 27.9 grams...
asked 5 hours ago -
Derive the long wavelength limit of the Planck energy density
distribution
asked 5 hours ago -
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 8 hours ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 8 hours ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 8 hours ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 9 hours ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 9 hours ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 9 hours ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 9 hours ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 9 hours ago