B.M Company Operations cash account has a month end balance of $128,002. Outstanding checks as of...
QUESTION 4 The following information is collected when recording Scofield Company bank statement for the month of June. RM7,328 Balance per books June 30 Balance per bank statement June 30 RM21,800 Checks written in June but still outstanding RM14,009 Checks written in Maybut still outtanding RM6,200 Deposits of June 29 and 30 not yet recorded by bank RM10.400. . NSF check of customer returned by bank RM2.400, . Check No. 200 for RM1,186 was correctly issued and paid by bank...
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...
I need help with the deposits in transit, outstanding checks, and that one joirnal entry please. Teal Mountain Inc's bank statement from Main Street Bank at August 31, 2022, gives the following information Balance, August 1 $18,665 Bank debit memorandum: August deposits 71,265 Safety deposit box fee $85 Checks cleared in August 68,618 Service charge 1 110 Bank credit memorandum: Balance, August 31 21.222 Interest earned 105 A summary of the Cash account in the ledger for August shows the...
The cash records of Sandhill Company show the following. For July: 1. The June 30 bank reconciliation indicated that deposits in transit total $800. During July, the general ledger account Cash shows deposits of $17,600, but the bank statement indicates that only $15,920 in deposits were received during the month. 2. The June 30 bank reconciliation also reported outstanding checks of $960. During the month of July, Sandhill Company books show that $19,230 of checks were issued, yet the bank...
Reebies Food Store developed the following information in month of March recording its bank statement for $ 2,905 $10,900 Balance per books March 31 Balance per bank statement March 31 (1) Checks wniten in March but still outstanding $7,000 (2) Checks writtern in February but still outstanding $2.800 (3) Deposits of March 30 and 31 not yet recorded by bank $5,200 (4) NSF check of customer returned by bank $1,200. (5) Check No. 210 for $594 was correctly issued and...
EA11. LO 8.6 Using the following information, prepare a bank reconciliation. • Bank balance: $6,988 • Book balance: $6,626 • Deposits in transit: $1,600 • Outstanding checks: $599 and $1,423 • Bank charges: $75 • Bank incorrectly charged the account $75. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense. EA12. LO 8.6...
The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, “I don’t have time.” You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, 2014, bank statement and the April ledger accounts for cash showed the following (summarized):BANK STATEMENTChecksDeposits Balance Balance, April 1, 2014$32,300 Deposits during April$37,70070,000 Interest collected1,36071,360 Checks cleared during April$46,20025,160 NSF check—A. B. Wright18024,980 Bank service charges21024,770 Balance, April 30, 201424,770Cash (A) Apr. 1 Balance25,200 Apr. Checks written41,700 Apr. Deposits42,100 A comparison of checks written...
6. The cash records of Landis Company show the following four situations. 1. The June 30 bank reconciliation indicated that deposits in transit total $1,080. During July the general ledger account Cash shows deposits of $23,620, but the bank statement indicates that only $21,400 in deposits were received during the month. 2. The June 30 bank reconciliation also reported outstanding checks of $1,020. During the month of July, Landis Company books show that $26,800 of checks were issued. The bank...
The Richard’s Red Company maintains a checking account at the Bank of the North. The bank statement for the month of October 2019 indicated the following: balance on October 1, 2019 was $32,690, deposits for October totaled $86,000, checks paid in October totaled $75,200, service charges for October totaled $350; October NSF checks totaled $1,600; a monthly loan payment deducted by the bank directly from the company’s bank account totaled $3,400; and the ending balance on October 31, 2019 totaled...
The cash records of Elston Company show the following: 1. The June 30 bank reconciliation indicated that deposits in transit totaled $390. During July, the general ledger Cash account shows deposits of $9,600, but the bank statement indicates that only $9,340 in deposits were received during the month. 2. The June 30 bank reconciliation also reported outstanding checks of $800. During July, Elston Company books show that $11,670 of checks were issued, yet the bank statement shows that $11,500 of...