Homework Answers
Calculate correct Cash balance
| Unadjusted bank balance | 20250 |
| Add: Deposit in transit | 3400 |
| Less: Outstanding checks | -2150 |
| Correct cash balance | 21500 |
So answer is c) $21500
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In preparing its August 31, 2019 bank reconciliation, Bing Corp. has available the following information: Balance...
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In preparing its August 31, 2017 bank reconciliation, XYZ Corp. has available the following information: Balance per bank statement, 8/31/17 $25,650 Deposit in transit, 8/31/17 $3,900 Return of customer's check for insufficient funds, 8/30/17 $600 Outstanding checks, 8/31/17 $2,750 Bank service charges for August $100 At August 31, 2017, XYZ's correct cash balance is $26,800. $26,200. $26,100. $24,500.
1. In preparing its August 31 bank reconciliation, Reinstein Corp. has available the following balance per...
1. In preparing its August 31 bank reconciliation, Reinstein
Corp. has available the following balance per bank
and reconciling items:
The 8/31 correct balance of cash is:
Select one:
a. $17,650
b. $18,050
c. $16,850
d. $19,050
e. $17,450
2.Given the following Ending Inventory errors for the Portland
Company:
Indicate the error in 2017 Net Income and 12/31/17 Retained
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Select one:
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Marta Company gathered the following information in preparing its August bank reconciliation: Cash balance per books,...
Marta Company gathered the following information in preparing its August bank reconciliation: Cash balance per books, 8/31 (unadjusted) $87,000 Deposits in transit 300 Notes receivable and interest collected by bank 1,700 Bank charge for check printing 40 Outstanding checks 4,000 NSF check 340 The adjusted cash balance per books on August 31 is: O$84,620 O $88,020 o $88,320 O $84,920
9. Under IFRS, which of the following methods is not inventory? acceptable for the valuation of...
9. Under IFRS, which of the following methods is not inventory? acceptable for the valuation of a. FIFO b. LIFO c. Average cost Specific identification. 10. Merchandise purchased for resale Freight-in Freight-out Purchase returns Purchase discounts $350,000 10,000 20,000 15,000 10,000 The cost of goods purchased is: a,$355,000. b.$335,000. С.$355,000. d.$380,000. e. None of the above In preparing its August 31, 2012 bank reconciliation, Bing Corp. has available the following information 11. Balance per bank statement, 8/31/12 Deposit in transit,...
An accounting clerk prepared the following bank reconciliation for Inges Corp. Inges Corp Bank Reconciliation August...
An accounting clerk prepared the following bank reconciliation for Inges Corp. Inges Corp Bank Reconciliation August 31 Cash balance according to company records $14,690 Adjustments: Outstanding checks $1,020 Error by company in recording Ck. 2490 as $1.540 instead of $1.450 90 Note collected by bank, including $200 interest 3,200 Deposits in transit on August 31 (2,750) Bank service charges _(40) Total adjustments 1,520 Cash balance according to bank statement $16,210 (a) Use the data in the bank reconciliation to prepare...
Prepare a bank reconciliation at August 31. (List items that increase balance as per bank &...
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bank reconciliation Bank Reconciliation The following information is available to assist you in preparing a 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....
Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for...
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In anticipation of preparing the July bank reconciliation, the accountant gathered the following information: Bank statement...
In anticipation of preparing the July bank reconciliation, the accountant gathered the following information: Bank statement balance $4,300 Deposit in transit 500 Outstanding checks 300 Bank service charges 10 Customer's NSF check returned by the bank 50 What is the company's adjusted cash balance at July 31st? $4,300 $4,050 $4,140 $4,500
33. Wilson Company gathered the following reconciling information in preparing its August bank reconciliation: $7,000 300...
33. Wilson Company gathered the following reconciling information in preparing its August bank reconciliation: $7,000 300 1,700 40 4,000 340 Cash balance per books, 8/31 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check The adjusted cash balance per books on August 31 is a. $8,320. b. $8,020. c. $4,620. d. $4,920. 34.An adjusting entry is not required for a. outstanding checks. b. collection of a note by the bank....
1. In preparing its August 31 bank reconciliation, Reinstein
Corp. has available the following balance per bank
and reconciling items:
The 8/31 correct balance of cash is:
Select one:
a. $17,650
b. $18,050
c. $16,850
d. $19,050
e. $17,450
2.Given the following Ending Inventory errors for the Portland
Company:
Indicate the error in 2017 Net Income and 12/31/17 Retained
Earnings:
Select one:
a. Net Income Overstated $10, Retained Earnings Understated
$30
b. Net Income Understated $70, Retained Earnings Understated
$30...
Marta Company gathered the following information in preparing its August bank reconciliation: Cash balance per books, 8/31 (unadjusted) $87,000 Deposits in transit 300 Notes receivable and interest collected by bank 1,700 Bank charge for check printing 40 Outstanding checks 4,000 NSF check 340 The adjusted cash balance per books on August 31 is: O$84,620 O $88,020 o $88,320 O $84,920
9. Under IFRS, which of the following methods is not inventory? acceptable for the valuation of a. FIFO b. LIFO c. Average cost Specific identification. 10. Merchandise purchased for resale Freight-in Freight-out Purchase returns Purchase discounts $350,000 10,000 20,000 15,000 10,000 The cost of goods purchased is: a,$355,000. b.$335,000. С.$355,000. d.$380,000. e. None of the above In preparing its August 31, 2012 bank reconciliation, Bing Corp. has available the following information 11. Balance per bank statement, 8/31/12 Deposit in transit,...
An accounting clerk prepared the following bank reconciliation for Inges Corp. Inges Corp Bank Reconciliation August 31 Cash balance according to company records $14,690 Adjustments: Outstanding checks $1,020 Error by company in recording Ck. 2490 as $1.540 instead of $1.450 90 Note collected by bank, including $200 interest 3,200 Deposits in transit on August 31 (2,750) Bank service charges _(40) Total adjustments 1,520 Cash balance according to bank statement $16,210 (a) Use the data in the bank reconciliation to prepare...
Prepare a bank reconciliation at August 31. (List items that increase balance as per bank & books first.) SAGE HILL INC. Bank Reconciliation Announcements CALCULATOR PRINTER VERSION Question 2 Sage Hill Inc.'s bank statement from Main Street Bank at August 31, 2017. gives the following information Balance, Augusti $18,635 Bank debit memorandum: August deposits 71,235 Safety deposit box fee $ 40 Checks deared in August 68,663 Service charge Bank credit memorandum: Balance, August 31 21,162 Interest earned A summary of...
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....
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