When going in to reconcile a bank account, you realize that the beginning balance does not...
When going in to reconcile a bank account, you realize that the beginning balance does not match the statement. Where can you view changes made to a bank account’s reconciled period?
Homework Answers
The answer is “reconciliation history”. Under reconciliation history locate the reconcile date that has to be checked. The “changes” column will list all reconciled transactions that have been changed. Details of the changes can be viewed by clicking on the “changes” column.
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When going in to reconcile a bank account, you realize that the
beginning balance does not...
You have been asked by Simmons Company to reconcile the cash account balance of $34,754 at...
You have been asked by Simmons Company to reconcile the cash account balance of $34,754 at 12/31/19. You have obtained the following information: • The 12/31/19 bank statement shows a beginning balance of $38,783, receipts of $229,832, disbursements of $226,625, and an ending balance of $41,990. • There were deposits of $11,450 on 11/30/19 that did not reach the bank until December. On 12/31/19, deposits of $10,900 were mailed to the bank. • The list of outstanding...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash b...
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance
as of July 31, 2017.
On July 31, the company’s Cash account has a $25,752 debit
balance, but its July bank statement shows a $26,965 cash
balance.
Check No. 3031 for $1,070 and Check No. 3040 for $527 were
outstanding on the June 30 bank reconciliation. Check No. 3040 is
listed with the July canceled checks, but Check No. 3031 is...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,740 debit balance, but its July bank statement shows a $27,575 cash balance. Check No. 3031 for $1,300, Check No. 3065 for $426, and Check No. 3069 for $2,068 are outstanding checks as of July 31. Check No. 3056 for July rent expense was correctly written and...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,713 debit balance, but its July bank statement shows a $27,846 cash balance. Check No. 3031 for $1,420, Check No. 3065 for $486, and Check No. 3069 for $2,188 are outstanding checks as of July 31. Check No. 3056 for July rent expense was correctly written and drawn...
Question #2 You have been asked to reconcile the bank account for Virdon Electric Ltd. for...
Question #2 You have been asked to reconcile the bank account for Virdon Electric Ltd. for the month ended September 30. You have been given the following information: Balance per bank statement, September 30 $4,481.90 Balance per General Ledger, September 30 $4.500.00 a).Cheque #755 was outstanding, i.e. not cashed by bank in the amount of $221.00 as of September 30. b).Cheque #860, dated September 12, was written and cashed for $484.00. However, this cheque was recorded incorrectly in the cash...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31.
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,027 debit balance, but its July bank statement shows a $27,114 cash balance.Check No. 3031 for $1,400, Check No. 3065 for $476, and Check No. 3069 for $2,168 are outstanding checks as of July 31.Check No. 3056 for July rent expense was correctly written and drawn for $1,290 but...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On July 31, the company’s Cash account has a $25,750 debit balance, but its July bank statement shows a $28,481 cash balance. Check No. 3031 for $1,680 and Check No. 3040 for $832 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031...
The following information is available to reconcile Branch Company's book balance of cash with its bank...
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $24,924 debit balance, but its July bank statement shows a $26,832 cash balance. b. Check No. 3031 for $1,330, Check No. 3065 for $441, and Check No. 3069 for $2,098 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,740 debit balance, but its July bank statement shows a $27,575 cash balance. Check No. 3031 for $1,300, Check No. 3065 for $426, and Check No. 3069 for $2,068 are outstanding checks as of July 31. Check No. 3056 for July rent expense was correctly written and...
You must reconcile the inventory account for Company A. You note that the general ledger balance...
You must reconcile the inventory account for Company A. You note that the general ledger balance does not equal the company sub-ledgers. Explain how you would try to reconcile the account using lower of cost or market, first-in-first-out concepts. What financial ratios would you use to determine if the inventory is being managed effectively? How would your findings affect the cash account?
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance
as of July 31, 2017.
On July 31, the company’s Cash account has a $25,752 debit
balance, but its July bank statement shows a $26,965 cash
balance.
Check No. 3031 for $1,070 and Check No. 3040 for $527 were
outstanding on the June 30 bank reconciliation. Check No. 3040 is
listed with the July canceled checks, but Check No. 3031 is...
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $24,924 debit balance, but its July bank statement shows a $26,832 cash balance. b. Check No. 3031 for $1,330, Check No. 3065 for $441, and Check No. 3069 for $2,098 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly...
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