what is Backus's reconciled balance?
The Backus Inc. cash account had a balance of $1,092 on March 31. This included a bank deposit for $172 that was in transit on the 31st. The March 31 bank statement contained the following information:
| Bank statement balance | $1,089 |
| NSF Check | $32 |
| Bank Service Charge | $7 |
| Collection of notes receivable | $87 |
Backus also had checks outstanding of $279.what is backus's reconciled balance?
a)$1,089
b)$1,140
c)$1,410
d)$1,092
Homework Answers
The goal of the bank reconciliation statement is to make the cash balance per book and the cash balance per bank equal. Any discrepancies between the two records will be considered reconciling items.
| Particulars | Amount$ |
| Cash balance per books | 1,092 |
| Less : NSF Check | 32 |
| Less : Bank Service charge | 7 |
| Add : Collection of notes receivable | 87 |
| Adjusted Cash balance per books | 1,140 |
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records showed a book balance of $69,439 on March 31. The
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items.
A debit memorandum for $42, which covers the bank’s collection
fee for the note (item 6).
A deposit in transit of $3,300.
A check for $240 issued by another firm that was mistakenly
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1) What is the amount of the outstanding cheques at March 31? 2) Prepare the bank...
1) What is the amount of the outstanding
cheques at March 31?
2) Prepare the bank reconciliation at March 31.
(List items that increase balance as per bank &
books first.)
3) Prepare any journal entries required from the
reconciliation.
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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...
Di Stefano Office Supply Company received a bank statement
showing a balance of $67,605 as of March 31, 2019. The firm’s
records showed a book balance of $69,439 on March 31. The
difference between the two balances was caused by the following
items.
A debit memorandum for $42, which covers the bank’s collection
fee for the note (item 6).
A deposit in transit of $3,300.
A check for $240 issued by another firm that was mistakenly
charged to Di Stefano’s...
1) What is the amount of the outstanding
cheques at March 31?
2) Prepare the bank reconciliation at March 31.
(List items that increase balance as per bank &
books first.)
3) Prepare any journal entries required from the
reconciliation.
Problem 7-7A The bank portion of last month's bank reconciliation for Crane Ltd. at February 28 was as follows: CRANE LTD. Bank Reconciliation February 28 Cash balance per bank Add: Deposits in transit $18,022 3,126 21,148 Less: Outstanding cheques #3451...
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