Fred's Supply's month end bank statement shows a balance of $12,000. Outstanding checks were $10,000, and...
Fred's Supply's month end bank statement shows a balance of $12,000. Outstanding checks were $10,000, and the $13,000 deposit on the last day of the month is not yet shown on the bank statement since it was made after 4 p.m. Bank service fees of $35 and a returned check (NSF) of $27 were shown on the statement are not yet recorded on the books. What is the correct (reconciled) month-end cash amount? Respond in a whole number, no commas and no dollar signs.
Homework Answers
| Correct Cash Balance | = | 14992 |
| Workings: | ||
| Bank statement balance | 12000 | |
| Add: | ||
| NSF checks | 27 | |
| Deposit in transit | 13000 | 13027 |
| 25027 | ||
| Deduct: | ||
| Checks Outstanding | 10000 | |
| Service fees | 35 | 10035 |
| Correct Cash Balance | 14992 |
Add Answer to:
Fred's Supply's month end bank statement shows a balance of
$12,000. Outstanding checks were $10,000, and...
Beckett Co. received its bank statement for the month ending June 30, 2019. and reconciled the...
Beckett Co. received its bank statement for the month ending June 30, 2019. and reconciled the statement balance to the June 30, 2019, balance in the Cash account. The reconciled balance was determined to be $6.658. The reconciliation recognized the following items: 1. Deposits in transit were $3,426. 2. Outstanding checks totaled $2.744 3. Bank service charges shown as a deduction on the bank statement were $51. 4. An NSF check from a customer for $664 was included with the...
Beckett Co. received its bank statement for the month ending June 30, 2019, and reconciled the...
Beckett Co. received its bank statement for the month ending June 30, 2019, and reconciled the statement balance to the June 30, 2019, balance in the Cash account. The reconciled balance was determined to be $6,462. The reconciliation recognized the following items: Deposits in transit were $3,326. Outstanding checks totaled $2,634. Bank service charges shown as a deduction on the bank statement were $59. An NSF check from a customer for $618 was included with the bank statement. Beckett Co....
The bank statement for Michelle's Boutique indicates a balance of $8,252.15 on February 28th. The cash...
The bank statement for Michelle's Boutique indicates a balance of $8,252.15 on February 28th. The cash account in the depositor's records had a balance of $4,501.10. Prepare a bank reconciliation on the basis of the following items: 1. Outstanding checks amounted to $5,500.13 2. Deposit in transit are $500.00. 3. Bank collected a note for Michelle's for $51. 4. ANSF check was found on the bank statement for $1,300.08. 5. NOTE: Do not use commas, minus signs or a dollar...
If the month-end bank statement shows a balance of R.0.54,000, outstanding checks are R.O.18,000, a deposit...
If the month-end bank statement shows a balance of R.0.54,000, outstanding checks are R.O.18,000, a deposit of R.0.6,000 was in transit at month end, and a check for R.O.750 was erroneously added by the bank to the account, the correct balance in the bank account at month end is Select one: a. R.0.42,750. b.R.O.41,250. c. R.0.65,250. d.R.O.30,750.
The bank statement for Michah Mack Construction Co. indicates a balance of $9,184.60 on June 30....
The bank statement for Michah Mack Construction Co. indicates a balance of $9,184.60 on June 30. The cash account in the depositor's records had a balance of $6,767.10. Prepare a bank reconciliation on the basis of the following items: 1. Outstanding checks amounted to $3,192.50. 2. Deposit in transit are $700.00 3. Bank debit memorandum for service charges is $30. 4. A check for $83 for supplies was recorded as $38 in the ledger. 5. NOTE: Do not use commas,...
Branson Company received its bank statement for the month ending May 31, 2022
ranson Company received its bank statement for the month ending May 31, 2022, and reconciled the statement balance to the May 31, 2022, balance in the Cash account. The reconciled balance was determined to be $36,400. The reconciliation recognized the following items:A deposit made on May 31 for $22,700 was included in the Cash account balance but not in the bank statement balance.Checks issued but not returned with the bank statement were Number 673 for $4,550 and Number 687 for...
Branson Co. received its bank statement for the month ending May 31, 2019, and reconciled the...
Branson Co. received its bank statement for the month ending May 31, 2019, and reconciled the statement balance to the May 31, 2019, balance in the Cash account. The reconciled balance was determined to be $36,400. The reconciliation recognized the following items: A deposit made on May 31 for $22,700 was included in the Cash account balance but not in the bank statement balance. Checks issued but not returned with the bank statement were No. 673 for $4,550 and No....
Exercise 4-44 (Algorithmic) Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of...
Exercise 4-44 (Algorithmic) Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $21,676, whereas Johnson's cash account shows a balance of $21,220 on October 31. The following additional information is available: A $755 deposit made on October 31 was not recorded by the bank until November. At the end of October, outstanding checks total $1,222. The bank statement shows bank service charges of $125 not yet recorded by the company. The company erroneously recorded as $973...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the checkbook. have been subtracted on the bank records but not the checkbook records. have been returned to the business for nonpayment. haven't been presented to the bank for payment and haven't been subtracted from the checkbook. Question 2 (5 points) Using the following information, calculate the adjusted cash balance at the end of April. $2.000 Bank statement ending cash balance General ledger cash balance...
In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following...
In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: Cash balance per company books on January 30 $ 5,325 Deposits in transit at month-end $ 1,920 Outstanding checks at month-end $ 580 Bank service charges $ 31 EFT automatically deducted monthly, not yet recorded by Maxi $ 500 An NSF check returned on a customer account $ 325 The adjusted cash balance per the books on January 31 is:
Beckett Co. received its bank statement for the month ending June 30, 2019. and reconciled the statement balance to the June 30, 2019, balance in the Cash account. The reconciled balance was determined to be $6.658. The reconciliation recognized the following items: 1. Deposits in transit were $3,426. 2. Outstanding checks totaled $2.744 3. Bank service charges shown as a deduction on the bank statement were $51. 4. An NSF check from a customer for $664 was included with the...
The bank statement for Michelle's Boutique indicates a balance of $8,252.15 on February 28th. The cash account in the depositor's records had a balance of $4,501.10. Prepare a bank reconciliation on the basis of the following items: 1. Outstanding checks amounted to $5,500.13 2. Deposit in transit are $500.00. 3. Bank collected a note for Michelle's for $51. 4. ANSF check was found on the bank statement for $1,300.08. 5. NOTE: Do not use commas, minus signs or a dollar...
If the month-end bank statement shows a balance of R.0.54,000, outstanding checks are R.O.18,000, a deposit of R.0.6,000 was in transit at month end, and a check for R.O.750 was erroneously added by the bank to the account, the correct balance in the bank account at month end is Select one: a. R.0.42,750. b.R.O.41,250. c. R.0.65,250. d.R.O.30,750.
The bank statement for Michah Mack Construction Co. indicates a balance of $9,184.60 on June 30. The cash account in the depositor's records had a balance of $6,767.10. Prepare a bank reconciliation on the basis of the following items: 1. Outstanding checks amounted to $3,192.50. 2. Deposit in transit are $700.00 3. Bank debit memorandum for service charges is $30. 4. A check for $83 for supplies was recorded as $38 in the ledger. 5. NOTE: Do not use commas,...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the checkbook. have been subtracted on the bank records but not the checkbook records. have been returned to the business for nonpayment. haven't been presented to the bank for payment and haven't been subtracted from the checkbook. Question 2 (5 points) Using the following information, calculate the adjusted cash balance at the end of April. $2.000 Bank statement ending cash balance General ledger cash balance...
Most questions answered within 3 hours.
-
Calculate the mass of sodium propionate (NaC3H5O2 96.061g/mol)
that needs to be added to 143.0g of...
asked 2 minutes ago -
Explain the process of An oxidation reduction reaction and how it
is related to the movement...
asked 3 minutes ago -
Comment on the harm reduction model as presented
here and in other literature you may have...
asked 5 minutes ago -
If
a penny and a piece of a brick that is the size and mass of...
asked 24 minutes ago -
Does Brazil have a city that is an important financial center?
Does Brazil have its own...
asked 24 minutes ago -
Elizabeth Soltis owns and operates Aunt Ibby's Styling Salon. A
year-end work sheet is provided below....
asked 25 minutes ago -
The following income statement items appeared on the adjusted
trial balance of Schembri Manufacturing Corporation for...
asked 46 minutes ago -
1.A Chem 1211L student performed this experiment. He used 3.100
g of mixture and determined it...
asked 1 hour ago -
In general, what should an employer do whenever an employee
leaves the firm?
A. Their accounts...
asked 1 hour ago -
Swap Cases
- Write a python program to swap cases. LowerCase letters to
Upper
case and...
asked 1 hour ago -
A normal distribution of scores has a mean of 240 and a standard
deviation of 40....
asked 1 hour ago -
As a technician in a large pharmaceutical research firm, you
need to produce 200. mL of...
asked 1 hour ago