Question

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. c. NSF checks. d. bank service charges.

Answer 1

33
Cash balance per books, 8/31	7000
Add: Notes Receivable and interest collected	1700
Less: Bank charge for check priniting	-40
Less: NSF check	-340
Adjusted cash balance per books on August 31	8320
Option A $8,320 is correct
34
An adjusting entry is not required for outstanding checks
Option A is correct
35
Outstanding checks at the beginning of June	2346	=27750-25404
Add: Checks written for June	37974
Less: Checks presented for payment in June	-32649
Outstanding checks at the end of June	7671
Option C $7,671 is correct