Use the following format on a separate sheet of paper to calculate the adjusted checkbook balance and adjusted statement balance. Respond with the adjusted amount only. There is no need to provide the reconciliation on the assignment or space provided. CHECKBOOK BALANCE Add: Interest Earned & Other Credits SUBTOTAL Deduct: Services Charges & Other Debits ADJUSTED CHECKBOOK BALANCE STATEMENT BALANCE Add: Deposits in Transit SUBTOTAL Deduct Outstanding Checks ADJUSTED STATEMENT BALANCE

Use the following format on a separate sheet of paper to calculate the adjusted checkbook balance and adjusted statement balance. Respond with the adjusted amount only. There is no need to provide the reconciliation on the assignment or space provided. CHECKBOOK BALANCE Add: Interest Earned & Other Credits SUBTOTAL Deduct: Services Charges & Other Debits ADJUSTED CHECKBOOK BALANCE STATEMENT BALANCE Add: Deposits in Transit SUBTOTAL Deduct Outstanding Checks ADJUSTED STATEMENT BALANCE

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.4.3P

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Question Content Area Using the following information: The bank statement balance is $5,065. The cash account balance is $5,459. Outstanding checks amounted to $866. Deposits in transit are $1,191. The bank service charge is $60. A check for $34 for supplies was recorded as $25 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
QUESTION 9 The Gatedown Company's bank statement has an ending cash balance of $14,110.00. The cash account in the general ledger has a balance of $12,477.00. Based on the following reconciling items, prepare a bank reconciliation. a) Bank service charge of $20.00 b) Deposit in transit $3,190.00 c) A check was returned NSF $645.00 d) Outstanding check $688.00 e) Note collected by the bank, credit memoranda, $4,800.00 What is the total of subtractions to arrive at the book balance? A) 645.00 B) 555.00
Q. 14 A check register shows a balance of $391.63 before adding a deposit of $12.33 and writing three checks for $3.78, $4.92, and $11.17. Compute the new cash balance shown in the check register.
QUESTION 8 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 7. An EFT payment made by a receivable for R4 300 on 31 October 20.19 appeared in the bank statement but not in the Balance per Cash Book R6 500 credit October Cash Book. Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following was noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the R4 300 deposit (no. 7) must be recorded as follows: In the debit column of the Bank reconciliation statement as R4 300 O In the credit column of the Bank reconciliation statement as R4 300 Not recorded in the Bank account or the Bank reconciliation statement On the debit side of the Bank account as R4 300 On…
Use the information from the attached image to answer questions 10 – 14. This is Mason's monthly bank statement and check register. What is the ending balance on the statement? Answers A. $1,352.61 B. $1,257.23 C. $1,241.66 D. $747.61 Question11. What is the total of the outstanding deposits? Answers A. $20 B. $625 C. $605 D. $8 Question12. What is the total of the outstanding withdrawals? Answers A. $130.95 B. $87.38 C. $8.00 D. $43.57 Question13. What is the revised statement balance? Answers A. $1,241.66 B. $1,277.23 C. $1,233.66 D. $1,352.61 Question14. What is the revised balance of the check register? Answers A. $1,198.09 B. $1,257.23 C. $1,233.66 D. $1,291.66
Question 2 Sage Hill Inc.’s bank statement from Main Street Bank at August 31, 2022, gives the following information. Balance, August 1 $18,585 Bank debit memorandum: August deposits 71,185 Safety deposit box fee $ 40 Checks cleared in August 68,663 Service charge 65 Bank credit memorandum: Balance, August 31 21,062 Interest earned 60 A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,885; receipts $74,185; disbursements $73,555; and balance, August 31, $19,515. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,815 and outstanding checks of $4,515. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was journalized and posted for $40.…
On December 10, you receive your bank statement showing a balance of $2,981.97. Your checkbook shows a balance of $2,782.86. Outstanding checks are $387.86 and $175.56. The account earned $122.85. Deposits in transit amount to $479.16, and there is a service charge of $8.00. Calculate the reconciled balance. O $199.11 $2,668.01 $2,897.71 O $4,024.55
Question 5 Fred's Supply's month end bank statement shows a balance of $13,000. Outstanding checks were $10,000, and the $25,000 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.
Problem 17: Use the following information for the next five questions: Sky Blue Corporation's bank account for May and June of 2021, were as follows: May data are as follows: Balance per bank, May 31 Balance per books, May 31 Deposits in transit Checks outstanding Bank service charge 10,500 11,864 1,500 150 14 June data are as follows: Bank Books Receipts Deposits recorded Deposits received Collection by bank (P2,000 noteplus interest) Disbursements Checks issued and recorded Checks paid Service charges recorded Check payment for utilities erroneously charge by the bank against the account of Royal Blue Company on June 30 9,000 8,100 2,100 11,800 11,500 12 14 50 47. How much is the correct disbursements for the month of June? 48. How much is the correct receipts for the month of June? 49. How much is the correct cash balance for the month of June? 50. How much is the correct cash balance for the month of May? 51. How much is cash shortage/ (overage)? 52. Prepare adjusting entries, if…
QUESTION 6 Brown Company's bank statement for September 30 showed: Bank statement balance Book balance of cash $2,790 $3,724 The following information was also available as of September 30: a. A customer's check for $150 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $10 processing fee. b. The September 30 cash receipts, $3,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c. Outstanding checks amounted to $2,190. d. A check for rent expense was written for $326 but by mistake was recorded in the accounting records as $362. Required: Prepare bank reconciliation as of September 30.
QUESTION 6 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 5. Service fees of R350 appeared on the bank statement but not in the Cashbook. Balance per Cash Book R6 500 credit Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following was noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the service fees of R350 (no. 5) must be recorded as follows: On the credit side of the Bank account as R350 O In the debit column of the Bank reconciliation statement as R350 O In the credit column of the Bank reconciliation statement as R350 On the debit side of the Bank account as R350 Not recorded in the Bank account or the Bank reconciliation statement