Triple Company collected the following information to prepare its September bank reconciliation: Cash balance per books, December 31, $75,750. Note receivable of $4,200 plus $300 of interest collected, $4,500. Outstanding checks, $14,500. Deposits in transit, $10,250. Triple Company erroneously recorded a $320 outflow as a $230 cash outflow. The bank erroneously subtracted $750 from Triple Company's checking account. The bank should have subtracted the money to a different customer's account. Bank service charges, $50. NSF check, $600. How much is the adjusted cash balance per books on December 31? Show
Triple Company collected the following information to prepare its September bank reconciliation: Cash balance per books, December 31, $75,750. Note receivable of $4,200 plus $300 of interest collected, $4,500. Outstanding checks, $14,500. Deposits in transit, $10,250.
Triple Company erroneously recorded a $320 outflow as a $230 cash outflow. The bank erroneously subtracted $750 from Triple Company's checking account. The bank should have subtracted the money to a different customer's account. Bank service charges, $50. NSF check, $500. How much is the adjusted cash balance per books on December 31? an: $79,610 Note: Triple Company paid $320 but subtracted only $230 from its books. The company needs to subtract an additional $90. Double Company collected the following information to prepare its September bank reconciliation: Cash balance per bank,
September 30, $72,700. Note receivable of $1,700 plus $200 of interest collected, $1,900. Outstanding checks, $4,600. Deposits in transit, $2,150. Double Company erroneously recorded a $1,000 cash outflow as a $100 cash outflow. The bank erroneously deducted $300 from Double Company's checking account. The bank should have taken the money from a different customer's account. Bank service charges, $50. NSF check, $450. How much is the adjusted cash balance per bank on September
30? an: $70,550 Note: The bank removed money from Double Company's account; the bank statement understates Double's cash balance and the bank needs to be notified and instructed to return the money to Double's bank account. Barker Company collected the following information to prepare its November bank reconciliation: Cash balance per bank, November 30 Sets with similar termsRecommended textbook solutionsFinancial Accounting4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,009 solutions
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Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Financial Accounting4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions Accounting23rd EditionCarl S Warren, James M Reeve, Jonathan E. Duchac 2,210 solutions Which of the following items from the bank reconciliation require a journal entry?Examples of items requiring a journal entry as the result of the bank reconciliation include:. Bank service charges which are often shown on the last day of the bank statement. ... . Check printing charges.. Customer checks that were deposited but are now returned as NSF (not sufficient funds). Bank fees for returned checks.. Which of the following items on a bank reconciliation would not require a journal entry?Answer and Explanation: Outstanding checks are recorded already in the book, so it is a bank reconciling item. The company would prepare journal entries for book reconciling items only. Thus, outstanding checks do not need journal entry.
Which of the following reconciling items on a bank reconciliation require an adjusting journal entry to the balance of the cash account?NSF check. An example of a bank reconciliation item that requires an adjusting entry is the NSF checks. These are checks received and presented to the bank but are not cleared or honored by the bank because there is No Sufficient Funds (NSF).
What types of journal entries are usually required after preparing a bank reconciliation?Examples of Journal Entries in a Bank Reconciliation. Bank fees or service charges for maintaining the account, fees for returned checks, processing wire transfers, check printing, etc.. Bank interest earned.. Loan payments.. Electronic charges or remittances from suppliers and others.. |