A company's Cash account shows a balance of $5,630 at the end of the month. Comparing the company's Cash account with themonthly bank statement reveals several additional cash transactions such as deposits outstanding ($1,270), checks outstanding($2,410), bank service fees ($44), an NSF check from a customer ($240), a customer's note receivable collected by the bank ($570),and interest earned ($70).Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction list:X:ARecord the entries that increase cash.Record the entries that decrease cash.CreditNote := journal entry has been entered%DRecord entryClear entryView general journal:X:

Answered: A company's Cash account shows a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At the end of April, Meyer Company had a $7,990 balance in its cash account, while its bank statement for April showed an ending cash balance of $7,100. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer's customers. Meyer's records show a $800 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.
A company's Cash account shows a balance of $3,420 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($400), a customer's note receivable collected by the bank $(1,400), and interest earned $(170). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
The following information relates to Oriole Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $19,590. During the month of July, Oriole recorded cash receipts of $21,400 and cash payments of $24,300 in the general ledger Cash account. An examination of the company's July bank statement shows a balance of $19,630 on July 31; outstanding cheques $4,000; deposits in transit $1,820; EFT collections on account that were not yet recorded on the books $2,192; NSF cheque $1,248; NSF fee $72; and bank service charges $112. Determine the cash balance per Oriole Limited's books. Cash balance Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.) Add Cash balance per bank Bank service charge Reconciled cash balance per bank Deposits in transit NSF cheque and fee Outstanding cheques EFT collections on account Oriole Limited Bank Reconciliation July 31 $
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Damon Company receives its monthly bank statement, which reports a balance of $2,000. After comparing this to the company’s cash records, Damon’s accountants determine that deposits outstanding total $4,200 and checks outstanding total $4,450.Required:Calculate the reconciled bank balance for cash.
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The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank statement as of that date showed a balance of $7,470. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. 3. 4. 5. 6. 7. (a) There were bank service charges for June of $45. A bank memo stated that Bao Dai's note for $2,160 and interest of $64.80 had been collected on June 29, and the bank had made a charge of $9.90 on the collection. (No entry had been made on Sheffield's books when Bao Dai's note was sent to the bank for collection.) Receipts for June 30 for $6,102 were not deposited until July 2. Checks outstanding on June 30 totaled $3,844.89. The bank had charged the Sheffield Co.'s account for a customer's uncollectible check amounting to $455.76 on June 29. A customer's check for $162 (as payment on the customer's Accounts Receivable) had been entered as $108 in the cash receipts journal by Sheffield on June 15. Check no. 742 in the amount…
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Infinity Emporium Company received the monthly statement for its bank account, showing a balance of $67,300 on August 31. The balance in the Cash account in the company's accounting system at that date was $72,628. The company's accountant reviewed the statement and the company's accounting records and noted the following. 1. 2. 3. After comparing the cheques written by the company with those deducted from the bank account in August, the accountant determined that all six cheques (totalling $6,180) that had been outstanding at the end of July were processed by the bank in August. However, five cheques written in August, totalling $4,500, were outstanding on August 31. A review of the deposits showed that a deposit made by the company on July 31 for $11,532 was recorded by the bank on August 1, and an August 31 deposit of $13,300 was recorded in the company's accounting system but had not yet been recorded by the bank. The August bank statement also showed: a service fee of $24 a…
Peterson Company's general ledger shows a cash balance of $7,720 on May 31. May cash receipts of $1,340, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check for $190 and a service fee of $60. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,710. The bank statement shows a balance of $7,840 on May 31. Prepare a bank reconciliation to calculate the correct ending balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Before reconciliation After reconciliation PETERSON COMPANY Bank Reconciliation May 31 SA Company's Cash Balance Before reconciliation 0 After reconciliation SA 0
Hathaway Company’s general ledger shows a cash account balance of $23,290 on July 31, 2024. Cash sales of $1,839 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $51 and an NSF check from a customer of $310. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,470. The bank statement shows a balance of $22,560 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. 2. Record the necessary entry(ies) to adjust the balance for cash.

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