An accounting clerk for Chesner Co. prepared the following bank reconciliation:   Chesner Co. Bank Reconciliation July 31, 20Y4 1 Cash balance according to company’s records   $11,408.00 2 Adjustments:     3 Outstanding checks $3,709.00   4 Error by Chesner Co. in recording Check No. 1056 as $760 instead of $670 90.00   5 Note for $10,000 collected by bank, including interest 10,400.00   6 Deposit in transit on July 31 (8,384.00)   7 Bank service charges (29.00)   8 Total adjustments   5,786.00 9 Cash balance according to bank statement   $17,194.00       A. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Let’s Review section. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. B. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?     Amount Descriptions     Amount Descriptions   Adjusted balance   Bank error in charging Check No. 1056 as $670 instead of $760   Bank error in charging Check No. 1056 as $760 instead of $670   Bank service charges   Deposit in transit on July 31   Error in recording Check No. 1056 as $670 instead of $760   Error in recording Check No. 1056 as $760 instead of $670   Note for $10,000 collected by bank, including interest   Outstanding checks   Total adjustments       Bank Reconciliation     A. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Let’s Review section. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.   Chesner Co. Bank Reconciliation July 31, 20Y4 1 Cash balance according to bank statement     2 Adjustments:     3       4       5       6       7       8 Cash balance according to company’s records     9 Adjustments:     10       11       12       13       14               Final Question     B. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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An accounting clerk for Chesner Co. prepared the following bank reconciliation:
 
Chesner Co.
Bank Reconciliation
July 31, 20Y4
1
Cash balance according to company’s records
 
$11,408.00
2
Adjustments:
 
 
3
Outstanding checks
$3,709.00
 
4
Error by Chesner Co. in recording Check No. 1056 as $760 instead of $670
90.00
 
5
Note for $10,000 collected by bank, including interest
10,400.00
 
6
Deposit in transit on July 31
(8,384.00)
 
7
Bank service charges
(29.00)
 
8
Total adjustments
 
5,786.00
9
Cash balance according to bank statement
 
$17,194.00
 
 
 
A. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Let’s Review section. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
B. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?
 
 
Amount Descriptions
 
 
Amount Descriptions  
Adjusted balance  
Bank error in charging Check No. 1056 as $670 instead of $760  
Bank error in charging Check No. 1056 as $760 instead of $670  
Bank service charges  
Deposit in transit on July 31  
Error in recording Check No. 1056 as $670 instead of $760  
Error in recording Check No. 1056 as $760 instead of $670  
Note for $10,000 collected by bank, including interest  
Outstanding checks  
Total adjustments  
 
 
Bank Reconciliation
 
 
A. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Let’s Review section. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
 
Chesner Co.
Bank Reconciliation
July 31, 20Y4
1
Cash balance according to bank statement
 
 
2
Adjustments:
 
 
3
 
 
 
4
 
 
 
5
 
 
 
6
 
 
 
7
 
 
 
8
Cash balance according to company’s records
 
 
9
Adjustments:
 
 
10
 
 
 
11
 
 
 
12
 
 
 
13
 
 
 
14
 
 
 
 
 
 
 
Final Question
 
 
B. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?
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