9The cash records and bank statement for the month of July for Ravine Incorporated are shown below.Cash BalanceJuly 1, 2024$7,110Date7/97/217/31CashReceipts$8,420Cash ReceiptsDescriptionSalesP.O. Box 123878Gotebo, OK 73041(580) 377-OKIEAccount Holder:Date7/107/227/31SalesSalesBeginning Balance July1, 2024$7,700Amount$2,5603,1402,720$8,420Ravine Incorporated519 Main StreetGotebo, OK 73041Deposits and CreditsAmount$2,5603,14050DEPDEPINTRAVINE INCORPORATEDCash Account RecordsJuly 1, 2024, to July 31, 2024DescriptionDate7/77/127/197/227/30Cash Disbursements$9,160Deposits and CreditsNumber3Date7/27/107/147/187/227/267/30DescriptionEFTEFTDCCHK number 531CHK number 532FIDELITY UNIONYou Can Bank On UsTotal$5,750Cash DisbursementsNumber530MemoRentSalariesEquipmentUtilitiesAdvertisingAccount Number:Statement Date:Number7Withdrawals and DebitsAmount$5901,5001,9604003,80050050=Withdrawals and DebitsTotal$ 8,800DescriptionCHKEFTEFTNSFDCEFTSFCash BalanceJuly 31, 2024$6,370Amount$1,5001,9603,5009001,300$9,1602252790471July 31, 2024Ending Balance July 31,2024$ 4,650Daily BalanceDate7/27/107/147/187/227/26Member FDIC7/307/31Amount$7,1108,1706,2105,8105,1504,6504,600$4 65A $5,750$8,800Description DEP Customer deposit INT Interest earned SF Service feesNOTE Note collected CHK Customer check NSF Nonsufficient fundsEFT Electronic funds transfer DC Debit cardAdditional information:7/31a. The difference in the beginning balances in the company's records and the bank statement relates to check number 530, which isoutstanding as of June 30, 2024.b. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank.c. The EFT on July 26 in the bank statement relates to the purchase of office supplies.Required:1. Prepare a bank reconciliation for Ravine's checking account on July 31, 2024.2. Record the necessary cash adjustments.$4,650

$5,750 $8,800 Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card 7/31 Required: 1. Prepare a bank reconciliation for Ravine's checking account on July 31, 2024. 2. Record the necessary cash adjustments. $4,650 Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024. b. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. c. The EFT on July 26 in the bank statement relates to the purchase of office supplies.

$5,750 $8,800 Description DEP Customer deposit INT Interest earned SF Service fees NOTE Note collected CHK Customer check NSF Nonsufficient funds EFT Electronic funds transfer DC Debit card 7/31 Required: 1. Prepare a bank reconciliation for Ravine's checking account on July 31, 2024. 2. Record the necessary cash adjustments. $4,650 Additional information: a. The difference in the beginning balances in the company's records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024. b. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. c. The EFT on July 26 in the bank statement relates to the purchase of office supplies.

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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The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Cash", "Bank Service Charges", "Interest Income", "Bank Errors", "Interest Expense"] [ Select ] ["$300", "$852", "$30", "$569", "$1,020"] CR [ Select ] ["Bank Errors", "Interest Income", "Bank Service Charges", "Interest Expense", "Cash"] [ Select ] ["$30", "$852", "$569", "$300", "$1,030"] and DR…
Balance as per cash book Cheques deposited but not credited Cheques issued and entered in cash book before 1,500 Dec 31, but not presented for payment until that date 15,000 1,000 Dividend received by the bank Payment made by bank for rent 200 1,000 Locker rent of bank not recorded in cash book 1,200 5,00 3,00 Wrong debit given by bank on Dec 30 Net banking payment entered twice in cash book From the information, prepare bank reconciliation statement to find out the bank statement balance as on December 31.
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Checkbook balance:$1,792.50 Bank statement balance: $972.00 Checks outstanding (checks written which have not yet been cashed): Check No. 455 $50.00 Check No. 477 $88.00 Check No. 479$125.00 Deposits outstanding (deposits made but not yet recorded by the bank): 3/3$550.00 3/4$525.50 Bank service charge:$12.00 Interest earned on your account:$4.00 You have recorded all deposits in your checkbook. RECONCILIATION FORM Balance from bank statement $ Balance from checkbook $ Add outstanding deposits $ $ Add deposits not recorded $ Total outstanding deposits $ Total deposits not recorded $ Subtotal $ Subtotal $ Deduct outstanding checks $ $ $ Deduct bank fees $ Total outstanding checks $ Balance less fees $ Add interest earned $ Adjusted bank balance $ Adjusted checkbook balance $
Based on the following information, what amount would be subtracted from the bank statement side of the bank reconciliation? ATM withdrawal $31; Outstanding checks $135; Interest $4; Deposit in-transit $87.Multiple Choice $139 $166 $87 $135 $31
A -1 Prepared by Reviewed by William, Inc. Bank Confirmation - General Account December 31, 2022 Balance per Bank at December 31, 2022 $20,200.22 * Deposit in Transit - per A-1-2 2,000.00 # Outstanding Checks - per A-1-3 (5,200.00) Other - Note Collected by Bank (10,000.00) ^ Bank Service Charge (9.50) Balance per Books at December 31, 2022 $8,990.72 * f f Column footed. ^ Amount agrees to amount recorded as a deposit on the bank statement and description agrees with receipt enclosed with 12/31/22 bank statement. This note is the Kristopher note receivable that was recorded as a receipt by the client in the cash receipts journal on January 3, 2023. The receivable was appropriately credited and properly reflected in the January cash receipts journal. No adjustment needed as bank and books simply record this in different periods. #Agreed to December 31,…
Problems on Bank Reconciliation Q1 From the following particulars of Al Nava Industries LLC, prepare bank reconciliation statement as on December 31, 2018 -Bank balance as per cash book RO 32,500 -Cheques deposited into bank but not credited up to December 31, 2018 is RO 8,900. -Cheques issued but not presented for payment RO 12,500.* -Bank credited RO 5,000 for receiving dividend through Electronic Clearing System. * -Bank charges debited by Bank RO 400.
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Balance, December 31, 2018 $3,340 ADD: Deposit in transit 100 3,440 LESS: Outstanding checks $400 400 Adjusted bank balance, December 31, 2018 $3,040 Book: Balance, December 31, 2018 $2,540 ADD: Bank collection $510 Interest revenue 20 530 3,070 LESS: Service charge $30 30 Adjusted book balance, December 31, 2018 $3,040
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
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Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.