Here it is with the checkbook ledger info: it is question 6. 6. Checking account reconciliation. Uat the Second State Bank. His checkbookS achhing on their sWorksheet 4.1. Mateo Gonzalez has aninterest-paying (NOW) checking accourtfalls below $750 during four monthsaccount falls below minimum balance,average monthly balance $815, accourwould you recommend them to view the ad-a low-interest-rate environment, and howWhat would you tell this retired couple aboutFinancial Planning Exercises10:06 1Financial PlanningExercisesLO11.to a low-interest-rate envi-Cem about the really low interest ratethey're egonr savings. They'veLO4aoy an adviser who says he hasre-fire" way to get them higher returnsledger lists the following checks:AmountCheck Number654$206.05Viser's new prospective investments?2. Comparing banks online. What typeLO2, 3,455.22658103.00bank serves your needs best?Visit the Internetsites of the following institutions and preparea chart comparing the services offered, suchas traditional and online banking, investmentservices, and personal financial advice. Whichone would you choose to patronize, and why66299.006686.1067050.2567124.90672a.32.45Wells Fargo (https://www.wellsfargo.com)-a nationwide, full-service bank67344.50674b.A leading, local commercial bank inyour area30.0067530.00676C.A local savings institution111.23677d.A local credit union38.04678LO2, 3,43. Choosing a new bank. You're gettingmarried and believe your present bank isnot a good fit. Discuss how you should goabout choosing a new bank and openingan account. Consider the factors that areimportant to you in selecting a bank-suchas the type and ownership of new accountsand bank fees and charges97.99679486.7068043.5068175.0068298.50683Mateo also made the following withdrawalsand deposits at an ATM near his home:4. Exposure from stole card. Supposethat someone stole your ATM card andwithdrew $1,000 from your checking account.How much money could you lose (accordingto federal legislation) if you reported thestolen card to the bank: (a) the day the cardwas stolen, (b) 6 days after the theft, (c) 65 daysafter receiving your periodic statement?DateAmountTransaction11/1$50.00Withdrawal11/2$525.60Deposit11/6$100.00Deposit5. Calculating the net costs of checkingaccounts. Determine the annual net cost ofthese checking accounts:11/14$75.00Withdrawal11/21$525.60Deposit11/24$150.00WithdrawalMonthly fee $4, check-processinga.fee of 20 cents, average of 23 checks11/27$225.00Withdrawalwritten per month11/30$400.00Depositb.Annual interest of 1.5 percent paid ifbalance exceeds $750, $8 monthly fee ifMateo's checkbook ledger shows anending balance of $286.54. He has justing Basic AssetsSend a chat4924

To determine: The checking account reconciliation of person MG. A checking account is an…

Answered: ledger lists the foliowing checks:…

ledger lists the foliowing checks: Worksheet 4.1. Mateo Gonzalez has 6. Checking account reconciliation. u at the Second State Bank. His checkbook interest-paying (NOW) checking accou

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 4.5C

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7. Mac Valent deposited. his paycheck for $209.81. The check register be]ow shows his transactions since opening his account. What is his balance after each transaction? Description of Transaction Payment/ Debit ✔ Deposit/Credit (+) (-) Balance Brought Forward Trans Type Date or Check # 101 102 103 8/12 Electric Co-op 8/18 Sharp's Grocery 8/20 Gimble's Auto Rep. 47 53 107 15 03 30 Balance 209 81
Interest on your bank balance: Suppose your bank account has a balance todayof $100. Consider the following time periods: t = 0, t = 1, t = 2, t = 12,t = 24, t = 48, and t = 60. Assume there are no deposits or withdrawalsin this account other than the interest that accumulates. (If you like, use aspreadsheet program to help you with this question.)(a) Compute your bank balance for these time periods assuming the interestrate is 1%.(b) Do the same thing for an interest rate of 6%.(c) Plot your bank balances for these two scenarios on a standard scale.(d) Do the same thing with a ratio scale.
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
You have a checking account and a savings account at a credit union. Your checking account has a constant balance of $500. The table shows the total balance of the accounts over time. Total Year, t balance $2500 1 $2540 2 $2580.80 $2622.42 4 $2664.86 $2708.16 a. Write a function m that represents the balance of your savings account after t years. m(t) b. Write a function B that represents the total balance of the two accounts after t years. B(t) =
On December 15, you received your bank statement showing a balance of $2,275.34. Your checkbook shows a balance of $2,437.40. Outstanding checks are $225.50 and $356.10. The account earned $77.55. Deposits in transit amount to $805.21, and there is a service charge of $16.00. Calculate the reconciled balance. O $162.06 O $2,051.73 O $2,375.85 O $2,498.95
Using the check register below and the following bank statement, prepare a bank reconciliation for Lee.com. Note: Input all amounts as positive values. Round your answers to 2 decimal places. NUMBER 959 960 960 961 962 962 RECORD ALL CHARGES OR CREDITS THAT AFFECT YOUR ACCOUNT ✓ FEE (IFANY) (-) DATE 2022 8/7 8/15 8/19 8/20 8/24 7/29 Date 8/1 balance 8/18 8/19 8/26 8/30 DESCRIPTION OF TRANSACTION AT&T Staples Deposit West Electric Bank of America Deposit BANK STATEMENT Checks $ 143.50 319.24 15.00 SC PAYMENT/ DEBIT (-) $143.50 Deposits $ 800.00 66.10 451.88 319.24 Balance $ 4,500.75 4,357.25 5,157.25 4,838.01 4,823.01 $ DEPOSIT/ CREDIT (+) $ 800.00 400.30 BALANCE $4,500.75 -143.50 4357.25 -66.10 4291.15 800.00 5091.15 -451.88 4639.27 -319.24 4320.03 400.30 $ 4720.33
Lowell Bank reported the following checking account fees: $2 to see a real-live teller, $20 to process a bounced check, and $1 to $3 if you need an original check to prove you paid a bill or made a charitable contribution. This past month you had to transact business through a tellet six times-a total $12 cost to you. Your bank statement shows a $305,33 balance your checkbook shows a $1,009.76 balance. You received $1.10 in interest. An $80115 deposit was not recorded on your statement. The following checks were outstanding: No. 413. $28.30, No. 414, $18.60, and No. 418, $60.72. Prepare your bank reconciliation (Input all amounts as positive values. Round your answers to 2 decimal places) Checkbook balance Add: Interest Subtotal Deduct Teller fee Reconciled balance Y BANK RECONCILIATION $ 1,009 76 Bank balance Add: 1.10 $1,010.86 12.00 $ 998 58 Deposit in transit Subtotal Deduct Outstanding checks (total) Reconciled balance - ** $ 74 $ 305.33 801.15 1,106.48 107,62 998.86
Choose the correct option. If you prepare a bank reconciliation based on the following information, what would be the correct general ledger chequeing account book balance? Bank Statement Balance at end of month: $1,500.00 Outstanding Cheques: $150.00, $50.00, $25.00, $20.00 Deposits in transit: $75.00 OPTIONS $1,670.00 $1,180.00 $1,330.00 $1,255.00
Consolidated Paper has just completed its bank reconciliation for the month of Febrruary 2023 as shown below. Balance per bank....... Add: Deposit in transit......... O Less: Outstanding checks... $16,200 2,600 (900) Balance per books...... Add: Interest earned. Less: Bank service charge.... Add: Error in posting payment of accounts receivable Reconciled balance........ $17,900 customer............ $17,400 200 (100) 2 3 Reconciled balance............... 4 5 a. Prepare the adjusting entry (debits and credits) that is needed as a result of the bank reconciliation. 6 b. What cash balance will Consolidated Paper report on its February 28, 2023 financial statements 7 8 9 0 1 400 $17,900
Now, with Jacques’s latest bank statement and his check register or ledger in hand, you can examine the documents. Fourth State Bank of San Francisco, CA Statement of Account Jacques Smythe June 20XX 550 Angel Street San Francisco, CA Account 348596 Date Description Subtractions Additions Balance 6-01 Previous balance 1,446.50 6-01 Deposit 300.00 1,746.50 6-03 Check 300 700.00 1,046.50 6-04 Check 301 350.00 696.50 6-05 ATM withdrawal 25.00 671.50 6-05 Deposit 75.00 746.50 6-11 ATM withdrawal 35.15 711.35 6-15 Deposit 300.00 1,011.35 6-18 Check 302 210.00 801.35 6-21 ATM withdrawal 47.65 753.70 6-22 Deposit 105.00 858.70 6-24 Check 303 70.00 788.70 6-26 ATM withdrawal 50.00 738.70 Jacques’s Account Ledger Date Transaction Description Deposit Withdrawals Balance Jun-01 Deposit - Payroll $300.00 $1,746.50 Jun-03 Check 300 - Rent $700.00 1,046.50 Jun-04 Check 301 - Car payment…
You have been asked to help out a small Landscaping company by preparing their month-end bank reconciliation for February, 2022. You have gathered the following information: Balance per the bank statement, February 28, 2022 $5,033 Unadjusted balance per books (G/L), February 28, 2022 $1,950 A deposit made on February 28th not yet recorded by the bank $6,375 Outstanding cheques (total) as of February 28, 2022 $4,928 You found the following items on the bank statement that were either not included in the books (G/L) or were entered incorrectly: Bank Service Charges $35 NSF cheque from R. Bounce was returned by the bank $685 (this was for an outstanding account receivable) Note and interest collected by the bank on behalf of the company $5,250 ($5,000 is for the note and $250 is interest that was collected) Required – а. Prepare the adjusting entries required for the cash account. Calculate the adjusted balance per books. b. Prepare a bank reconciliation as at February 28.
On December 15, you recieved your bank statement showing a balance of $2270.32. Your checkbook shows a balance of $2433.33. Outstanding checks are $225.50 and $356.20. The account earned $77.52. Deposits in transit amount to $805.23, and there is a service charge of $17.00. Calculate the reconciled balance. options are: a. 163.01 b. 2046.79 c. 2372.81 d. 2493.85