On December 31, after all transactions have been recorded, the balance in the company's Cash account has a balance of $ 23,266 .1 The company's bank statement shows a balance on December 31 of $24,529 .2 Outstanding checks at December 31 total $5,370.3 The bank collected $3,190 on a note receivable that is not yet recorded by Muharraq Company .4 A $452 NSF check from a customer, J. Ahmed is shown on the bank statenment but not yet recorded by the company .5 A deposit placed in the bank's night depository on December 31 totaling $6.615 did not appear on the bank statement .6 Comparing the checks on the bank statement with the entries in the accounting records reveals that check #845 for the payment of an account payable was correctly .7 written for $2,560 but was erroneously recorded in the accounting records as $2,710 Included in the bank statement was a bank service charge in the amount of S380. It has not been recorded on the company's books .8 :Required .a. Calculate the adjusted bank balance .b. Calculate the adjusted book balance (PLEASE SHOW ALL OF YOUR CALCULATIONS) (Mac Ju l ha ALT+ ENAE10

On December 31, after all transactions have been recorded, the balance in the company's Cash account has a balance of $ 23,266 .1 The company's bank statement shows a balance on December 31 of $24,529 .2 Outstanding checks at December 31 total $5,370.3 The bank collected $3,190 on a note receivable that is not yet recorded by Muharraq Company .4 A $452 NSF check from a customer, J. Ahmed is shown on the bank statenment but not yet recorded by the company .5 A deposit placed in the bank's night depository on December 31 totaling $6.615 did not appear on the bank statement .6 Comparing the checks on the bank statement with the entries in the accounting records reveals that check #845 for the payment of an account payable was correctly .7 written for $2,560 but was erroneously recorded in the accounting records as $2,710 Included in the bank statement was a bank service charge in the amount of S380. It has not been recorded on the company's books .8 :Required .a. Calculate the adjusted bank balance .b. Calculate the adjusted book balance (PLEASE SHOW ALL OF YOUR CALCULATIONS) (Mac Ju l ha ALT+ ENAE10

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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Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 • Book balance: $8,866 • Deposits in transit: $1,832 Outstanding checks: $589 and $1,623 • Bank service charges: $50 • Bank incorrectly charged the account $50. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
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