Prepare a bank reconciliation at July 31, 2022. (List items that increase balance as per bank & books first.)PHAROAH COMPANYBank Reconciliation$%24%24 The following information pertains to Pharoah Company.1.Cash balance per bank, July 31, $9,918.2.July bank service charge not recorded by the depositor $57.3.Cash balance per books, July 31, $10,032.4.Deposits in transit, July 31, $4,047.$2,280 collected for Pharoah Company in July by the bank through electronic funds transfer. The accounts receivablecollection has not been recorded by Pharoah Company.5.6.Outstanding checks, July 31, $1,710.

Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…

Answered: Prepare a bank reconciliation at July…

Prepare a bank reconciliation at July 31, 2022. (List items that increase balance as per bank & books first.) PHAROAH COMPANY Bank Reconciliation 2$ $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Answer please provide

A: Step 1: Introduction to the Bank ReconciliationIn accounting, the conduct of monthly bank…

Q: Need help please provide Solutions

A: To determine the cash balance per book for Tyler, Inc. at April 30, 2010, we must consider the…

Q: Problems on Bank Reconciliation Q3 From the following, prepare Bank Reconciliation statement as on…

A: Balance as per Pass /Bank Book = RO 2,950 Refer step 2 for explanation

Q: From the following particulars, prepare Bank reconciliation statement of Mr. Naveed as on June 30,…

A: Bank reconciliation statement is a statement prepare to adjust the balance of cash book or pass book…

Q: 12/29 12/29 12/29 P104,000 12/29 1/02 a. 32,000 48,000 88,000 12/31 12/30 12/30 12/31 12/31 b. 1/02…

A: Bank or the book entries may be overstated or understated due to recording of the transactions on…

Q: 5. Prepare the following bank reconciliation Balance per bank statement, Oct. 31 $10,360 Cash…

A: Check error=$152-$125=$27

Q: The bank portion of the bank reconciliation for Sandhill Co. at October 31, 2022, is shown below.…

A: Compute the error in deposit as follows: Error in deposit = Amount of deposit 11/21 as per bank -…

Q: Collection of $590 on account from Kelly Brooks, a Gate City customer who pays the bank directly ion…

A: The transactions that are to be journalized in the company books are the transactions that affect…

Q: McKnight Company's June 30 bank statement shows a balance of P14,750. Mcknight's books show a June30…

A: Bank reconciliation statement: The bank reconciliation statement (BRS) is prepared to reconcile the…

Q: BANK RECONCILIATION AND JOURNAL ENTRIES - In the Bank Reconciliation Template, prepare a bank…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Problem 3. A Company provide the following bank reconciliation on May 31: Balance per bank statement…

A: Deposits recorded under bank statement for the month of June is 1,800,000 out of which 300,000 is…

Q: 2. The bank column in the cash book for June 2020 and the bank statement for that month for Haris…

A: Cash book credit adjustment=SLM+Bank charges=52+43=RM 95

Q: Use the following bank statement and T-account to prepare the May 31 bank reconciliation. BANK…

A: Bank reconciliation: Bank reconciliation is the statement prepared by company to remove the…

Q: The bank portion of the bank reconciliation for Carla Vista Co. at October 31, 2022, is shown below.…

A: Bank reconciliation Statement: This statement is prepared by the account holder on a particular date…

Q: The Cash account of Safety First Security Systems reported a balance of $2,540 at December 31, 2024.…

A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…

Q: QUESTION 6 You are provided with information relating to Umdoni Stores. The following information…

A: The cash book is one of the important book in which many manipulations can takes place. So cash book…

Q: Required: Prepare the bank reconciliation as of December 31. Cottage Co. Bank Reconciliation At…

A: A bank reconciliation statement is the one prepared by the individual or companies to match their…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,987 • Book…

A: Bank reconciliation statement is prepared to reconcile the bank and book cash balance. All the items…

Q: Using the information below, prepare the Bank Reconciliation for the month of August. Be sure to…

A: A)

Q: Blossom Food Store used the following information in recording its bank reconciliation for the month…

A: Bank Reconciliation Statement is prepared by the bank account holder to reconcile the balance as per…

Q: Question 2 The Bank Statement and Cash Book (bank columns only) for Austin Cambridge for the month…

A: Ideally balance as per cashbook must reconcile with balance as per bank statement. In case of any…

Q: Hunter's November bank statement shows the following: Balance Add: Deposits Debit cheques: Other…

A: A bank reconciliation statement is a summary of banking and business activities that checks that the…

Q: Prepare Journal Entries for Bank Reconciliation Carmen Lui Associates Bank Reconciliation July 31,…

A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $7,651 • Book…

A: Introduction: BRS: To reconcile the difference between Bank book and cash book balances bank…

Q: as per com cords Community Bank on that date showed a credit balance of $15 569.20. A comparison of…

A: Bank reconciliation statement is generally prepared at the end of the month to compare the cash…

Q: Stewart, showed the following bank reconciliation at March 31: Stewart Recording Studio Bank…

A: Note : 1)Since bank book balance as on April 30, is not given, therefore bank statement balance is…

Q: help with this question please provide correct option

A: Step 1: Define Bank Reconciliation:Bank reconciliation is a schedule that prepares by the company to…

Q: Bank Reconciliation

A: Bank reconciliation statement is a a part of financial accounting process to show the reconciliation…

Q: On July 31, 2027, Splish Brothers Company had a cash balance per books of $6,275. The statement from…

A: Bank reconciliation is the process of comparing a company's financial records with those of its bank…

Q: The bank reconciliation shows the following adjustments: Deposits in transit: $852 • Notes…

A: The journal entry made only for two transactions which shows in step no 2

Q: Rainbow Company's December 31, 2019 bank statement showed a balance of $53,410. Rainbow's December…

A: Under recorded cheque issued = Amount in bank statement - Amount recorded in actual = $980 - $890 =…

Q: Waterway, Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement,…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: 1. Prepare a bank reconciliation as of October 31, 20 Johnson Enterprises Bank Reconciliation…

A: Bank Reconciliation is prepared to reconcile the cash balance per book with the balance per bank.

Q: Deposits in transit at August 31 are $3,800. 2 Checks outstanding at August 31 total $1,050. B Petty…

A: 1) Prepare the Bank Reconciliation Statement:

Q: 8,000 and credited to bank account but was not entered in the cash book. Bank charges of RO. 400…

A: We have the following information: Bank balance as per cash book $50,000. Cheques issued but not…

Q: The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank…

A: Bank Reconciliation Statement: It is a statement prepared to reconcile the difference between the…

Q: Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: Use the following bank statement and T-account to prepare the May 31 bank reconciliation. Date May 1…

A: Differences between the cash balance indicated on a bank statement and the amount recorded in the…

Q: CANDY'S CLEANING SERVICES Bank Reconciliation April 30, 2020 $33,452 Book balance Bank balance…

A: There is a possibility that account balance as per book and as per bank will not match in an…

Q: Stewart Recording Studio, owned by Ron Stewart, showed the following bank reconciliation at March…

A: Find the journal entries below for all required transactions

Q: Exercise 4-11A Calculate the balance of cash using a bank reconciliation (LO4-5) On October 31,…

A: preparation of bank reconciliation and recording of journal entry are as follows

Q: ormation pertains to AACA Corp.: AACA Corp. BANK RECONCILIATION November 30, 2022 Balance per…

A: Disclaimer : “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: 1 2 Internal Control and Cash Use a bank reconciliation 4 Skatetown USA's manager Jim Patrick…

A: Bank passbook: The passbook prepared by the bank to record all the transactions of a company through…

Q: Problem 3 Serato Company keeps all its cash In a checking account. An examination of the enttys…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Prepare a bank reconciliation at July 31, 2022. (List items that increase balance as per bank & books first.)
PHAROAH COMPANY
Bank Reconciliation
$
%24
%24

The following information pertains to Pharoah Company.
1.
Cash balance per bank, July 31, $9,918.
2.
July bank service charge not recorded by the depositor $57.
3.
Cash balance per books, July 31, $10,032.
4.
Deposits in transit, July 31, $4,047.
$2,280 collected for Pharoah Company in July by the bank through electronic funds transfer. The accounts receivable
collection has not been recorded by Pharoah Company.
5.
6.
Outstanding checks, July 31, $1,710.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Using the information from given question, what is the reconciled balance on Hapley’s November 30 bank reconciliation?
Please give me correct option
Chapter : Bank Reconciliation Statement
I need help.
Problems on Bank Reconciliation Q6 Prepare Bank Reconciliation statement as on March 31, 2019. On this date the passbook of Al Nasr Industries LLC showed a balance of RO 27,500. -Cheques of RO 14,000 directly deposited by a customer. -Cheques for RO 13,500 were issued during the month of March but of these cheques for RO 1,500 were not presented by the end of March. -The bank collected RO 2,500 as dividend on shares. -Cheques of RO 17500 were paid into bank but of RO 8500 were realized in the month of April.
Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,146.46. Upon comparing the bank statement to the books, the following items were found. а. A bank debit memo issued for an NSF check from a customer of $21.25. b. A bank credit memo issued for interest of $8.50 earned during the month. С. During the evening of July 31, a deposit of $1,948.25 was made, which is not shown on the bank statement. d. A bank debit memo issued for $18.50 for bank service charges. е. Checks for the amounts of $34.00, $17.85, and $93.25 were written during July but have not yet been received by the bank. f. The reconciliation from the previous month, June, showed outstanding checks of $260.80. One of these checks in the amount of $7.38 has not yet been received by the bank. g. After comparing the canceled checks to the bank statement, it was discovered that a check…
Answer #4 only.
QUESTION 21 In preparing its bank reconciliation for the month of April 2021, Delano, Inc. has available the following information. Balance per bank statement, 4/30/21 NSF check returned with 4/30/21 bank statement $78,600 940 Deposits in transit, 4/30/21 Outstanding checks, 4/30/21 Bank service charges for April 10,000 10,400 60 What should be the adjusted cash balance at April 30, 2021? $77,600. O $77,260. $78,020. $78,200.
Use the following bank statement and T-account to prepare the May 31 bank reconciliation. BANK STATEMENT Date Checks Deposits Other Balance May 1 $ 340 May 4 #2 $ 45 $ 85 380 May 12 #4 135 NSF check $ 85 160 May 28 #5 55 105 May 30 #6 50 340 395 May 31 #8 90 Service charge 40 265 Cash (A) Debit Credit May 1 340 May 3 85 45 May 3 #2 105 May 4 #3 135 May 8 #4 55 May 11 #5 50 May 21 #6 May 29 340 60 May 29 #7 May 30 220 90 May 30 #8 May 31 445
Bank reconciliation: Current book balance: $19,250 Balance per bank statement: $15,000 Outstanding checks: $2,000 Bank fees: $250 Deposits in transit: $6,000 What is the reconciled cash amount?
Using the folowing information, prepare a bank reconciliation. • Bank balance: $4,687 • Book balance: $5,690 • Deposits in transit: $1,546 • Outstanding checks: $956 • Interest income: $53 • NSF check: $466
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,…