Problem 2: Prepare the reconciliation statement for Goldsmith Financial Services for August 31. Checkbook balance $2100 Deposits in transit $400 Bank statement balance $3000 Collection of note receivable $810 Service charge for the month $30 Outstanding checks $1100 EFT check $580

Problem 2: Prepare the reconciliation statement for Goldsmith Financial Services for August 31. Checkbook balance $2100 Deposits in transit $400 Bank statement balance $3000 Collection of note receivable $810 Service charge for the month $30 Outstanding checks $1100 EFT check $580

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: Balance, September 1 Checks BANK STATEMENT Deposits September 7 NSF check September 11 $ 3,000…

A: StepsTo calculate the total amount of Cash that should be reported on the balance sheet as of…

Q: In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles…

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

Q: Use the following bank statement and T-account to identify outstanding deposits that should be…

A: Bank reconciliation statement is prepared by the entity for the purpose of reconciling the…

Q: The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT…

A: Bank Reconciliation statement Bank Reconciliation Statement is the statement which is prepared to…

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: Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for…

A: Formula: Adjusted Cash balance = Cash balance per bank + Deposit in Transit - outstanding checks.

Q: Hello tutor please help with calculation

A: Step 1: Step 2: Step 3: Step 4:

Q: Fast answer please

A: a. Outstanding checks are checks that have been issued but not yet presented for payment or cleared…

Q: 15,000 1,500 P1.588,500 following information relates to the cash in bank of HALLOWED Company. Their…

A: Bank reconciliation-The balance is of bank in cash and the bank book doesn't match sometimes. This…

Q: Need help with this Question please provide Solutions in Text Format

A: Description Amount Balance as per Cash Book $6275Less : Bank Charge−$45Add : Notes Receivable and…

Q: QUESTION 25 In the process of reconciling its bank statement for January, Maxi's Clothing's…

A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…

Q: The following information is made available to you: Outstanding checks, end of the month Deposits in…

A: Adjusted cash balance refers to the physical document which reflects the details about the desired…

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

A: A)

Q: Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received…

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

Q: The following is from Tyrone's bank statement for April: April 1 Beginning Balance.... $ 136.00 3…

A: This statement is prepared to reconcile the balance between books and bank statement . There may be…

Q: answer please

A: Bank reconciliation statement: Bank statement is prepared by the bank. The company maintains its own…

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: The following information relates to the Spartan Club's checking account for the month of November:…

A: Bank reconciliation is the statement which is prepared by the entity for the purpose of reconciling…

Q: TELLAR Company provided the following reconciliation schedule for the month of May: Balance per bank…

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

Q: 2. Prepare the BANK RECONCILIATION AND RELATED JOURNAL ENTRIES The book balance in the checking…

A: Error in Check No. 523 = $ 372.9 - $ 327.9 = $ 45

Q: Q1: Adjusted cash disbursements for the month of February? Q2: Adjusted cash balance, February 28?

A: Bank reconciliation:The bank reconciliation refers to the document or account that is prepared to…

Q: Answer: A. B. You don't expect the customer to pay their debt. You want to transfer funds from your…

A: Journal entries are used to record business transactions. It it is the first stage of accounting…

Q: Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:…

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

Q: Bank XYZ has a published ledger cutoff time of 3:00 p.m. Company ABC deposits a check drawn on a St.…

A: A ledger cut off time is the time of the day when the bank should receive the deposit to be posted…

Q: alance

A: Bank reconciliation refers to the process of reconciling the difference between the bank balance and…

Q: 22. Snickers Co. has the following information relating to its month-end reconciliation. Month-end…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

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

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Given the following April data per bank: 3/31 balance $100 April receipts $40 April disbursements…

A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…

Q: Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for…

A: Adjusted cash balance = cash balance as per bank statement + Deposit in transit - Outstanding checks…

Q: Bank Reconciliation The cash account of Dixon Products reveals the following information: Cash…

A: A bank reconciliation statement is a summary of cash balance as per Bank and as per Books that…

Q: PROBLEM 5: In reconciling the cash balance on December 31, 2020 with that shown in the bank statemen…

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

Q: Bank Reconciliation The following June 30 bank reconciliation was prepared for Poway Co. Poway Co.…

A: BRS stands for Bank reconciliation statement is the banking summary and the activity of the…

Q: Use the following format on a separate sheet of paper to calculate the adjusted checkbook balance…

A: Bank Reconciliation :— In bookkeeping, a bank reconciliation is the process by which the bank…

Q: County National Bank Disbursements Receipts Balance Balance, August 1 $10,915 Deposits during August…

A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…

Q: A1 Service Company gathered the following reconciling information in preparing its August bank…

A: The objective of this question is to calculate the adjusted cash balance per books on August 31 for…

Q: LESSON 12: BANK RECONCILIATION STATEMENT /20 PERFORMANCE TASK 2. Prepare the bank reconciliation…

A: Every customer receives a bank statement periodically showing deposits and withdrawal transactions.…

Q: Bank Reconciliation The following June 30 bank reconciliation was prepared for Poway Co. Poway Co.…

A: Bank reconciliation statement is prepared to reconcile the balance of financial records with the…

Q: Q: Adjusted cash balance, March 31?

A: Bank reconciliationThe balance is of bank in cash and the bank book doesn't match sometimes. This…

Q: Hills Company's June 30 bank statement and the June ledger account for cast BANK STATEMENT Checks…

A: Bank reconciliation statement is the one which is prepared by the entity for the purpose of…

Q: Bank reconciliation and entries Beeler Furniture Company deposits all cash receipts each Wednesday…

A: Answer 1. BEELER FURNITURE COMPANY Bank Recocilation JUNE 30, 20Y2…

Q: Copeland Company's bank reconciliation as of February 28 is shown below. Bank balance $ 38,943 Book…

A: A Bank Reconciliation Statement is a financial tool that helps individuals or businesses compare…

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

Problem 2: Prepare the reconciliation statement for Goldsmith Financial Services for
August 31.
Checkbook balance $2100
Deposits in transit $400
Bank statement balance $3000
Collection of note receivable $810
Service charge for the month $30
Outstanding checks $1100
EFT check $580

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Notes #:-

VIEW

Solution

VIEW

Step by step

Solved in 3 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

Bank reconcilation
Hello please give me Answer
Bank reconciliation and entries Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours.The data required to reconcile the bank statement as of July 31, 20Y0, have been taken from various documents and records and are reproduced as follows.The sources of the data are printed in capital letters. All checks were written for payments on account. CASH ACCOUNT: Balance as of July 1 $9,578.00 CASH RECEIPTS FOR MONTH OF JULY 6,465.42 DUPLICATE DEPOSIT TICKETS: Date and amount of each deposit in July: Date Amount Date Amount Date Amount July 2 $569.50 July 12 $580.70 July 23 $713.45 5 701.80 16 600.10 26 601.50 9 819.24 19 701.26 31 1,777.87 CHECKS WRITTEN: Number and amount of each check issued in July: BANK RECONCILIATION FOR PRECEDING MONTH: Sunshine Interiors Bank Reconciliation June 30,20Y0 Cash balance according to bank statement $9,422.80…
Q1: Outstanding check, June 30? Q2: Deposits in Transit, June 30? Q3: Cash per bank statement, June 30?
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
Saved Help Save & Exit Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $9,500. The bank reconciliation for the month contained the following items: $ 920 Deposits in transit Outstanding checks 720 Interest earned 20 NSF check returned to bank 270 Bank service charge 95 Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice Next > Prev 1 of 10 $9,155. $8,580. $8,900. $9,755. I Submit
Thanks!
Proof of Cash Problems 1. Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: The month Deposits, including P200,000 note collected for Lazer Disbursements, including P140,000 NSF customer check And P10,000 service charge P3,000,000 400,000 What is the cash balance per book on July 31? What is the amount of cash receipts per book in July ? What is the amount of cash disbursements per book in July? 3,400,000 (900,000) P2,500,000 P9,000,000 7,000,000 All reconciling items on June 30 cleared through the bank in July. The Outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31.
Madison Company's cash ledger reports the following for the month ending March 31. Date Amount No. Date Amount Deposits: 3/4 $ 1,400 Checks: 541 3/2 $ 5,700 3/11 1,700 542 3/8 700 3/18 3,700 543 3/12 3,000 3/25 3,500 544 3/19 1,500 Cash receipts: 3/26-3/31 2,100 545 3/27 700 $ 12,400 546 3/28 800 547 3/30 1,200 Balance on March 1 $ 6,100 $ 13,600 Receipts 12,400 Disbursements (13,600 ) Balance on March 31 $ 4,900 Information from March's bank statement and company records reveal the following additional information: The ending cash balance recorded in the bank statement is $6,970. Cash receipts of $2,100 from 3/26–3/31 are outstanding. Checks 545 and 547 are outstanding. The deposit on 3/11 included a customer's check for $410 that did not clear the bank (NSF check). Check 543 was written…
Part 1: 1. Identify and list the deposits in transit at the end of December. 2. Identify and list the outstanding checks at the end of December. Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received from the bank. 2. Record the service charges of $130 deducted by the bank. 3. Record the return of the J. Left check of $280 due to insufficient funds 4. Record the checks outstanding at the end of the month. 5. Record the deposit in transit at the end of the month. Part 4: After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280, of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet?
Help with question
how do you do the IF formula?