The cash account for Brentwood Bike Co. at May 1 indicated a balance of $32,991. During May, the total cash deposited was $139,960, and checks written totaled $137,747. The bank statement indicated a balance of $43,370 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. Checks outstanding totaled $6,476. b. A deposit of $1,779 representing receipts of May 31 had been made too late to appear on the bank statement. c. The bank had collected for Brentwood Bike Co. $5,250 on a note left for collection. The face of the note was $5,000. d. A check for $580 returned with the statement had been incorrectly charged by the bank as $850. e. A check for $210 returned with the statement had been recorded by Brentwood Bike Co. as $120. The check was for the payment of an obligation to Adkins Co. on account. f. Bank service charges for May amounted to $28. g. A check for $1,393 from Jennings Co. was returned by the bank due to insufficient funds. Required: 1. Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions for the exact wording of text entries. "Deduct:" or "Add:" will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions. Enter all amounts as positive numbers. 2. Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 3. If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?

cash account for Norwegian Medical Co. at April 30 indicated a balance of $403,784. The bank statement indicated a balance of $468,460 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $73,870. b. A deposit of $51,230, representing receipts of April 30, had been made too late to appear on the bank statement. c. The bank collected $50,630 on a $48,220 note, including interest of $2,410. d. A check for $9,160 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $916. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. e. A check drawn for $680 had been erroneously charged by the bank as $860. f. Bank service charges for April amounted to $170.     Required: 1. Prepare a bank reconciliation. Be sure to complete the statement heading. Refer to the Labels and…

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,360. During May, the total cash deposited was $67,250 and checks written totaled $62,440. The bank statement indicated a balance of $22,800 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $10,150. A deposit of $8,270, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,370 on a note left for collection. The face of the note was $4,040. A check for $580 returned with the statement had been incorrectly charged by the bank as $850. A check for $850 returned with the statement had been recorded by Brentwood Bike Co. as $580. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $70. A check for $1,010 from Jennings Co. was returned by the bank…

The cash account for Norwegian Medical Co. at April 30 indicated a balance of $12,195. The bank statement indicated a balance of $13,760 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,950. A deposit of $5,160, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,680 on a $2,550 note, including interest of $130. A check for $660 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $600. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. A check drawn for $90 had been erroneously charged by the bank as $900. Bank service charges for April amounted to $35. Required: Question Content Area 1.  Prepare a bank reconciliation. Norwegian Medical Co.Bank ReconciliationApril 30 Cash balance according to bank statement…

Using the following information, prepare a bank reconciliation for Cole Co. for May 31 of the current year:   (a) The bank statement balance is $3,012. (b) The cash account balance is $3,165. (c) Outstanding checks amounted to $590. (d) Deposits in transit are $704. (e) The bank service charge is $30. (f) A check for $76 for supplies was recorded as $67 in the ledger.

Using the following information: The bank statement balance is $3,718. The cash account balance is $4,086. Outstanding checks amounted to $866. Deposits in transit are $1,177. The bank service charge is $48. A check for $78 for supplies was recorded as $69 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.

The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,411 debit balance, but its July bank statement shows a $27,770 cash balance. b. Check Number 3031 for $1,510, Check Number 3065 for $531, and Check Number 3069 for $2,278 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. d. The July bank statement shows the bank collected $8,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $13 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification…

The following information is available for the Savvy Company for the month of June. a. On June 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $17,202. b. The company's bank statement shows a balance on June 30 of $19,279. c. Outstanding checks at June 30 total $2,984. d. The bank collected $770 on a note receivable that is not yet recorded by Savvy Company. e. A $67 NSF check from a customer, J. Maroon is shown on the bank statement but not yet recorded by the company. f. A deposit placed in the bank's night depository on June 30 totaling $1,675 did not appear on the bank statement. g. Check #3445 for the payment of an account payable was correctly written for $2,450, but was recorded in the accounting records as $2,540. h. Included with the bank statement was a bank service charge in the amount of $25. It has not been recorded on the company's books. 1. Prepare the June bank reconciliation for the Savvy Company. 2. Prepare the…

Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $20,400. The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,450, outstanding checks of $3,900, an NSF check of $2,600, bank service charges of $125 and the EFT from a customer in payment of the customer's account of $3,400. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)?

The June 30 cash balance in the general ledger is $785. The June 30 balance shown on the bank statement is $288. Checks issued but not returned with the bank statement were Number 712 for $13 and Number 723 for $44. A deposit made late on June 30 for $472 is included in the general ledger balance but not in the bank statement balance. Returned with the bank statement was a notice that a customer's check for $73 that was deposited on June 24 had been returned because the customer's account was overdrawn. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30. Prepare the adjusting journal entry that should be…