The information below relates to the Cash account in the ledger of Vaughn Company. Cash deposited-$64,240. Checks written-$64,026. Balance September 1-$17,450; Balance September 30-$17,664; The September bank statement shows a balance of $16,682 on September 30 and the following memoranda. Credits Collection of $1,622 note plus interest $38 $1,660 Interest earned on checking account $53 Debits NSF check: Richard Nance Safety deposit box rent At September 30, deposits in transit were $4,580, and outstanding checks totaled $2,513. (a) $555 $73 Prepare the bank reconciliation at September 30. (List items that increase cash balance first.)

The information below relates to the Cash account in the ledger of Vaughn Company. Cash deposited-$64,240. Checks written-$64,026. Balance September 1-$17,450; Balance September 30-$17,664; The September bank statement shows a balance of $16,682 on September 30 and the following memoranda. Credits Collection of $1,622 note plus interest $38 $1,660 Interest earned on checking account $53 Debits NSF check: Richard Nance Safety deposit box rent At September 30, deposits in transit were $4,580, and outstanding checks totaled $2,513. (a) $555 $73 Prepare the bank reconciliation at September 30. (List items that increase cash balance first.)

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: The bank statement balance is $5,289. The cash account balance is $5,764. Outstanding checks amounted to $751. Deposits in transit are $1,174. The bank service charge is $43. A check for $71 for supplies was recorded as $62 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $fill in the blank 3 fill in the blank 5 Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $fill in the blank 10 fill in the blank 12 Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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At November 30, One Day Cleaners has available the following data concerning its bank checking account: PROBLEM 7A-2 Preparing a Bank Reconcil- 1 At November 30, cash per the bank statement was $37,758; per the accounting records, $42,500. lation 2 The cash receipts of $6,244 on November 30 were deposited on December 1. 3 Included on the bank statement was a credit for $167 interest earned on this checking account during November. 4 Two checks were outstanding at November 30: no. 921 for $964 and no. 925 for $1,085. 5 Enclosed with the bank statement were two debit memoranda for the following items: service charge for November, $14; and a $700 check of customer Tanya Miller, marked "NSF." INSTRUCTIONS a Prepare a bank reconciliation at November 30. b Prepare adjusting entries (in general journal form) based on the bank reconcili- ation.
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