FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Using the following information, prepare the
- Bank balance: $4,178
- Book balance: $2,849
- Deposits in transit: $323
- Outstanding checks: $108 and $534
- Bank service charges: $25
- Notes receivable: $1,000; Interest income: $35
If an amount box does not require an entry, leave it blank.
fill in the blank 2 | fill in the blank 3 | ||
fill in the blank 5 | fill in the blank 6 | ||
fill in the blank 8 | fill in the blank 9 | ||
fill in the blank 11 | fill in the blank 12 | ||
fill in the blank 14 | fill in the blank 15 |
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- 6, 7, A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Note: Enter debits before credits. Date October 31 Bank Reconciliation October 31 Journal entry worksheet Cash $ 6,482 3 291 6,773 79 $ 6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Book balance Add: 4 Collection of a note Interest earned Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. Saved General Journal $ 400 64 Debit 63 61 $ 6,354 Credit 464 6,818 124 $6,694arrow_forwardOn May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88arrow_forwardBased on the following information, determine the true balance in your checking account. Balance in your checkbook Balance on bank statement $ 453 597 23 Interest earned on the account Total of outstanding checks Deposits in transit Service charge and other fees True balance $6 223 62arrow_forward
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- Aaron's chairs is in the process of preparing a production costbudget for August. Actual costs in July for 120 chairs were:Materials cost $4,730Labor cost 2,940Rent 1,500Depreciation 2,500Other fixed costs 3,200Materials and labor are the only variable costs. If productionand sales are budgeted to change to 120 chairs in August,how much is the expected total variable cost on the Augustbudget?arrow_forwardSal'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…arrow_forwardNow, with Jacques’s latest bank statement and his check register or ledger in hand, you can examine the documents. Fourth State Bank of San Francisco, CA Statement of Account Jacques Smythe June 20XX 550 Angel Street San Francisco, CA Account 348596 Date Description Subtractions Additions Balance 6-01 Previous balance 1,446.50 6-01 Deposit 300.00 1,746.50 6-03 Check 300 700.00 1,046.50 6-04 Check 301 350.00 696.50 6-05 ATM withdrawal 25.00 671.50 6-05 Deposit 75.00 746.50 6-11 ATM withdrawal 35.15 711.35 6-15 Deposit 300.00 1,011.35 6-18 Check 302 210.00 801.35 6-21 ATM withdrawal 47.65 753.70 6-22 Deposit 105.00 858.70 6-24 Check 303 70.00 788.70 6-26 ATM withdrawal 50.00 738.70 Jacques’s Account Ledger Date Transaction Description Deposit Withdrawals Balance Jun-01 Deposit - Payroll $300.00 $1,746.50 Jun-03 Check 300 - Rent $700.00 1,046.50 Jun-04 Check 301 - Car payment…arrow_forward
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