An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $4,930 Add: Outstanding checks $2,370 Error by Chesner Co. in recording Check No. 1056 as $940 instead of $490 450 Note for $7,700 collected by bank, including interest 8,010 10,830 $15,760 Deduct: Deposit in transit on August 31 $5,020 Bank service charges 70 5,090 Cash balance according to bank statement $10,670 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative problem. Chesner Co. Bank Reconciliation August 31 Cash balance according to bank statement $fill in the blank b6151a03afd9f84_1 fill in the blank b6151a03afd9f84_3 fill in the blank b6151a03afd9f84_5 Adjusted balance $fill in the blank b6151a03afd9f84_6 Cash balance according to company's records $fill in the blank b6151a03afd9f84_7 $fill in the blank b6151a03afd9f84_9 fill in the blank b6151a03afd9f84_11 fill in the blank b6151a03afd9f84_12 fill in the blank b6151a03afd9f84_14 Adjusted balance $fill in the blank b6151a03afd9f84_15 b. If a balance sheet were prepared for Muskegon Co. on May 31, 2016, what amount should be reported for cash? $fill in the blank adb4ad0c1013fb7_1
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 Cash balance according to company's records $4,930 Add: Outstanding checks $2,370 Error by Chesner Co. in recording Check No. 1056 as $940 instead of $490 450 Note for $7,700 collected by bank, including interest 8,010 10,830 $15,760 Deduct: Deposit in transit on August 31 $5,020 Bank service charges 70 5,090 Cash balance according to bank statement $10,670 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative problem. Chesner Co. Bank Reconciliation August 31 Cash balance according to bank statement $fill in the blank b6151a03afd9f84_1 fill in the blank b6151a03afd9f84_3 fill in the blank b6151a03afd9f84_5 Adjusted balance $fill in the blank b6151a03afd9f84_6 Cash balance according to company's records $fill in the blank b6151a03afd9f84_7 $fill in the blank b6151a03afd9f84_9 fill in the blank b6151a03afd9f84_11 fill in the blank b6151a03afd9f84_12 fill in the blank b6151a03afd9f84_14 Adjusted balance $fill in the blank b6151a03afd9f84_15 b. If a balance sheet were prepared for Muskegon Co. on May 31, 2016, what amount should be reported for cash? $fill in the blank adb4ad0c1013fb7_1
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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Question
Bank Reconciliation
An accounting clerk for Chesner Co. prepared the following bank reconciliation:
Chesner Co. | |||
Bank Reconciliation | |||
August 31 | |||
Cash balance according to company's records | $4,930 | ||
Add: Outstanding checks | $2,370 | ||
Error by Chesner Co. in recording Check | |||
No. 1056 as $940 instead of $490 | 450 | ||
Note for $7,700 collected by bank, including interest | 8,010 | 10,830 | |
$15,760 | |||
Deduct: Deposit in transit on August 31 | $5,020 | ||
Bank service charges | 70 | 5,090 | |
Cash balance according to bank statement | $10,670 |
a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative problem.
Chesner Co. | ||
Bank Reconciliation | ||
August 31 | ||
Cash balance according to bank statement | $fill in the blank b6151a03afd9f84_1 | |
fill in the blank b6151a03afd9f84_3 | ||
fill in the blank b6151a03afd9f84_5 | ||
Adjusted balance | $fill in the blank b6151a03afd9f84_6 | |
Cash balance according to company's records | $fill in the blank b6151a03afd9f84_7 | |
$fill in the blank b6151a03afd9f84_9 | ||
fill in the blank b6151a03afd9f84_11 | fill in the blank b6151a03afd9f84_12 | |
fill in the blank b6151a03afd9f84_14 | ||
Adjusted balance | $fill in the blank b6151a03afd9f84_15 |
b. If a balance sheet were prepared for Muskegon Co. on May 31, 2016, what amount should be reported for cash?
$fill in the blank adb4ad0c1013fb7_1
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