Cash balance per books, September 30$5,300Deposits in transit510Notes receivable with interest collected by bank580Bank service charges70Outstanding cheques1,800NSF cheque150The adjusted cash balance per books on September 30 isO 1) $5,700.00O 2) $5,660.0OO 3) $6,210.00O 4) $5,810.0O

Introduction:- Bank reconciliation is the process of comparing accounting records to a bank…

Cash balance per books, September 30 $5,300 eposits in transit 510 lotes receivable with interest collected by bank 580 ank service charges 70 Dutstanding cheques 1,800 ISF cheque 150 The adjusted cash balance per books on September 30 is D1) $5,700.00 D 2) $5,660.00 D 3) $6,210.00 4) $5 81000

Cash balance per books, September 30 $5,300 eposits in transit 510 lotes receivable with interest collected by bank 580 ank service charges 70 Dutstanding cheques 1,800 ISF cheque 150 The adjusted cash balance per books on September 30 is D1) $5,700.00 D 2) $5,660.00 D 3) $6,210.00 4) $5 81000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

See similar textbooks

Related questions

Q: A company resident in Jamaica purchased the following assets in 2021: Asset Cost…

A: The following are two situations in which receiving capital allowances on a declining balance…

Q: 17. Which of the following contracts is not governed by the rule on double sale? Group of answer…

A: Double Sale: The rule on double sale as provided in Article 1544 of the Civil Code states that: If…

Q: Fischer, Inc.'s trial balance contains the following balances: Cash $371 Accounts Payable $268…

A: Introduction: Trial Balance: All the final ledger accounts balance are posted in Trial balance to…

Q: ect material $ 4.10 2.40 ect labor ufacturing overhead 1.80 al cost $ 8.30

A: The total cost of production of a good comprises the total fixed cost of production and the total…

Q: 12. Leyland Realty Company received a check for $18,000 on July 1, which represents a 6-month…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: Wool Inc purchased a machine on April 1, 2020, for $90,000, with an estimated useful life of 10…

A: Lets understand the basics. In double declining balance method, depreciation is calculated at double…

Q: On October 1 of this year, SportsWorld purchased a delivery van for $23,000 with a residual value of…

A: Introduction: Depreciation: Depreciation is a expense to be shown in Income statement. Decreasing…

Q: Aldor Corporation opened a new store on January 1, 2014. During 2014, the first year of operations,…

A: Perpetual Inventory System – Under the Perpetual inventory system on every sales transaction cost of…

Q: Blue Circle Corporation's comparative balance sheet for current assets and liabilities was as…

A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…

Q: 13. The mid-month convention applies to... a. assets purchased during the last 3 months whose…

A: The mid-month convention is a convention that is used for the calculation of depreciation. the…

Q: Henredon purchased a high precision programmable router for shaping furniture components for $85000.…

A: Tax liability: Tax obligation refers to the amount of money owing by a person, a corporation, or…

Q: Ben Company purchased an investment property on January 1, 2020 at a cost of P250.000. The property…

A: The investment property refers to the asset that is not used in production and providing goods and…

Q: Treasury Stock Coastal Corporation issued 35,000 shares of $5 par value common stock at $34 per…

A: Equity = Paid in capital + retained earnings - treasury stock The issuance of shares, purchase or…

Q: Royal Company (a U.S. based company) has foreign branch in Great Britain. The foreign branch…

A: Answer: Profit = £5,000,000 and tax 15% Tax value £5,000,000*15% = £750,000 Net profit transferred…

Q: Clean -All Inc. sells washing machines with a 3－year assurance-type warranty. In the past,…

A: The answer is stated below:

Q: When would the terms of a union agreement take precedence over employment standards: O The union…

A: The union agreement must be followed when collectively taking a decision and following on all the…

Q: Bonneau Company currently has 20,000 shares of $10 par common stock outstanding. Prepare entries to…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: 38. In which of the following contracts may full payment of the price become the operative act that…

A: The contracts upon the full payment of the price become the operative act that transfers ownership…

Q: Jill invested $25,000 in her business, Fashion Unlimited. The journal entry would include a

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: Which of the following results in an increase in the Equity in the Investee Income acct. when…

A: Equity of the investor means the amount that is invested by the investor in the company. Equity…

Q: 12. Leyland Realty Company received a check for $18,000 on July 1, which represents a6-Ma advance…

A: Lets understand the basics. Adjustment entry is required to prepare to record correct amount of…

Q: Newport Corp. is considering the purchase of a new piece of equipment. The cost savings from the…

A: GIVEN Newport Corp. is considering the purchase of a new piece of equipment. The cost savings from…

Q: What is the Journal Entry for 1 July Year 2?

A: Acme Company has 3,000 shares of common stock that are owned by the public. The par value for each…

Q: Consider the following data from two divisions of a company, P and Q: Divisional P Q Sales $…

A: Introduction:- Residual income is amount of remaining operating profit after settle all costs of…

Q: Multiple Choice Allow evaluation of both divisions on a competitive basis. Demotivate the…

A: Code Incorporated has three divisions (Entertainment, Plastics, and Video Card), each of which is…

Q: What are not-for-profit corporations?

A: Definition A nonprofit corporation is a business that exists for the public welfare rather than for…

Q: Q16)Which accounting concept specifies the practice of crediting closing stock to the trading…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: (a) Prepare a contract account for each of the three contracts for the previous year and show the…

Q: The basis of property received by either spouse as a result of the divorce or separation is…

A: Introduction: The market value of a company's stock, also known as open market valuation, is its…

Q: On June 1, 2020, Jayhawk Company paid $9,600 for a two-year insurance policy on its building.…

A: Introduction: Prepaid insurance: Prepaid insurance is a current Asset. Amount paid in advance called…

Q: Belmont Corp. is considering the purchase of a new piece of equipment. The cost savings from the…

A: Formulas:- Rate of Return = (Net benefit or loss generated by new equipment /…

Q: HINT: STEP-BY-STEP WALKTHROUGH 1. Horizontal analysis: Create a new sheet within your Excel workbook…

A: Horizontal analysis is one of the financial statement analysis under each increase or decrease is…

Q: Estimated depreciation on the building for the year is P128,000. Credit: The tral balance for Are…

A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current…

Q: Required information A process for producing the mosquito repellant Deet has an initial investment…

A: The question is based on the concept of Financial Management. Payback period is the period in which…

Q: Multiple Choice

A: $265,600 Explanation: Non-cash expenditures like depreciation and amortization are excluded from…

Q: 5. Never Corp. purchased merchandise during 2014 on credit for P200,000; terms 2/10, n/30. All of…

Q: 10. David Debit has performed 5700 of accounting services for a client but has not yet billed the…

A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…

Q: The following are the inventories for the years 2016, 2017, and 2018 for Parry Company: Cost Market…

A: Inventory is supervision of non capitalized assets and stock items. It is physical stock of goods,…

Q: Balance of Cleaning Supplies Expense The trial balance for Ariel Certified Cleaners appears as…

A: Trial balance is the summary of all general ledger account balances in the business. Total debits…

Q: A shoe manufacturer produces open-toed sandals for a total cost of about $30 per pair and wishes to…

A: For calculating the requirement, we need to use below formula. Price per pair = Total cost per pair…

Q: Prepare the Journal Entries to the individual T-Account

A: Journal entries recording is the first step of accounting cycle. Under this, atleast one account is…

Q: Using Excel Prepare a classified Balance Sheet and Income Statement 3/01- sole propreitor…

A: A classified Balance Sheet is a balance sheet that is divided or classified under various heads of…

Q: DEF Company owns land and building being used for its operations and administrative functions. The…

A: Difference between the fair value and Book value would be reported as gain or loss on property to be…

Q: -the SEC requires listed firms to use GAAP on 1938 1970 1930 d 1934

A: SEC stands for Securities and Exchange commission oversees the securities exchanges, disclosure of…

Q: On January 1, Parisian Palaces received $95,000 for one year's rent for building A. What would the…

A: Introduction:- Unearned revenue is any amount that a customer pays a business in advance. Payment…

Q: Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process…

A: The question is based on the concept of Cost Accounting.

Q: independent appraiser at P3,000,000. Boom shares are currently traded at the stock exchange at P170.…

A: Shareholders Equity Section It is important for the business to maintain the balance of equity…

Q: Why then would Commodore's auditor require Rob to document any sales made using the book-and-hold…

A: An auditor is someone who verifies the accuracy of documented commercial transactions. Auditors are…

Q: Explain whether this situation presents any threats to independence and if so, explain the threats…

A: Auditing is done by the auditor which examines the financial statements of the company for which the…

Q: Atlas Foods produces three supplemental food products simultaneously through a refining process…

A: The joint cost is the cost incurred to produce two or more products and the cost incurred is not…

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

Cash balance per books, September 30
$5,300
Deposits in transit
510
Notes receivable with interest collected by bank
580
Bank service charges
70
Outstanding cheques
1,800
NSF cheque
150
The adjusted cash balance per books on September 30 is
O 1) $5,700.00
O 2) $5,660.0O
O 3) $6,210.00
O 4) $5,810.0O

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

VIEW

Step 2

VIEW

Step 3

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

Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts receivable balance was $24,975, and it sold 12,376 widgets throughout the year. The total cash collections for the year amounted to $217,750. Required: Calculate the ending accounts receivable balance.
JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: Sept. 15 Borrowed 7,000 cash from the bank, giving a 60-day non- interest- bearing note. The note is discounted 8 % by the bank. Nov. 14 Paid the 7,000 note, recognizing the discount as interest expense.
JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: July15 Borrowed 5,000 cash from the bank, giving a 60-day non- interest-bearing note. The note is discounted 8% by the bank. Sept.13 Paid the 5,000 note, recognizing the discount as interest expense.
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.
Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.