Lily Wyatt is unable to reconcile the bank balance at January 31. Lily's reconciliation is as follows. Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books (a) $4,060.20 440.00 34,00 $4,466.20 $4,375.20 780.00 939.00 $4,534.20 What is the proper adjusted cash balance per bank? (Round answer to 2 decimal places, e.g. 52.75.) Adjusted cash balance per bank $
Lily Wyatt is unable to reconcile the bank balance at January 31. Lily's reconciliation is as follows. Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books (a) $4,060.20 440.00 34,00 $4,466.20 $4,375.20 780.00 939.00 $4,534.20 What is the proper adjusted cash balance per bank? (Round answer to 2 decimal places, e.g. 52.75.) Adjusted cash balance per bank $
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5DQ
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Transcribed Image Text:Lily Wyatt is unable to reconcile the bank balance at January 31. Lily's reconciliation is as follows.
Cash balance per bank
Add: NSF check
Less: Bank service charge
Adjusted balance per bank
Cash balance per books
Less: Deposits in transit
Add: Outstanding checks
Adjusted balance per books
(a)
$4,060.20
440.00
34,00
$4,466.20
$4,375.20
780.00
939.00
$4,534.20
What is the proper adjusted cash balance per bank? (Round answer to 2 decimal places, e.g. 52.75.)
Adjusted cash balance per bank $
Transcribed Image Text:49
What is the proper adjusted cash balance per books? (Round answer to 2 decimal places, e.g. 52.75.)
Adjusted cash balance per books $
(c)
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No. Account Titles and Explanation
Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books. (List all debit entries before credit
entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal
places, e.g. 52.75.)
1.
2.
(To record NSF check.)
Attempts: 0 of 5 used
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Expert Solution
Step 1
The management prepares bank reconciliation statements at a particular time period. This statement helps management to match the book balance with the bank balance. The resulting amount of the Bank reconciliation statement is known as the adjusted balance.
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