Answered: McKeel Publishing had outstanding…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter8: Sarbanes-oxley, Internal Control, And Cash

Section: Chapter Questions

Problem 18E

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1. McKeel Publishing had outstanding checks totaling $5,440 on its June bank reconciliation. In July, McKeel issued checks totaling $39.300. The July bank statement shows that \$26.900 in checks cleared the bank in JulyThe amount of outstanding checks on McKeel's July bank reconciliation should be: 2. On June 4, Marie Company had cash sales rung up by cashiers totaling $119,000Cash in the drawer was counted and found to be $123,000The journal entry to record the sales for June 4, would include a 3. Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $ 19,700The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,100outstanding checks of $3,200, an NSF check of $1,900, bank service charges of $90 and the EFT from customer in payment of the customer's account of \$2.700. What is the up-to-date ending Cash balance? 4. a bank reconciliation included a deposit in transit of $720, the company's journal entry for this reconciling item would include 5. Urban Bloom, Incorporated's books show an ending cash balance of $13,500 before preparing the bank reconciliationGiven the bank reconciliation shows outstanding checks of \$3700 deposits in transit of \$2,700 , NSF check of $ 170, and interest earned on the bank account of $80, the company's up-to-date ending cash balance equals: 6. Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $19,200. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,850, outstanding checks of $2,700, an NSF check of $1,400, bank service charges of $65 and the EFT from a customer in payment of the customer's account of $2,200. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)? 7. On October 31, your company's records say that the company has \$18,58 in its checking account. A review of the bank statement shows you have three outstanding checks totaling $7,403.37, and the bank has paid you interest of \$20.24 and charged you $16.00 in service charges. The bank statement dated October 31, would report a balance of: (Round your answer to 2 decimal places.)

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