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Use the following to answer questions 9 -11 On August 31st, the general ledger of MT shows a balance for cash of $18,000. Cash receipts yet to be deposited into the checking account total $3,500, while checks written by MT but not yet processed by the bank total $6,650. The company's balance of cash does not reflect a NSF check of $300, a service fee of $25 and interest earned on the checking account of $12 and a note receivable collected by the bank of $3,000; however, these amounts are included in the balance of cash of $23,837 reported by the bank as of the end of August. Answer the following based on the process of doing the bank reconciliation: 9. $ reconcile the Bank balance (include “–“ if needed): Determine the total amount that is used to 66 10. $ Determine the total amount that is used to reconcile the Company cash balance (include if needed) יייי - 11. $ What is the balance in the company’s cash account after the reconciliation?

Use the following to answer questions 9 -11 On August 31st, the general ledger of MT shows a balance for cash of $18,000. Cash receipts yet to be deposited into the checking account total $3,500, while checks written by MT but not yet processed by the bank total $6,650. The company's balance of cash does not reflect a NSF check of $300, a service fee of $25 and interest earned on the checking account of $12 and a note receivable collected by the bank of $3,000; however, these amounts are included in the balance of cash of $23,837 reported by the bank as of the end of August. Answer the following based on the process of doing the bank reconciliation: 9. $ reconcile the Bank balance (include “–“ if needed): Determine the total amount that is used to 66 10. $ Determine the total amount that is used to reconcile the Company cash balance (include if needed) יייי - 11. $ What is the balance in the company’s cash account after the reconciliation?

Financial Accounting
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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Use the following to answer questions 9 -11 On August 31st, the general ledger of MT shows a balance for cash of $18,000. Cash receipts yet to be deposited into the checking account total $3,500, while checks written by MT but not yet processed by the bank total $6,650. The company's balance of cash does not reflect a NSF check of $300, a service fee of $25 and interest earned on the checking account of $12 and a note receivable collected by the bank of $3,000; however, these amounts are included in the balance of cash of $23,837 reported by the bank as of the end of August. Answer the following based on the process of doing the bank reconciliation: 9. $ reconcile the Bank balance (include “–“ if needed): Determine the total amount that is used to 10. $ Determine the total amount that is used to reconcile the Company cash balance (include if needed) 11. $ What is the balance in the company's cash account after the reconciliation?
Transcribed Image Text:Use the following to answer questions 9 -11 On August 31st, the general ledger of MT shows a balance for cash of $18,000. Cash receipts yet to be deposited into the checking account total $3,500, while checks written by MT but not yet processed by the bank total $6,650. The company's balance of cash does not reflect a NSF check of $300, a service fee of $25 and interest earned on the checking account of $12 and a note receivable collected by the bank of $3,000; however, these amounts are included in the balance of cash of $23,837 reported by the bank as of the end of August. Answer the following based on the process of doing the bank reconciliation: 9. $ reconcile the Bank balance (include “–“ if needed): Determine the total amount that is used to 10. $ Determine the total amount that is used to reconcile the Company cash balance (include if needed) 11. $ What is the balance in the company's cash account after the reconciliation?
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MT's general ledger indicates a cash balance of $18,000. Cash receipts total $3,500, while checks written by MT but not yet processed by the bank total $6,650. A $300 NSF check, a $25 service fee, $12 interest received on the checking account, and a $3,000 note receivable collected by the bank are not included in the company's cash balance; nonetheless, these items are included in the bank's cash balance of $23,837 as of the end of August.

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