Using the following information, prepare the bank reconciliation for Marks Corp  for October 30, 2020. Be sure to exclude items that do not belong on a bank reconciliation. a. The unadjusted balance of cash in the general ledger was a debit balance of $3,000. b. The ending balance of cash per the bank statement was $3,500. c. Outstanding checks are $925. d. Bank service charge on the bank statement was $30. e. Ending balance of notes receivable in the general ledger is $500. f. Interest earned on the bank statement was $5. g. Deposits in transit are $400.

Question

Using the following information, prepare the bank reconciliation for Marks Corp  for October 30, 2020.

Be sure to exclude items that do not belong on a bank reconciliation.

a. The unadjusted balance of cash in the general ledger was a debit balance of $3,000.

b. The ending balance of cash per the bank statement was $3,500.

c. Outstanding checks are $925.

d. Bank service charge on the bank statement was $30.

e. Ending balance of notes receivable in the general ledger is $500.

f. Interest earned on the bank statement was $5.

g. Deposits in transit are $400.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Bank Reconciliation

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,200,000, 9%, ...

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also c...

Q: Operating leverage exists when: small percentage changes in revenue produce large percentage changes...

A: Operating leverage: It is a ratio that measures the proportion of fixed cost on the total costs and ...

Q: Define standard costs and briefly indicate how they may beused by management in planning and control...

A: Standard costs: Standard costs are the per-unit cost that is expected to be incurred under normal op...

Q: On the following page prepare a well-formatted multi-section income statement for the Fiona Company ...

A: The statement that shows a detailed report of the company's revenue, other incomes, expenses, and at...

Q: Martinez Corp. bought equipment on January 1, 2022. The equipment cost $380000 and had an expected s...

A: Depreciable cost of equipment is = Equipment cost - salvage value 

Q: 5-29 Activity-based costing. The job-costing system at Melody's Custom Framing has five indirect cos...

A: Definition:

Q: Recent Financial statements of General Mills, Inc. reported net sales of $12,442.000,000. Accounts r...

A: Accounts receivable   Beginning of the year (A) $912,000,000 End of the year (B) $953,000,000 ...

Q: On January 1, 2020, Keith Company paid $96,000 for 8,000 shares of Jerry Company commonstock. The ow...

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question s...

Q: What is meant by underapplied overhead? By overappliedoverhead?

A: Actual overhead cost: These are the indirect manufacturing costs that are actually incurred while pr...

Q: Archer Industries prepares quarterly financial statements. During the fourth quarter the following o...

A: LIFO (Last-in-first Out): As the name itself suggests, the latest inventory and purchases will be gi...

Q: 1. Determine CM/unit per the controller 2. Determine CM/unit under Bert's plan 3. Do you recommend t...

A: 1.

Q: Hyun Bin opened his computer repair services shop on November 30, 2018. The following transactions h...

A: Adjusted trial balance: It is worksheet which shows all the accounts an organization has like assets...

Q: Compare Two Methods of Accounting for Uncollectible Receivables Call Systems Company, a telephone se...

A: Answer 1  

Q: Hi, Need some assistance with the below Exercise 3-41 (Algorithmic)Cash-Basis and Accrual-Basis Acco...

A: Accrual concept: Recording of transaction irrespective of cash received or not and cash paid or not.

Q: During 2022, Sunland Company reported net sales of $3,340,500 and net income of $1,410,000. Its bala...

A: Asset Turnover Ratio: Asset Turnover Ratio measures the company's ability to generate sales from its...

Q: Brandon Inc. reported the following items in its statement of financial position and statement of ea...

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

Q: Oriole Company incurred $930000 of research and development costs in its laboratory to develop a new...

A: Given information is: Oriole Company incurred $930000 of research and development costs in its labor...

Q: An invoice for $3200, dated March 20, terms 3/10 E.O.M., was received March 23. What payment must be...

A: Amount must be paid = Total due - Required balance

Q: Question 1. On September 1, 2000, Galaxy Corporation’s common stockwas selling at a market price of ...

A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...

Q: Jasper Company provided the following information for last year: Costs Amount Sales in u...

A: Sale revenue means the total sales achieved in the year and income statement shows the revenue and e...

Q: Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,...

A: Date Account title and explanation Debit Credit Jan. 1 Cash $ 32,433,150             Premium on ...

Q: Discuss FIIVE differences between cash and accrual accounting based on review of relevantliterature

A: The difference between the cash and accrual basis of accounting is as follows: 1) Revenue is recogni...

Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the ...

A: First in first out means that goods sold will be from the oldest purchase and last in first out mean...

Q: The Pawlson Company's year-end balance sheet is shown below. Its cost of common equity is 14%, its b...

A: WACC stands for Weighted Average Cost of Capital, which is defined as the computation of the cost of...

Q: On January 1, 2020, Keith Company paid $96,000 for 8,000 shares of Jerry Company commonstock. The ow...

A: Number of shares owned by Keith = 8,000 Price of shares = $96,000 Price per share = $96,000 / 8,000 ...

Q: Provide the following journal entries: On Feb. 1 ABC Company issues 100,000 shares for common stock...

A: Stocks: Stocks are shares in ownership of a company. It represents the capital raised by a corporati...

Q: Taco Hell Inc. had the following balances and transactions during 2017: Beginning Merchandise Invent...

A: Definition: Periodic inventory system: The method or system of recording the transactions related to...

Q: On March 1, 2021, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of $570,000...

A: Working notes:

Q: Which of the following forms is typically given to employees at the end of the calendar year so that...

A: Given: The form provided for the employees to file the form for income tax.  

Q: Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During th...

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the unanswere...

Q: John Fleming, chief administrator for Valley View Hospital, is concerned about the costs for tests i...

A: Material price variance refers to that part of direct material cost variance which depicts the  actu...

Q: After several years of profitable operations, Javell, the sole shareholder of JBD Inc., a C corporat...

A: As per mostly a corporation are entitled to 50% of dividend received from corporation which is now s...

Q: Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During th...

A: Click to see the answer

Q: In September, Lauren Ashley Company purchased materials costing $240,000 and incurred direct labor c...

A: We need to prepare the cost sheet to calculate the cost of goods sold.

Q: Need solution will rate1

A: Answer: B. Accounts Receivable The sales are made to accounts receivable by means of sale of goods a...

Q: Presented below is information related to Sage Inc.     Cost   Retail Inventory, 12/31/20...

A: Formula: Cost to retail ratio = Total cost / Total retail   Total cost gets divided with total retai...

Q: Once sales reach the breakeven point, each additional unit sold will increase fixed cost by a propor...

A: Click to see the answer

Q: Explain the difference between setting ideal standards and setting reasonably achievablestandards.

A: Note: Ideal standard denotes the setting ideal standards and normal standard denotes the setting rea...

Q: Hello question is attached, thanks.

A: a. The records of number of calls made to customers is kept by the sales representative.   b. Time s...

Q: ABC Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small too...

A: It is the first step to record the transactions in the books of accounts that have dual effects ie. ...

Q: *Need Help answering #7, preparing closing statment* Blackberry Mountain Inc began business on Janua...

A: The entries that are passed at the end of the accounting period to transfer the balance from a tempo...

Q: The records of Marigold's Boutique report the following data for the month of April. $89,500 Purchas...

A: Cost to retail ratio = $78,599 / $148,300                                = 53%

Q: Windsor Enterprises provides the following information relative to its defined benefit pension plan....

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the unanswere...

Q: what is the impact if there is. any material misstatement in the goodwill valuation that is on whom ...

A: Definition:

Q: The components of the cost of a major item of equipment are given below: $ Purchase price 780,000 Im...

A: We have the following information: Purchase price: $780,000 Import duties: $117,000 VAT (refundable...

Q: Exercise 9-14 earl Company uses the gross profit method to estimate inventory for monthly reporting ...

A: In this Numerical has covered the concept of inventory valuation under gross profit method.