Financial Accounting-w/cd-package
3rd Edition
ISBN: 9780131060876
Author: REIMERS
Publisher: PEARSON
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Question
Chapter 4, Problem 53PB
To determine
Identify the April 30th cash balance of Company T bank statement.
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Students have asked these similar questions
For the month of July, Adam Company had the following information: bank service charge for July, P16,500, “NSF” check, P40,000. Upon review of its records, Adam determined the following: deposit in transit P143,000, outstanding checks P110,000 and an unrecorded customer check of P38,500. If the cash in bank balance per ledger is P920,000, how much is the adjusted balance?
The cash records of Crane Company show the following.For July:
1.
The June 30 bank reconciliation indicated that deposits in transit total $780. During July, the general ledger account Cash shows deposits of $18,780, but the bank statement indicates that only $15,830 in deposits were received during the month.
2.
The June 30 bank reconciliation also reported outstanding checks of $905. During the month of July, Crane Company books show that $17,980 of checks were issued, yet the bank statement showed that $16,350 of checks cleared the bank in July.
For September:
3.
In September, deposits per bank statement totaled $27,430, deposits per books were $26,210, and deposits in transit at September 30 were $2,880.
4.
In September, cash disbursements per books were $23,680, checks clearing the bank were $24,480, and outstanding checks at September 30 were $2,310.
There were no bank debit or credit memoranda, and no errors were made by either the bank or Crane…
Hathaway Company’s general ledger shows a cash account balance of $23,290 on July 31, 2024. Cash sales of $1,839 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $51 and an NSF check from a customer of $310. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,470. The bank statement shows a balance of $22,560 on July 31.
Required:
1. Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024.
2. Record the necessary entry(ies) to adjust the balance for cash.
Chapter 4 Solutions
Financial Accounting-w/cd-package
Ch. 4 - Prob. 1YTCh. 4 - Prob. 2YTCh. 4 - Suppose at the end of the year Pendleton Corp.s...Ch. 4 - Prob. 4YTCh. 4 - Prob. 5YTCh. 4 - Prob. 6YTCh. 4 - Prob. 7YTCh. 4 - Prob. 1QCh. 4 - Prob. 2QCh. 4 - Prob. 3Q
Ch. 4 - Prob. 4QCh. 4 - What does true cash balance refer to?Ch. 4 - Identify and explain the financial statements on...Ch. 4 - Describe how accounts receivable arise. What does...Ch. 4 - Prob. 8QCh. 4 - Define net realizable value, book value, and...Ch. 4 - Explain the difference between the direct...Ch. 4 - If a company uses the allowance method of...Ch. 4 - Describe the two allowance methods used to...Ch. 4 - Which method of calculating the allowance for...Ch. 4 - Which method of calculating the allowance for...Ch. 4 - What are the advantages and disadvantages of...Ch. 4 - What is the difference between accounts receivable...Ch. 4 - What is the formula to calculate the accounts...Ch. 4 - How does a firm use its accounts receivable...Ch. 4 - Prob. 19QCh. 4 - Prob. 20QCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Prob. 3MCQCh. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Prob. 9MCQCh. 4 - Prob. 1SEACh. 4 - Prob. 2SEACh. 4 - Prob. 3SEACh. 4 - Prob. 4SEACh. 4 - Prob. 5SEACh. 4 - Prob. 6SEACh. 4 - Prob. 7SEACh. 4 - Prob. 8SEACh. 4 - Prob. 9SEACh. 4 - Prob. 10SEBCh. 4 - Prob. 11SEBCh. 4 - Prob. 12SEBCh. 4 - Prob. 13SEBCh. 4 - Prob. 14SEBCh. 4 - Prob. 15SEBCh. 4 - Prob. 16SEBCh. 4 - Prob. 17SEBCh. 4 - Prob. 18SEBCh. 4 - Prob. 19EACh. 4 - Prob. 20EACh. 4 - Prob. 21EACh. 4 - Prob. 22EACh. 4 - Prob. 23EACh. 4 - Prob. 24EACh. 4 - Prob. 25EACh. 4 - Prob. 26EACh. 4 - Prob. 27EACh. 4 - Prob. 28EACh. 4 - Prob. 29EACh. 4 - Prob. 30EACh. 4 - Prob. 31EACh. 4 - Prob. 32EBCh. 4 - Prob. 33EBCh. 4 - Prob. 34EBCh. 4 - Prob. 35EBCh. 4 - Prob. 36EBCh. 4 - Prob. 37EBCh. 4 - Prob. 38EBCh. 4 - Prob. 39EBCh. 4 - Prob. 40EBCh. 4 - Prob. 41EBCh. 4 - Prob. 42EBCh. 4 - Prob. 43EBCh. 4 - Prob. 44EBCh. 4 - Prob. 45PACh. 4 - Prob. 46PACh. 4 - Prob. 47PACh. 4 - Prob. 48PACh. 4 - Prob. 49PACh. 4 - Prob. 50PACh. 4 - Prob. 51PACh. 4 - Prob. 52PACh. 4 - Prob. 53PBCh. 4 - Prob. 54PBCh. 4 - Prob. 55PBCh. 4 - Prob. 56PBCh. 4 - Prob. 57PBCh. 4 - Prob. 58PBCh. 4 - Prob. 59PBCh. 4 - Prob. 60PBCh. 4 - Prob. 1FSACh. 4 - Prob. 2FSACh. 4 - The following information has been adapted from...Ch. 4 - Prob. 1CTPCh. 4 - Prob. 2CTPCh. 4 - The information given here was taken from Yahoo!...Ch. 4 - Prob. 1IECh. 4 - Prob. 2IECh. 4 - The information given here was taken from Yahoo!...
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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
- On May 31, O'Hearne Limited had a cash balance per books of $13,126. The bank statement from Community Bank on that date showed a balance of $15,230. A comparison of the bank statement with the company's Cash account revealed the following: 1. The bank statement included a bank service charge of $80. 2. The bank statement included electronic collections totalling $4,188. These were not previously recorded. 3. Outstanding cheques at April 30 totalled $2,900. Of these, $2,240 worth cleared the bank in May. There were $1,892 of cheques written in May that were still outstanding on May 31. 4. Included with the cancelled cheques was a cheque issued by O'Bearne Inc. for $1,200 that was incorrectly charged to O'Hearne by the bank. 5. On May 31, the bank statement showed a returned (NSF) cheque for $1,350 issued by a customer in payment of its account. In addition, the bank charged an $80 processing fee for this transaction. 6. The May 31 deposit of $1,926 was not included in the deposits on…arrow_forwardShalimar Group of Industries reports the following information concerning cash balances and cash transactions for the month of April: A Cash balance per bank statement as of April 30 was $22,992.50 Two debit memoranda accompany the bank statement: one for $9 was for service charges for the month; the other for $62.50 was attached to an NSF check from Rizwan. Included with the bank statement was $3123.25 credit memorandum for interest earned on the bank account in April. The paid checks returned with the April bank statement disclosed an error in Shalimar cash records. Check no.751 for $67.35 for telephone expense had erroneously been listed in the cash payments journal as $76.35. A collection charge for $25 (not applicable to Daytona) was erroneously deducted from the account by the bank. Notice that this was the bank’s error. Cash receipts of April 30 amounting to $484.75 were mailed to the bank too late to be included in the April bank statement. Checks outstanding as of April…arrow_forwardRoper Electronics received its bank statement for the month of August with an ending balance of $11,775. Roper determined that Check No. 613 for $155 and Check No. 601 for $420 were both outstanding. A $6,900 deposit for August 30 was in transit as of the end of the month. Northern Regional Bank also collected $5,250 on a note receivable, which included interest of $250. The bank statement reveals a bank service charge of $20. A customer check for $68 was returned with the bank statement marked “NSF.” The ending balance of the Roper cash account is $12,938. Question Content Area a. Prepare a bank reconciliation as of August 31. Cash balance according to bank statement Add bank service chargeAdd collection feeAdd deposit in transitDeduct collection feeDeduct deposit in transit Deduct outstanding checks: No. 600No. 601No. 603No. 604No. 605 No. 611No. 612No. 613No. 614No. 615 Adjusted balance Cash balance according to Roper Electronics Add deposit in transitAdd note and…arrow_forward
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