An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $6,070 Adjustments: Outstanding checks $2,910 Error by Chesner Co. in recording Check No. 1056 as $710 instead of $170 540 Note for $9,500 collected by bank, including interest 9,880 Deposit in transit on July 31 (6,180) Bank service charges (50) Total adjustments 7,100 Cash balance according to bank statement $13,170 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash? $fill in the blank
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $6,070 Adjustments: Outstanding checks $2,910 Error by Chesner Co. in recording Check No. 1056 as $710 instead of $170 540 Note for $9,500 collected by bank, including interest 9,880 Deposit in transit on July 31 (6,180) Bank service charges (50) Total adjustments 7,100 Cash balance according to bank statement $13,170 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash? $fill in the blank
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 21E
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Question
An accounting clerk for Chesner Co. prepared the following bank reconciliation:
Chesner Co. | |||
Bank Reconciliation | |||
July 31, 20Y4 | |||
Cash balance according to company's records | $6,070 | ||
Adjustments: | |||
Outstanding checks | $2,910 | ||
Error by Chesner Co. in recording Check | |||
No. 1056 as $710 instead of $170 | 540 | ||
Note for $9,500 collected by bank, including interest | 9,880 | ||
Deposit in transit on July 31 | (6,180) | ||
Bank service charges | (50) | ||
Total adjustments | 7,100 | ||
Cash balance according to bank statement | $13,170 |
a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?
$fill in the blank
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