Chesner Co. Bank Reconciliation July 31,20Y4 Cash balance according to company's records $18,520 Adjustments: Outstanding checks $ 4,780 Error by Chesner Co. in recording Check 90 No. 1056 as $875 instead of $785 Note for $ 15.000 collected by bank, including 15,600 interest Deposit in transit on July 31 (11,300) Bank service charges (45) Total adjustments 9,125 Cash balance according to bank statement $27,645
Chesner Co. Bank Reconciliation July 31,20Y4 Cash balance according to company's records $18,520 Adjustments: Outstanding checks $ 4,780 Error by Chesner Co. in recording Check 90 No. 1056 as $875 instead of $785 Note for $ 15.000 collected by bank, including 15,600 interest Deposit in transit on July 31 (11,300) Bank service charges (45) Total adjustments 9,125 Cash balance according to bank statement $27,645
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11MC
Related questions
Question
Bank reconciliation
An accounting clerk for Chesner Co. prepared the following bank reconciliation:
Refer to the image attached
a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the formal shown in the Let’s Review section.
b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
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.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning