College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
thumb_up100%
Chapter 6, Problem 3E
To determine
Compute the amount of outstanding checks in the bank reconciliation.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
In comparing the processed checks on the bank statement with the entries in the accounting records, it is found that check number 2889 for December's utilities was correctly written and drawn for $970 but was erroneously entered in the accounting records as $790.
The journal entry to adjust the books for the bank reconciliation would include which of the following for this situation?
a) $970 increase to Cash and a $790 decrease to Utility Expense.
b) $180 increase to Cash and a $180 increase to Utility Expense.
c) $180 decrease to Cash and a $180 increase to Utility Expense.
d) $180 decrease to Cash and a $180 decrease to Utility Expense.
e) $180 increase to Cash and a $120 decrease to Utility Expense.
If the month-end bank statement shows a balance of R.O.360,000,
outstanding checks are R.O.120,00o, a deposit of R.O.40,000 was in
transit at month end, and a check for R.O.5,00o was erroneously
added by the bank to the account, the correct balance in the bank
account at month end is
the December bank statement has a balance of $5,300 before reconciliation. after reconciliation the adjust balance is 4100. if one deposit in transit amounted to 800 what was the total of the outstanding checks, assuming no other adjustments would be made to the bank statement
Chapter 6 Solutions
College Accounting (Book Only): A Career Approach
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
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.Similar questions
- The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?arrow_forwardA table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.)arrow_forwardIn reconciling a bank statement, when a check from the previous month appears on the bank statement (but not the cash balance due to timing), how would you state it on the reconciliation? The note that was given: The difference in the beginning balances in the company’s records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2021 (prior month). Attached is an image of my current progress.arrow_forward
- On December 15, you recieved your bank statement showing a balance of $2270.32. Your checkbook shows a balance of $2433.33. Outstanding checks are $225.50 and $356.20. The account earned $77.52. Deposits in transit amount to $805.23, and there is a service charge of $17.00. Calculate the reconciled balance. options are: a. 163.01 b. 2046.79 c. 2372.81 d. 2493.85arrow_forwardThe new balance from a bank statement is $16,835.55. The deposits not yet recorded by the bank are $2058.05, $92.91 and $1052.27. The checks outstanding are $352.85, $188.14, $144.73 and $81.20. Determine the adjusted bank balance.arrow_forwardA table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.) Item 1. Deposits mailed to the bank on September 30 had not been recorded by the bank until October 2 2. Cheques outstanding on August 31 that cleared the bank in September. 3. A note receivable is collected by the bank for the company, but it is not yet recorded by the company. 4. NSF cheque from a customer is shown on the bank statement but not yet recorded by the company. 5. Deposit made on September 5 and processed by the bank on September 6. 6. Cheque written by another depositor but mistakenly charged against this company's account. 7. Cheques written and mailed to payees on October 2 8. Night…arrow_forward
- a company recueived a bank stattement with abalance $5350. reconciling items included a book keeper error of $200 ( a $300 check recorded as $500), two outstanding checks totaling $720 a service charge of $15, a de in transit of $180, and interest revenue of $21. what is the adjustment bank balance?arrow_forwardFor each of the items in the following list, identify where it is included on a bank reconciliation: 1. EFT payment made by a customer. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Bank debit memorandum for service charges. Outstanding cheques from the current month. Bank error in recording a $1,779 deposit as $1,977. Outstanding cheques from the previous month that are still outstanding. Outstanding cheques from the previous month that are no longer outstanding. Bank error in recording a company cheque made out for $160 as $610. Bank credit memorandum for interest revenue. Company error in recording a deposit of $160 as $1,600. Bank debit memorandum for a customer's NSF cheque. Deposit in transit from the current month. Company error in recording a cheque made out for $630 as $360.arrow_forwardA table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. Item 1. Outstanding checks to suppliers existed at the end of September. 2. Bank service charge. 3. The bank received an electronic funds transfer (EFT) and deposited the amount in the company's account on September 30. The company has not yet recorded this EFT. 4. Night deposit made on September 30 after the bank closed. 5. Checks written and mailed to payees on October 2. 6. NSF check from a customer is shown on the bank statement but not yet recorded by the company. 7. Interest earned on the September cash balance in the bank is not yet recorded by the company. 8. Deposit made on September 5…arrow_forward
- A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation.arrow_forwardOn December 10, you receive your bank statement showing a balance of $2,984.04. Your checkbook shows a balance of $2,775.93. Outstanding checks are $384.81 and $179.56. The account earned $127.88. Deposits in transit amount to $478.14, and there is a service charge of $6.00. Calculate the reconciled balance. a) $208.11 b) $2,654.05 c) $2,897.81 d) $4,026.55arrow_forwardInt A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.) Debit or Item Bank Balance Book Balance Credit to Cash Account 1. Checks written by another depositor but mistakenly charged against this company's account. 2: Outstanding checks to suppliers existed at the end of September 3. Bank service charge 4. Check written against the company's account and cleared by the bank erroneously not recorded by the company's recordkeeper. 5. The company made a month-end accrual for wages eamed but not yet paid. 6 Deposits in transit as of September 30 were not recorded by the bank unts October 3, 7. The company had outstanding checks to employees on September 30.…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage