ACC 131 Lecture Notes - Lecture 2: List Of The Shield Episodes, Cash Register, Bank Statement
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Cash balance per bank | $8,500 |
Cash balance per books (general ledger) | $7,320 |
Outstanding checks | $3,6000 |
Check mailed to the bank for deposit had | |
not reached the bank by the statement | |
date. | $2,050 |
NSF check returned by the bank for | |
accounts receivable | $200 |
July interest earned on the bank statement | $10 |
Check no. 700 for misc. expense cleared | |
the bank for $200; erroneously recorded | |
in the Matrix books for $20 T Account format entries |
MC Qu. 142 Clayborn Company deposits all cash receipts...Clayborn Company deposits all cash receipts on the day they arereceived and makes all cash payments by check. At the close ofbusiness on May 31, its Cash account shows a debit balance of$17,025. Clayborn's May bank statement shows $15,800 on deposit inthe bank. Determine the adjusted cash balance using the followinginformation: Deposit in transit $5,200 Outstanding checks $4,600Bank service fees, not yet recorded by company $25 A NSF check froma customer, not yet recorded by the company $600 The adjusted cashbalance should be:
MC Qu. 142 Clayborn Company deposits all cash receipts...
Clayborn Company deposits all cash receipts on the day they arereceived and makes all cash payments by check. At the close ofbusiness on May 31, its Cash account shows a debit balance of$17,025. Clayborn's May bank statement shows $15,800 on deposit inthe bank. Determine the adjusted cash balance using the followinginformation:
Deposit intransit | $5,200 |
Outstandingchecks | $4,600 |
Bank servicefees, not yet recorded by company | $25 |
A NSF check froma customer, not yet recorded by the company | $600 |
The adjusted cash balance should be:
MATRIX INC. BANK RECONCILIATION | |
Cash balance per bank | $8,500 |
Cash balance per books (general ledger) | $7,320 |
Outstanding checks | $3,6000 |
Check mailed to the bank for deposit had | |
not reached the bank by the statement | |
date. | $2,050 |
NSF check returned by the bank for | |
accounts receivable | $200 |
July interest earned on the bank statement | $10 |
Check no. 700 for misc. expense cleared | |
the bank for $200; erroneously recorded | |
in the Matrix books for $20 | |
Prepare a bank reconciliation. | |
Shown the accounting entries that must be made by Matrix injournal entry and T-Account format. |