Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Create a bank Reconciliation as of August 31 from following information

a) August 31 balance shown on bank statement is $9,810

b) There is a deposit in transit of 1,260 at August 31

c) Outstanding checks at august 31 totaled 1890

d) Interest credited to account during august but not recorded on company's book amounted  to 108

e) Bank charge of $36 for check was made to account during august. Though company was expecting a charge, its amount was not known until bank statement arrived

f) In process of reviewing canceled checks, it was determined that checks issued to a supplier in payments of account payable of $631 had been recorded as disbursement of $361

g) August 31 balance in general ledger Cash account before reconciliations is 9378

problems:

1. Compute the beginning balance per the bank?

2. Compute the beginning balance per the books?

3. Compute the total amount of outstanding checks?

4. Compute the total amount of deposits in transits?

5. Compute the total amount of the interest earned?

6. Compute the total amount of the errors?

7. Compute the adjusted or reconciled balance per bank?

8. Compute the adjusted or reconciled balance per books?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920483

Have any Question? 


Related Questions in Accounting Basics

Assignmentnbsp the eatery is a restaurant in dekalb

Assignment  The Eatery is a restaurant in DeKalb, Illinois. It specializes in deluxe sandwiches in a moderate price range. Michael Raye, the manager of The Eatery, has determined that during the last two years the sales ...

Practice questionskerry melrose has a conference organising

Practice questions: Kerry Melrose has a conference organising business and is thinking of buying some computer-controlled audio visual equipment. She has done her calculations on a cash basis and has discovered that the ...

Practice questionsdescribe what is meant by the term cost

Practice questions: Describe what is meant by the term cost of goods sold and the importance of the calculation in arriving at a figure of gross profit. Answer should be illustrated with a worked example.

Practice questionswhy is a balance sheet claimed to be a

Practice questions: Why is a balance sheet claimed to be a statement of the financial position of a business? What limitations do you think it has?

Assume dubello company uses the cost method for any

Assume Dubello Company uses the cost method for any treasury stock transactions. Dubello Company has the following information about it's common stock on January 1 of the current year: Common Stock, $4 par; 200,000 share ...

Your manager is concerned that itis internal controls are

Your manager is concerned that IT/IS internal controls are not being owned by appropriate functional operators and managers. The concern is that employees do not feel accountable and are not working to find control weakn ...

Practice questionsdescribe the main sources you would use

Practice questions: Describe the main sources you would use to obtain financial information about a public limited company.

Descriptionbond valuation the pennington corporation issued

Description BOND VALUATION The Pennington Corporation issued a new series of bonds on January 1, 1990. The bonds were sold at par ($1,000); had a 12% coupon; and mature in 30 years, on December 31, 2019. Coupon payments ...

Example of manual accounting - the bad old daysthe benjamin

Example of Manual Accounting - The bad old days The Benjamin Company completed these transactions during January of the current year: January 1, Began business by selling stock for $750,000.00.   January 1, Rented office ...

Accounting for managers- shareholders and lenders whilst

Accounting for Managers- Shareholders and lenders, whilst not being the only stakeholders, provide capital to companies because they seek a return commensurate with the level of risk that they are willing to take. You ar ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate