(Answered) Question - bank reconciliation gtso commander company bank

Accounting

Question - Bank reconciliation >so, Commander Company bank statement for the month of March showed a balance per bank of $7,284. The company's CASH ACCOUNT in the general ledger had a balance of 7,284 at March 31.

1. Deposits in transit totaled $1,500

2. The bank statement shows a debit memorandum for $28 for service charges.

3. Outstanding checks totaled $591

4. The bank included a credit memorandum for $916 which represents collection of a customer's note by the bank for the company; principal amount of the note was $900, interest was $36, and less fee of $20. Interest has not been accrued

Show a bank reconciliation for Commander Company at March 31. Show the adjusting entries needed to balance the company's cash account to the bank's balance.

a. Balance per bank $7,263 b Balance per Company $7,284.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92777069
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - mary is employed by a large public company in

Question - Mary is employed by a large public company. In 2017, she was granted options to acquire 1,000 shares of her employer's common stock at a price of $23 per share. At the time the options were granted, the shares ...

Question - assume that on january 1 2017 elmers restaurants

Question - Assume that on January 1, 2017, Elmer's Restaurants sells a computer system to Liquidity Finance Co. for $680,000 and immediately leases the computer system back. The relevant information is as follows. 1. The ...

Question purpose of assignmentthis assignment is critical

Question: Purpose of Assignment This assignment is critical for students to gain a fundamental understanding of management's and auditor's responsibility for detecting errors, material fraud, and illegal acts. This assig ...

Qestion - the houston mavericks basketball team receives

Question - The Houston Mavericks basketball team receives $ 6500 for season tickets on August 1. By December 31, $ 3900 of the revenue has been earned. The adjusting entry to be made on December 31 includes a: A. credit ...

Question - chase has a 42500 line of credit which charges

Question - Chase has a $42,500 line of credit which charges an annual percentage rate of prime rate plus 5%. His starting balance on June 1 was $2,550. On June 4, he borrowed $5,300. On June 9, Chris made a payment of $8 ...

Question - victorias 2016 tax return was due on april 15

Question - Victoria's 2016 tax return was due on April 15, 2017, but she did not file it until June 12, 2017. Victoria did not file an extension. The tax due on the tax return when filed was $9,400. In 2016, Victoria pai ...

Question - background info company a parent purchased 100

Question - Background info: Company A (parent) purchased 100% of the shares in Company B (subsidiary). Company B sold inventory on the 1/3/17 to Company A for $98,000. This inventory had cost Company B $69,000. by 30/6/1 ...

Question - the following information is available for the

Question - The following information is available for the Starr Air Corporation: Sales - $750,000 Cost of goods sold - 410,000 Gross profit - 340,000 Operating Income - 85,000 Net Income - 42,000 Inventory, beginning yea ...

Accounting fundamentals assignment -financial statement

Accounting Fundamentals Assignment - Financial Statement Analysis - This assignment involves analysing the financial statements and other information relating to a number of Australian public companies. These companies a ...

Question using the readings about the differences between

Question: Using the readings about the differences between managers and leaders, and grounded in strategic planning, how can one take a leadership role in making yours a plan that works? The response must be typed, singl ...

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

Recent Questions

Ask Accounting Basics Expert