The company's cash ledger reports the following for the end of the month Deposits Date Checks...

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The company's cash ledger reports the following for the end of the month Deposits Date Checks Amount No. Date Amount 3-Oct $25,000 1151 4-Oct $18,000 10-Oct 26,000 1152 6-Oct 6,000 17-Oct 24,000 1153 15-Oct 9,000 24-Oct 30,000 1154 16-Oct 21,000 Cash receipts 10/26 -10/27 15,000 1155 20-Oct 3,000 $120,000 1156 22-Oct 14,000 1157 29-Oct 16,000 Balance on October 1 $18,000 $87,000 Receipts 120,000 Disbursements 87,000 Balance on October 31 $51,000 Information from October's bank statement and company records reveals the following additional information: a) The ending cash balance shown on the bank statement is $70,195. b) Cash receipts of $15,000 from 10/26-10/27 are outstanding. c) Checks 1156 and 1157 are outstanding. d) The deposit on 10/24 includes a customer's check for $3,000 that did not clear the bank (NSF check). e) Check 1154 was written for $12,000 for equipment purchased in October. The bank properly recorded the check for this amount. f) An automatic withdrawal for November rent was made on October 29 for $4,000. g) The company's checking account earns interest based on the average daily balance. The amount of interest earned for October is $30. h) In the past, one of the company's customers requested their Account Receivable be converted to a Note Receivable (they owed $2,000 to the company). On October 29th, the customer paid the amount owed by depositing $2,200 ($2,000 note amount plus $200 interest) directly into the company bank account. The bank charged the following service fees: $25 for NSF check and $10 account maintenance fee. i) Prepare a bank reconciliation for October 31st to assist answering the questions following: 21. $ Of the total checks written during the month, what amount should be deducted from the bank balance during reconciling the bank account? 22. $ the bank account? Of the cash receipts, what amount should be added to the bank balance during reconciling 23. When performing the bank reconciliation, how should the company treat check 1154? A. add $9,000 to the company cash account. B. subtract $9,000 from company cash account. C. add $9,000 to the bank statement balance. D. subtract $9,000 from the bank statement balance. 24. $ The total amount needed to reconcile the company cash account was: 25. $ What is the company's cash balance after the reconciliation? The company's cash ledger reports the following for the end of the month Deposits Date Checks Amount No. Date Amount 3-Oct $25,000 1151 4-Oct $18,000 10-Oct 26,000 1152 6-Oct 6,000 17-Oct 24,000 1153 15-Oct 9,000 24-Oct 30,000 1154 16-Oct 21,000 Cash receipts 10/26 -10/27 15,000 1155 20-Oct 3,000 $120,000 1156 22-Oct 14,000 1157 29-Oct 16,000 Balance on October 1 $18,000 $87,000 Receipts 120,000 Disbursements 87,000 Balance on October 31 $51,000 Information from October's bank statement and company records reveals the following additional information: a) The ending cash balance shown on the bank statement is $70,195. b) Cash receipts of $15,000 from 10/26-10/27 are outstanding. c) Checks 1156 and 1157 are outstanding. d) The deposit on 10/24 includes a customer's check for $3,000 that did not clear the bank (NSF check). e) Check 1154 was written for $12,000 for equipment purchased in October. The bank properly recorded the check for this amount. f) An automatic withdrawal for November rent was made on October 29 for $4,000. g) The company's checking account earns interest based on the average daily balance. The amount of interest earned for October is $30. h) In the past, one of the company's customers requested their Account Receivable be converted to a Note Receivable (they owed $2,000 to the company). On October 29th, the customer paid the amount owed by depositing $2,200 ($2,000 note amount plus $200 interest) directly into the company bank account. The bank charged the following service fees: $25 for NSF check and $10 account maintenance fee. i) Prepare a bank reconciliation for October 31st to assist answering the questions following: 21. $ Of the total checks written during the month, what amount should be deducted from the bank balance during reconciling the bank account? 22. $ the bank account? Of the cash receipts, what amount should be added to the bank balance during reconciling 23. When performing the bank reconciliation, how should the company treat check 1154? A. add $9,000 to the company cash account. B. subtract $9,000 from company cash account. C. add $9,000 to the bank statement balance. D. subtract $9,000 from the bank statement balance. 24. $ The total amount needed to reconcile the company cash account was: 25. $ What is the company's cash balance after the reconciliation?

Answer rating: 100% (QA)

Bank Reconciliation for October 31st Balance per bank statement October 31 70195 Add Deposit in tran... View the full answer