As of June 30, 2018, the bank statement showed an ending balance of $19,500. The unadjusted Cash

Question:

As of June 30, 2018, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available:

1. Deposit in transit, $2,400.

2. Credit memo in bank statement for interest earned in June, $30.

3. Outstanding check, $6,690.

4. Debit memo for service charge, $20.

Required

Determine the true cash balance by preparing a bank reconciliation as of June 30, 2018, using the preceding information.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Survey of Accounting

ISBN: 978-1259631122

5th edition

Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair, Bor Yi Tsay

See More Books

Question Posted: Jul 04, 2017 09:44 AM

See More Questions

As of May 31, Year 1, the bank statement showed an ending balance of $26,100. The unadjusted Cash account balance was $27,350. The following information is available: 1. Deposit in transit: $6,981....
The Agricultural Genetics Company's Cash account in its general ledger reported a balance of $9,242 on May 31, 2014. The company's bank statement from Western Bank reported a balance of $11,890 on...
On June 30, 2017, EZ Fertilizer's cash account per its general ledger showed the following balance: The bank statement from Canada Bank on that date showed the following balance: A comparison of the...
an 5 of 5 | Review Mode: Question 13 of 20 A survey asked 1,150 pe to choose their favorite laundry detergent from brands D, E, and F. Of the people surveyed, percent chose D as their favorite brand....
The jacketed vessel in Figure is used to heat a liquid by means of condensing steam. The following information is available:(i) The volume of liquid within the tank may vary, thus changing the area...
1. Based on your own observations in the marketplace, do you believe we are in an inflationary or deflationary period? 2. Go to the Bank of Canada website and find the latest inflation figures. Based...
Consider a bond with a face value of $\$ 1,000$ and coupon payment at the end of each period $k$ given by a rate $c_{k}=\max \left[6 \%-r_{k}, 0 ight]$, where $r_{k}$ is the short rate for...
Chung, Inc., is preparing its direct labor budget for 2012 from the following production budget based on a calendar year. Each unit requires 1.6 hours of direct labor.InstructionsPrepare a direct...
At the end of the accounting period, Harris Company had $6,000 of par value common stock issued, additional paid in capital of $5,500, retained earnings of $6,000, and $2,000 of treasury stock. What...
Kampa Company and Arbor Company are similar firms that operate in the same industry. Arbor began operations in 2001 and Kampa in 1995. In 2006, both companies pay 7% interest on their debt to...
Bell Farm and Garden Equipment reported the following information for 2018: Net Sales of Equipment............................................................................$2,450,567 Other...
John Simmons is a CPA with a secret. His secret is that he gambles on sports. John knows that his profession disapproves of gambling, but considers the professional standards to be misguided in his...
Determine how the duration of a bond be affected if the coupons were extended over additional time periods.
Differentiate between the following pairs of concepts: (a) Probability and non-probability sampling (10 marks) (b) Exploratory research and causal research (10 marks)
Here is a process I encourage you all to use. Start withexcel spreadsheet and work through total costcalculations. I am showing cost calculation for one combination. You can do the rest combinations...
Apply principles of management needed to work in teams, build cross-functional teams, and facilitate collaborative decision making. You have just been hired as a consultant to a health care...
You are the office manager for Dr. Jones. He comes to you with a new Cigna contract that he just received in the mail. He is not sure he will be able to increase the number of employees that he...
identify and discuss the primary strategic approach you took in the simulation and your logic for why. b. Did the priorities or tactics change as the simulation went along? If so, how and why? If...
On May 1, 2020, Peters Company purchased 80% of the common stock of Smith Company for $50,000. Additional data concerning these two companies for the years 2020 and 2021 are: Any difference between...
A condenser (heat exchanger) brings 1 kg/s water flow at 10 kPa quality 95% to saturated liquid at 10 kPa, as shown in Fig. P4.91. The cooling is done by lake water at 20C that returns to the lake at...
Balance sheet data for Hanes Company on December 31, the end of the fiscal year, are shown below. Prepare a comparative balance sheet for 2010 and 2009, stating each asset as a percent of total...
Income statement data for Grendel Images Company for the years ended December 31, 2010 and 2009, are as follows: a. Prepare a comparative income statement with horizontal analysis, indicating the...
The following data were taken from the balance sheet of Bock SuppliersCompany: a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one...
If you were to enter the banking industry, you might find yourself approving or not approving loans. The following is a good example of a common event you could encounter. Company X is looking for...
You see a two year bond with annual coupon rate of 8% that has these flows. Years ahead Cashflows 0 ?? 0.25 0 0.5 0 0.75 1 1.25 1.5 1.75 2 8 0 0 0 108 You will be asked to calculate its price at...
Use synthetic division and the Remainder Theorem to evaluate P(c). P(x) = 6x + 5x +9, c = 11/1 P(1) =

As of June 30, 2018, the bank statement showed an ending balance of $19,500. The unadjusted Cash

Question:

Step by Step Answer:

Bank Reconciliation Unadjusted Bank Balance 6302018 19500 Add De...View the full answer

Survey of Accounting

Students also viewed these Managerial Accounting questions