Question: Use the following data to answer the question presented below for Raines Corp.s preparation of a bank reconciliation on October 31, 2014: Bank statement balance

Use the following data to answer the question presented below for Raines Corp.’s preparation of a bank reconciliation on October 31, 2014:

Bank statement balance

$30,700

Raines’ book balance (before adjustments)

?

Outstanding checks

4,200

NSF checks

400

Service charges

300

Deposits in transit

3,100

Interest earned on checking account

100

What is the adjusted cash balance on October 31, 2014?

a. $30,700

b.$29,600

c. $30,100

d. $30,200

Step by Step Solution

★★★★★

3.47 Rating (147 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To determine the adjusted cash balance for Raines Corp we need to reconcile both the bank statement ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Use the following data to answer the following questions (all figures are in billions of dollars): Item Amount Government purchases of goods and services.$1,721.6 Exports... 1,096.3 Receipts of...

Q:

Use the following data to answer the questions below: a. Calculate the marginal cost and average variable cost for each level of production. b. How much would the firm produce if it could sell its...

Q:

Use the following data to answer the questions below. Assume a perfectly competitive product market. Units of LaborUnits of Output 0.. 0 1.. 7 2..13 3..18 4..22 5..25 a. Calculate the marginal...

Q:

The adjusted trial balance for Morrison Services Ltd. at August 31, 2021 is as follows: Marrison Services Ltd. Adjusted Trial Balarce August 31.2021 Debit Credit Cash Accounts receivable Supplies...

Q:

The question is in the word document, please help me with it. 1. Use the following information to answer the following. Cash Holdings ($) Unused Credit Line ($) Next Expected Cash Inflow ($) Stand....

Q:

Case: " GoPro in 2017: Will Its Turnaround Strategy Restore Profitability?" Step 3 Internal Company Analysis, VRIN test, Value Chain Analysis, Financial Analysis, and Competitive Strength Assessment...

Q:

I need hw help on these 9 problems wiley plus. Attached are the questions copied and paste from wiley plus 1) Logan Bruno Company has just received the August 31, 2014, bank statement, which is...

Q:

Hi I need a help for attached problems all the problems except the black highlighted one Thank you in advance Sales, returns and allowances B-05.01 Harold Frieze owns Euro Lighting, a lighting...

Q:

Using the attached spreadsheet: QUESTION 1 The Sales Returns and Allowances A. account is presented on the balance sheet as a deduction from Accounts Receivable. B. on the income statement as a...

Q:

Help Save & Exh Submit 1 Use the information given below to prepare the bank reconciliation for Feelgood Health Club Inc. for the month ended March 31 20X1 which you will need to answer the 3...

Q:

From Patreon memberships and model contracts the influencer earns on average 3300 per month. He is investing the money each month in a stock market fund (at the end of each month) that yields on...

Q:

Why is it accurate to conclude that the study and application of OB are multidisciplinary?

Q:

Let a n = 5 n 2 + 1 4 n 3 n 4 - 5 n 2 - 1 9 , b n = 5 3 n 2 Calculate the l i m i t . ( G i v e a n exact answer. Use symbolic notation and fractions where needed. Enter DNE i f the l i m i t does...

Q:

If the following two reactions were coupled, what would be the overall AG? Glucose + Pi --> Glucose-6-Phosphate AG 13.8 kJ/mol ATP + H20 --> ADP + Pi AG = -30.5 kJ/mol 44.3 kJ/mol 16.7 kJ/mol -16.7...

Q:

you are to find a business for sale, project the cash flows, and calculate the NPV to determine whether the business is worth buying based on NPV and your overall evaluation. You may wish to visit a...

Q:

The following data are available for ZZZ Company for the year ended December 31, 2020. Sales: 5,000 units Budgeted production 4,000 units Actual Production 3,100 units Manufacturing costs incurred:...

Q:

A created a trust on January 1 Year 1. A appointed his Child(1) as Trustee of the trust. Under the terms of the trust, during As lifetime, Child 1 could distribute income or principal to any of As 3...

Q:

Advantage Tennis Coaching in Brisbane offers coaching for junior, elite and mature tennis players. Nicholas Cash, the sole proprietor, has identified that the business cycle will be seasonal, with...

Q:

How can a state raise money to meet the needs of its people? * 1 point By entering into a treaty with another country By collecting duties on goods that are imported By increasing taxes on citizens...

Q:

I need the following Assignments Completed so that I may compare them to my current answer. There are multiple sections to this Assignment SECTION 3 1. Which of the following is not a characteristic...

Q:

19. Consider the following time series. t 1 2 3 4 5 6 7 Yt 120 110 100 96 94 92 88 a. Construct a time series plot. What type of pattern exists in the data? b. use simple linear regression analysis...

Q:

Use the following data to complete the assignment. You will need to use Excel to do the following assignment....

Q:

Variable overhead is applied based on units produced so the standard cost provided is for each unit produced.Calculate STANDARD for Variable OH using standard volume x standard cost per unit. Problem...

Q:

QUESTION 27 Burget Clinic uses client-visits as its measure of activity. During July, the clinic budgeted for 2,100 client-visits, but its actual level of activity was 2,110 client-visits. The clinic...

Q:

*****USE THE FOLLOWING DATA TO ANSWER THE NEXT TWO (2) OUESTIONS*****21. Here Co. uses weighted average process costing. At the end of the period, they had the following data:Equivalent units in...