An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July...
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An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $7,290 Adjustments: Outstanding checks $3,500 Error by Chesner Co. in recording Check 540 No. 1056 as $820 instead of $280 11,860 Note for $11,400 collected by bank, including interest Deposit in transit on July 31 (7,420) (60) Bank service charges 8,420 Total adjustments $15,710 Cash balance according to bank statement a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let's Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 20Y4 15,710 Cash balance according to bank statement 7420 Add: Deposit in transit on July 31 Deduct: Outstanding checks Adjusted balance 7290 Cash balance according to company's records Add: Error in recording Check No. 1056 as S870 instead of $280 Add: Note for $11.400 collected by bank, including interest 12400 Total additions Deduct: Bank service charges Adjusted balane Feedback b. Ta balance sheel were prepared for Chesner Co. on Juy 31, 20Y4, what amount should be reported for Cash? An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $7,290 Adjustments: Outstanding checks $3,500 Error by Chesner Co. in recording Check 540 No. 1056 as $820 instead of $280 11,860 Note for $11,400 collected by bank, including interest Deposit in transit on July 31 (7,420) (60) Bank service charges 8,420 Total adjustments $15,710 Cash balance according to bank statement a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let's Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chesner Co. Bank Reconciliation July 31, 20Y4 15,710 Cash balance according to bank statement 7420 Add: Deposit in transit on July 31 Deduct: Outstanding checks Adjusted balance 7290 Cash balance according to company's records Add: Error in recording Check No. 1056 as S870 instead of $280 Add: Note for $11.400 collected by bank, including interest 12400 Total additions Deduct: Bank service charges Adjusted balane Feedback b. Ta balance sheel were prepared for Chesner Co. on Juy 31, 20Y4, what amount should be reported for Cash?
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Cash balance per bank statement 15710 Add Deposit in transit 7420 23130 Less Outstanding ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
Posted Date:
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