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Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank...

Bank Reconciliation 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 $8,260 Adjustments: Outstanding checks $3,960 Error by Chesner Co. in recording Check No. 1056 as $820 instead of $280 540 Note for $13,000 collected by bank, including interest 13,520 Deposit in transit on July 31 (8,410) Bank service charges (30) Total adjustments 9,580 Cash balance according to bank statement $17,840 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 Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $ Adjustments: $ Total adjustments Adjusted balance $ Cash balance according to company's records $ $ Total adjustments Adjusted balance $ b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash? $

Bank Reconciliation

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 $8,260
Adjustments:
   Outstanding checks $3,960
   Error by Chesner Co. in recording Check
     No. 1056 as $820 instead of $280 540
   Note for $13,000 collected by bank, including interest 13,520
   Deposit in transit on July 31 (8,410)
   Bank service charges (30)
      Total adjustments 9,580
Cash balance according to bank statement $17,840

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

Chesner Co.
Bank Reconciliation
July 31, 20Y4
Cash balance according to bank statement $
Adjustments:
$
Total adjustments
Adjusted balance $
Cash balance according to company's records $
$
Total adjustments
Adjusted balance $

b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?
$

Solutions

Expert Solution

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

Chesner Co.
Bank Reconciliation
July 31, 20Y4
Cash balance according to bank statement $17840
Adjustments:
Deposit in transit on July 31 $8410
  Outstanding checks -3960
Total adjustments 4450
Adjusted balance $22290
Cash balance according to company's records $8260
Note for $13,000 collected by bank, including interest $13520
Error by Chesner Co. in recording Check 540
Bank service charges -30
Total adjustments 14030
Adjusted balance $22290

b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?
$22290

ekkarill92 answered 3 years ago
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