Company received a bank statement showing a balance of $310,000. Reconciling items included outstanding checks of...

Company received a bank statement showing a balance of $310,000. Reconciling items included outstanding checks of $4,800 and a deposit in transit of $5,000. What is the company’s adjusted bank balance?

310 k

310,200

309,800

314,800

Expert Solution

ekkarill92 answered 2 years ago

Infinity Emporium Company received the monthly statement for its bank account, showing a balance of $66,744...

Infinity Emporium Company received the monthly statement for its bank account, showing a balance of $66,744 on August 31. The balance in the Cash account in the company's accounting system at that date was $71,952. The company's accountant reviewed the statement and the company's accounting records and noted the following. 1.After comparing the cheques written by the company with those deducted from the bank account in August, the accountant determined that all six cheques (totalling $6,180) that had been outstanding...

Daisy Company received a bank statement for February, as follows: Date Checks Deposits Balance Feb. 1...

Daisy Company received a bank statement for February, as follows: Date Checks Deposits Balance Feb. 1 $ 4,524.80 7 $ 2,700.33 $8,642.61 9 3,484.81 14 6.00 SC 460.00 CM 16 274.09 21 4,133.60 3,385.49 23 69.69 NSF 28 $ 6,344.38 SC = Service Charge; NSF - Check Returned; CM = Credit Memo; DM = Debit Memo The receipt of $460 on February 14 was for a $445 note collected by the bank, plus $20 current interest, minus a $5 service...

On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,740....

On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,740. The balance in the firm's checkbook and Cash account on the same date was $10,164. The difference between the two balances is caused by the items listed below. A $2,865 deposit made on March 30 does not appear on the bank statement. Check 358 for $480 issued on March 29 and Check 359 for $1,640 issued on March 30 have not yet been paid...

Churros Ltd received its bank statement for the month of January 2020 showing a credit balance...

Churros Ltd received its bank statement for the month of January 2020 showing a credit balance of $4,188.30 as at 31 January 2020. The cash balance on the company’s books at 1 January 2020 was $176.00 (debit). The progressive totals of the Cash Receipts Journal and the Cash Payments Journal before considering items 1 to 5 below were $21,475.40 and $17,622.10 respectively. The following reconciling items were identified: (1) Un-presented cheques amounted to $501.25. (2) Debits included in the bank...

On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,800....

On March 31, 2019, Home Decorating Pavilion received a bank statement showing a balance of $9,800. The balance in the firm's checkbook and Cash account on the same date was $10,370. The difference between the two balances is caused by the items listed below. A $2,925 deposit made on March 30 does not appear on the bank statement. Check 358 for $510 issued on March 29 and Check 359 for $1,700 issued on March 30 have not yet been paid...

At July 31, Crane Company has this bank information: cash balance per bank $8,360, outstanding checks...

At July 31, Crane Company has this bank information: cash balance per bank $8,360, outstanding checks $800, deposits in transit $1,325 and a bank service charge $20. Determine the adjusted cash balance per bank at July 31. The adjusted cash balance per bank at July 31 $

1. A bank reconciliation revealed bank charges of $11, outstanding checks of $221, and NSF checks...

1. A bank reconciliation revealed bank charges of $11, outstanding checks of $221, and NSF checks of $90. The journal entry to cause the company records to match the correct adjusted ending cash balance includes: a credit to cash for a total of $322. None of these. a credit to cash for a total of $11. a credit to cash for a total of $101. a credit to cash for a total of $90. 2. Hastings Company replenished a $500...

Whitney Company received its February bank statement, which included a memo indicating that the check of Colon Company for $870

Whitney Company received its February bank statement, which included a memo indicating that the check of Colon Company for $870 had been returned as “NSF” Whitney's bank reconciliation should list this check as a(n):Deduction from balance per general ledgerDeduction from balance per bank statementNone of the aboveAddition to balance per general ledgerAddition to balance per bank statement

McDowell’s Company received their monthly bank statement for May 2016. An analysis of the bank statement...

McDowell’s Company received their monthly bank statement for May 2016. An analysis of the bank statement and their cash account revealed the following facts. Prepare the bank reconciliation for McDowell’s Company for May: 1. The bank statement has a balance of $6,925. 2. The cash account has a balance of $4,622. 3. A deposit in transit made on April 30th was $4,200. 4. Outstanding checks totaled $5,800. 5. The bank collected a note of $1,200, plus...

Items on Company's Bank Statement The following items may appear on a bank statement: 1. Bank...

Items on Company's Bank Statement The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the Bank Statement as a Debit or Credit...

Question