(Bank Reconciliation and Adjusting Entries) Presented below is information related to Haselhof Inc. Balance per books...

(Bank Reconciliation and Adjusting Entries) Presented below is information related to Haselhof Inc.

Balance per books at October 31, $41,847.85; receipts $173,523.91; disbursements $164,893.54. Balance per bank statement November 30, $56,274.20.

The following checks were outstanding at November 30.

#1224
$1,635.29
#1230
2,468.30
#1232
2,125.15
#1233
482.17
Included with the November bank statement and not recorded by the company were a bank debit memo for $27.40 covering bank charges for the month, a debit memo for $372.13 for a customer’s check returned and marked NSF, and a credit memo for $1,400 representing bond interest collected by the bank in the name of Haselhof Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $1,915.40.

Expert Solution

November 30 cash balance = October 31 cash balance + Receipts - Disbursements

= 41,847.85+173,523.91-164,893.54

= $50,478.22

Haselhof Inc
Bank Reconciliation
November 30
Bank statement balance		56,274.20	Book balance		50,478.22
Add:			Add:
Deposit in transit		1,915.40	Interest collected by bank		1,400

Less:			Less:
Outstanding check			NSF check	-372.13
Check 1224	1,635.29		Bank charges	-27.40
Check 1230	2,468.30				-399.53
Check 1232	2,125.15
Check 1233	482.17
		-6,710.91
Adjusted bank balance		$51,478.69	Adjusted book balance		$51,478.69

Date	General Journal	Debit	Credit
November 30	Cash	1,400
	Interest revenue		1,400
	( To record interest revenue)
November 30	Accounts receivable	372.13
	Cash		372.13
	( To record NSF Check)
November 30	Bank charges	27.40
	Cash		27.40
	( To record bank charges)

ekkarill92 answered 2 years ago

Presented below is information related to Skysong Inc. Balance per books at October 31, $66,956.56; receipts...

Presented below is information related to Skysong Inc. Balance per books at October 31, $66,956.56; receipts $277,638.26; disbursements $263,829.66. Balance per bank statement November 30, $90,038.72. The following checks were outstanding at November 30. 1224 $2,616.46 1230 3,949.28 1232 3,400.24 1233 771.47 Included with the November bank statement and not recorded by the company were a bank debit memo for $43.84 covering bank charges for the month, a debit memo for $595.41 for a customer’s check returned and marked NSF,...

The unadjusted trial balance and related adjusting journal entries for McAfee Consulting Services is presented below...

The unadjusted trial balance and related adjusting journal entries for McAfee Consulting Services is presented below (note: AJEs have been entered). Update account balances to complete the Adjusted Trial Balance. Then prepare the year-end CLASSIFIED Balance Sheet. Use $15,400 as the ending Retained Earnings balance. . McAfee Consulting Services Adjusted Trial Balance For the Year Ended December 31, 2009 Accounts Trial Balance adjustments Adjusted trial blance Debit / Credit Debit / Credit Prepaid insurance 1,200/ / 300 (B) office supplies...

Journalize entries related to bank reconciliation and all adjusting entries Whispering Winds Corp. prepares quarterly financial...

Journalize entries related to bank reconciliation and all adjusting entries Whispering Winds Corp. prepares quarterly financial statements. The post-closing trial balance at December 31, 2021, is presented below. WHISPERING WINDS CORP. Post-Closing Trial Balance December 31, 2021 Debit Credit Cash $23,400 Accounts Receivable 22,600 Allowance for Doubtful Accounts $1,500 Equipment 24,000 Accumulated Depreciation—Equipment 10,000 Buildings 109,000 Accumulated Depreciation—Buildings 10,000 Land 20,000 Accounts Payable 12,100 Common Stock 82,000 Retained Earnings 83,400 $199,000 $199,000 During the first quarter of 2022, the following...

Prepare bank reconciliation and related entries. AP The bank portion of the bank reconciliation for Katsaris...

Prepare bank reconciliation and related entries. AP The bank portion of the bank reconciliation for Katsaris Company at August 31, 2017, was as follows: KATSARIS COMPANYBank Reconciliation August 31, 2017 Cash balance per bank $13,229 Add: Deposits in transit 2,350 15,579 Less: Outstanding cheques #4451 $1,740 #4460 549 #4461 723 #4462 1,840 #4464 620 5,472 Adjusted cash balance per bank $10,107 The unadjusted cash balance per books on September 30, 2017, was $10,228. The September bank statement showed the following:...

Prepare a Bank Reconciliation Statement from the information provided and prepare adjusting Journal Entries.

Prepare a Bank Reconciliation Statement from the information provided and prepare adjusting Journal Entries.The information below relates to the Cash account in the ledger of Bramble Company.Balance September 1—$17,010; Cash deposited—$64,500.Balance September 30—$17,664; Checks written—$63,846.The September bank statement shows a balance of $16,682 on September 30 and the following memoranda.Credits DebitsCollection of $1,621 note plus interest $39 $1,660 NSF check: Richard Nance $555Interest earned on checking account $54 Safety deposit box rent $74At September 30, deposits in transit were $4,580,...

The unadjusted trial balance and information regarding adjusting entries for Becky’s Carpets, Inc., is given below....

The unadjusted trial balance and information regarding adjusting entries for Becky’s Carpets, Inc., is given below. Prepare the financial statements for Becky’s Carpet Inc., after making the necessary adjustments Becky’s Carpets, Inc., Unadjusted Trial Balance December 31, 2019 Accounts Debit Credit 25,500 Accounts receivable 15,000 Supplies 4,500 Prepaid Insurance 5,000 Equipment 89,000 Accumulated depreciation - Equipment 6,000 Accounts payable 1,800 Unearned service revenue 3,700 Common stock 93,200 Retained earnings 21,000 Service revenue 30,700 Salary expense 15,700 Advertising expense 1,700...

Bank Reconciliation In-Class Team Case. You received the client prepared bank reconciliation presented below and are...

Bank Reconciliation In-Class Team Case. You received the client prepared bank reconciliation presented below and are auditing Simply Soups Inc’s cash; control risk over cash is assessed at the maximum level. For each item select the one or more procedures she could perform to gather evidence in support of it. Note that since many of the procedures are redundant with one another, they would not all necessarily be included in one particular audit program. For purposes of this problem you...

What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)?

Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $20,400. The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,450, outstanding checks of $3,900, an NSF check of $2,600, bank service charges of $125 and the EFT from a customer in payment of the customer's account of $3,400. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)? Multiple Choice$18,275$24,825$18,950$21,850

Presented below is the trial balance for ABC, Inc. as of December 31, 2008, before adjusting...

Presented below is the trial balance for ABC, Inc. as of December 31, 2008, before adjusting entries: ABC , INC. Trial Balance December 31, 2008 DR CR Cash $28,400 Accounts Receivable 12,500 Prepaid Insurance 7,200 Equipment 25,000 Accumulated Depreciation – Equipment $ 800 Unearned Revenue 6,000 Notes Payable 7,950 Retained Earnings 5,000 Common Stock 29,000 Fee Revenue 39,000 Salaries Expense 13,200 Supplies Expense 950 Interest Expense 500 $ 87,750 $ 87,750 31. The Equipment was purchased on September 1, 2007....

What is deducted from the balance per book on a bank reconciliation?

Question