Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 4, Problem 53PB
To determine
Identify the April 30th cash balance of Company T bank statement.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
The following information is available for the Maribel Company for the month of June:
The unadjusted balance of the company's Cash account was $26,620 at the end of June.
The bank statement shows a balance on June 30 of $26,960.
Outstanding checks totaled $4,000 at June 30.
Deposit in transit totaled $3,000 on June 30.
The bank statement included unrecorded interest earned in the amount of $150.
Check # 1221 (in payment of account payable) was written for $4,900, but recorded in the accounting records as $4,090.
The adjusted bank and book balance is:
$26,000
$25,960
$25,620
$26,300
On May 31, O'Hearne Limited had a cash balance per books of $13,126. The bank statement from
Community Bank on that date showed a balance of $15,230. A comparison of the bank statement
with the company's Cash account revealed the following:
1. The bank statement included a bank service charge of $80.
2. The bank statement included electronic collections totalling $4,188. These were not
previously recorded.
3. Outstanding cheques at April 30 totalled $2,900. Of these, $2,240 worth cleared the bank
in May. There were $1,892 of cheques written in May that were still outstanding on May
31.
4. Included with the cancelled cheques was a cheque issued by O'Bearne Inc. for $1,200 that
was incorrectly charged to O'Hearne by the bank.
5. On May 31, the bank statement showed a returned (NSF) cheque for $1,350 issued by a
customer in payment of its account. In addition, the bank charged an $80 processing fee
for this transaction.
6. The May 31 deposit of $1,926 was not included in the deposits on…
The cash records of Crane Company show the following.For July:
1.
The June 30 bank reconciliation indicated that deposits in transit total $780. During July, the general ledger account Cash shows deposits of $18,780, but the bank statement indicates that only $15,830 in deposits were received during the month.
2.
The June 30 bank reconciliation also reported outstanding checks of $905. During the month of July, Crane Company books show that $17,980 of checks were issued, yet the bank statement showed that $16,350 of checks cleared the bank in July.
For September:
3.
In September, deposits per bank statement totaled $27,430, deposits per books were $26,210, and deposits in transit at September 30 were $2,880.
4.
In September, cash disbursements per books were $23,680, checks clearing the bank were $24,480, and outstanding checks at September 30 were $2,310.
There were no bank debit or credit memoranda, and no errors were made by either the bank or Crane…
Chapter 4 Solutions
Financial Accounting
Ch. 4 - Prob. 1YTCh. 4 - Prob. 2YTCh. 4 - Suppose at the end of the year Pendleton Corp.s...Ch. 4 - Prob. 4YTCh. 4 - Prob. 5YTCh. 4 - Prob. 6YTCh. 4 - Prob. 7YTCh. 4 - Prob. 1QCh. 4 - Prob. 2QCh. 4 - Prob. 3Q
Ch. 4 - Prob. 4QCh. 4 - What does true cash balance refer to?Ch. 4 - Identify and explain the financial statements on...Ch. 4 - Describe how accounts receivable arise. What does...Ch. 4 - Prob. 8QCh. 4 - Define net realizable value, book value, and...Ch. 4 - Explain the difference between the direct...Ch. 4 - If a company uses the allowance method of...Ch. 4 - Describe the two allowance methods used to...Ch. 4 - Which method of calculating the allowance for...Ch. 4 - Which method of calculating the allowance for...Ch. 4 - What are the advantages and disadvantages of...Ch. 4 - What is the difference between accounts receivable...Ch. 4 - What is the formula to calculate the accounts...Ch. 4 - How does a firm use its accounts receivable...Ch. 4 - Prob. 19QCh. 4 - Prob. 20QCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Prob. 3MCQCh. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Prob. 9MCQCh. 4 - Prob. 1SEACh. 4 - Prob. 2SEACh. 4 - Prob. 3SEACh. 4 - Prob. 4SEACh. 4 - Prob. 5SEACh. 4 - Prob. 6SEACh. 4 - Prob. 7SEACh. 4 - Prob. 8SEACh. 4 - Prob. 9SEACh. 4 - Prob. 10SEBCh. 4 - Prob. 11SEBCh. 4 - Prob. 12SEBCh. 4 - Prob. 13SEBCh. 4 - Prob. 14SEBCh. 4 - Prob. 15SEBCh. 4 - Prob. 16SEBCh. 4 - Prob. 17SEBCh. 4 - Prob. 18SEBCh. 4 - Prob. 19EACh. 4 - Prob. 20EACh. 4 - Prob. 21EACh. 4 - Prob. 22EACh. 4 - Prob. 23EACh. 4 - Prob. 24EACh. 4 - Prob. 25EACh. 4 - Prob. 26EACh. 4 - Prob. 27EACh. 4 - Prob. 28EACh. 4 - Prob. 29EACh. 4 - Prob. 30EACh. 4 - Prob. 31EACh. 4 - Prob. 32EBCh. 4 - Prob. 33EBCh. 4 - Prob. 34EBCh. 4 - Prob. 35EBCh. 4 - Prob. 36EBCh. 4 - Prob. 37EBCh. 4 - Prob. 38EBCh. 4 - Prob. 39EBCh. 4 - Prob. 40EBCh. 4 - Prob. 41EBCh. 4 - Prob. 42EBCh. 4 - Prob. 43EBCh. 4 - Prob. 44EBCh. 4 - Prob. 45PACh. 4 - Prob. 46PACh. 4 - Prob. 47PACh. 4 - Prob. 48PACh. 4 - Prob. 49PACh. 4 - Prob. 50PACh. 4 - Prob. 51PACh. 4 - Prob. 52PACh. 4 - Prob. 53PBCh. 4 - Prob. 54PBCh. 4 - Prob. 55PBCh. 4 - Prob. 56PBCh. 4 - Prob. 57PBCh. 4 - Prob. 58PBCh. 4 - Prob. 59PBCh. 4 - Prob. 60PBCh. 4 - Prob. 1FSACh. 4 - Prob. 2FSACh. 4 - The following information has been adapted from...Ch. 4 - Prob. 1CTPCh. 4 - Prob. 2CTPCh. 4 - The information given here was taken from Yahoo!...Ch. 4 - Prob. 1IECh. 4 - Prob. 2IECh. 4 - The information given here was taken from Yahoo!...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Hathaway Company’s general ledger shows a cash account balance of $23,290 on July 31, 2024. Cash sales of $1,839 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $51 and an NSF check from a customer of $310. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,470. The bank statement shows a balance of $22,560 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. 2. Record the necessary entry(ies) to adjust the balance for cash.arrow_forwardShalimar Group of Industries reports the following information concerning cash balances and cash transactions for the month of April: A Cash balance per bank statement as of April 30 was $22,992.50 Two debit memoranda accompany the bank statement: one for $9 was for service charges for the month; the other for $62.50 was attached to an NSF check from Rizwan. Included with the bank statement was $3123.25 credit memorandum for interest earned on the bank account in April. The paid checks returned with the April bank statement disclosed an error in Shalimar cash records. Check no.751 for $67.35 for telephone expense had erroneously been listed in the cash payments journal as $76.35. A collection charge for $25 (not applicable to Daytona) was erroneously deducted from the account by the bank. Notice that this was the bank’s error. Cash receipts of April 30 amounting to $484.75 were mailed to the bank too late to be included in the April bank statement. Checks outstanding as of April…arrow_forwardThe following Information Is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $56,344. 2. Deposits In transit on June 30 were $2,340. 3. A debit memo was Included with the bank statement for a service charge of $23. 4. A $5,099 check written In June had not been pald by the bank. 5. The bank statement Included a $1,450 credit memo for the collection of a note. The principal of the note was $1,405, and the Interest collected amounted to $45. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding Items to determine the true balance.) True cash balancearrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningExcel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage LearningCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
- Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,