00 On October 31, 2024, the bank statement for the cash account of Bellevue Incorporated shows...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
00 On October 31, 2024, the bank statement for the cash account of Bellevue Incorporated shows a balance of $12,694, while the company's records show a cash balance of $12,316. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,215. b. The October 31 cash receipts of $770 are not deposited in the bank until November 2 c. The EFT payment for utilities of $134 is correctly recorded by the bank but is recorded by Bellevue as a disbursement of $143. d. In accordance with prior authorization, the bank withdraws $547 directly from the account as payment on a note payable. The interest portion of that payment is $47 and the principal portion is $500. Bellevue has not recorded the direct withdrawal. e. Bank service fees of $21 are listed on the bank statement. f. A deposit of $564 is recorded by the bank on October 13, but it did not belong to Bellevue. The deposit should have been made to the account of Hollybuster Video, a separate company. g. The bank statement includes a charge of $72 for an NSF check from a customer. The check is returned with the bank statement, and the company will seek payment from the customer. Required: 1. Prepare a bank reconciliation for the Bellevue checking account on October 31, 2024. 2. Record the necessary cash adjustments. Complete this question by entering your answers in the tabs below. W Required 1 Required 2 Prepare a bank reconciliation for the Bellevue checking account on October 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement BELLEVUE, INCORPORATED Bank Reconciliation October 31, 2024 Per general ledger Company's Cash Balance 00 On October 31, 2024, the bank statement for the cash account of Bellevue Incorporated shows a balance of $12,694, while the company's records show a cash balance of $12,316. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,215. b. The October 31 cash receipts of $770 are not deposited in the bank until November 2 c. The EFT payment for utilities of $134 is correctly recorded by the bank but is recorded by Bellevue as a disbursement of $143. d. In accordance with prior authorization, the bank withdraws $547 directly from the account as payment on a note payable. The interest portion of that payment is $47 and the principal portion is $500. Bellevue has not recorded the direct withdrawal. e. Bank service fees of $21 are listed on the bank statement. f. A deposit of $564 is recorded by the bank on October 13, but it did not belong to Bellevue. The deposit should have been made to the account of Hollybuster Video, a separate company. g. The bank statement includes a charge of $72 for an NSF check from a customer. The check is returned with the bank statement, and the company will seek payment from the customer. Required: 1. Prepare a bank reconciliation for the Bellevue checking account on October 31, 2024. 2. Record the necessary cash adjustments. Complete this question by entering your answers in the tabs below. W Required 1 Required 2 Prepare a bank reconciliation for the Bellevue checking account on October 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement BELLEVUE, INCORPORATED Bank Reconciliation October 31, 2024 Per general ledger Company's Cash Balance
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The purpose of managerial accounting is to provide useful information to management and other internal decision makers. It does this by collecting, managing, and reporting both monetary and...
-
On October 31, 2015, the bank statement for the checking account of Hollybuster Video shows a balance of $11,570, while the company's records show a balance of $10,858. Information that might be...
-
Consolidated Balance Sheet Working Paper, Bargain Purchase On December 31, 2012, Paxon Corporation acquired all of the outstanding common stock of Saxon Company for $1.44 billion cash. The balance...
-
Many states are now imposing severance taxes on resources being extracted within their borders. In order to understand the effect of these on the allocation of the mineral over time, assume a stable...
-
What is the cardinality of each of these sets? a) {a} b) {{a}} c) {a, {a}} d) {a, {a}, {a, {a}}}
-
Refer to Samsungs financial statements in Appendix A. Compute its cost of goods available for sale for the year ended December 31, 2015. Data From Samsung Financial Statements Appendix A Access...
-
Unit Conversion. There are 1,000 meters \((\mathrm{m})\) in a kilometer \((\mathrm{km})\), and 100 centimeters \((\mathrm{cm})\) in a meter. Convert \(4 \mathrm{~km}\) to centimeters.
-
On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by investing $12,000 cash in the business. Following are the assets and liabilities of the company at...
-
Ces Compute the Pl statistic for Project Q if the appropriate cost of capital is 13 percent. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Project Q Time:...
-
Graniterock, a California-based mining and construction company, was founded in 1900, but its journey toward improved quality did not start until many decades later. The managers at Graniterock knew...
-
What are the key determinants of an economy's natural rate of interest, and how does it serve as a benchmark for setting monetary policy to ensure long-term price stability and sustainable economic...
-
discuss the implications of the zero lower bound (ZLB) on traditional monetary policy tools, and what alternative measures do central banks employ to stimulate economic activity when nominal interest...
-
The process of bringing the ultimate user to the main producer through a series of stages where retailing is the last one, Explain
-
What is the role of real interest rates in influencing consumer and business investment decisions, and how do changes in real rates reflect shifts in underlying economic fundamentals ?
-
A. Evatuate the two divergent challenges faced by Microfinance institutions(MFIs). Identify and explain the measurements used to assess the performance of MFIs in respect to these two challenges....
-
A certain Mr. B. Madoff pitches you a investment scheme he calls, "P.otentially O.pportune N.evertheless Z.ero I.nsolvency" where agents invest in sequence, such that if an agent (#z) invests $10, he...
-
Clark, PA, has been engaged to perform the audit of Kent Ltd.s financial statements for the current year. Clark is about to commence auditing Kents employee pension expense. Her preliminary enquiries...
-
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2024, Pearl provides services on account of $590,000. Of this amount, $80,000 remains receivable at the end of the year....
-
Surfs Up, a manufacturer of surfing supplies and training equipment, has the following selected data ($ in millions): Based on these amounts, calculate the following ratios for 2024: 1. Debt to...
-
Cash flows from operating activities for both the indirect and direct methods are presented for Electronic Transformations. Required: Complete the following income statement for Electronic...
-
2. YOU BE THE JUDGE WRITING PROBLEM Jerome Schneider wrote several books on how to avoid taxes. These books were sold on Amazon.com. Amazon permits visitors to post comments about items for sale....
-
1. ETHICS Matt Drudge published a report on his Web site (http://www.drudgereport .com) that White House aide Sidney Blumenthal "has a spousal abuse past that has been effectively covered up.......
-
3. During the course of 10 months, Joseph Melle sent more than 60 million unsolicited e-mail advertisements to AOL members. What charges could be brought against him?
Study smarter with the SolutionInn App