Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

17 10 points Nottingham Company's bank statement shows $112.680 on deposit at the close of business on January 31 and cash account shows a $105.400

17 10 points Nottingham Company's bank statement shows $112.680 on deposit at the close of business on January 31 and cash account shows a $105.400 debit balance. The following information available to reconcile Nottingham Company's book balance of cash with its bank statement cash balance as of January 31 1. The January 31 bank statement lists $156 in bank service charges me company has not yet recorded the cost of these services 2. January 31 cash receipts of $7,580 were placed in the bank's night depository and were not recorded on the January 31 bank statement 3 The bank statement included a $3.216 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest camed 4. Outstanding checks as of January 31 total $7,620 5. A $912 check willen by the company was mistakenly recorded in the company's books as $1.092 The Bank by mistake recorded Deposit of 5 4.100 instead of $100 Required: 1 Calculate the adjusted bank balance: 2 Calculate the adjusted book balance Note: Show your detailed calculation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Charles Horngren

2nd Edition

0558514847, 978-0558514846

More Books

Students also viewed these Accounting questions

Question

What is conservative approach ?

Answered: 1 week ago

Question

What are the basic financial decisions ?

Answered: 1 week ago

Question

What qualities do you see as necessary for your line of work?

Answered: 1 week ago