Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $6,050
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $6,050 Adjustments: Outstanding checks $2,900 Error by Chesner Co. in recording Check No. 1056 as $940 instead of $490 450 Note for $9,500 collected by bank, indluding interest 9,880 Deposit in transit on July 31 (6,160) Bank service charges (60) Total adjustments 7,010 Cash balance according to bank statement $13,060 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co.. use the format shown in the Let's Review section, For those boxes in Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement 13.060 Add: Deposit in transit on July 31 6.160 Add: Outstanding checks 2.900 X Adjusted balance 16.320 Cash balance according to company's records 6.050 Add: Error in recording Check No. 1056 as $940 instead of $490 450 Add: Note for $9,500 collected by bank, including interest 9.880 Total additions 10.330 Deduct: Bank service charges 60 X 14 370 Check My Work t more Check My Work uses remainng Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a a. debit to Cash b. credit to Customer Refunds Payable Oc. credit to Inventory d. debit to Inventory
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started