Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's
Bank Reconciliation
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 | $6,330 | ||
Adjustments: | |||
Outstanding checks | $3,040 | ||
Error by Chesner Co. in recording Check | |||
No. 1056 as $710 instead of $170 | 540 | ||
Note for $9,900 collected by bank, including interest | 10,300 | ||
Deposit in transit on July 31 | (6,440) | ||
Bank service charges | (60) | ||
Total adjustments | 7,380 | ||
Cash balance according to bank statement | $13,710 |
a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Lets Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Chesner Co. | ||
Bank Reconciliation | ||
July 31, 20Y4 | ||
Cash balance according to bank statement | $fill in the blank aabaaff22ffafbc_1 | |
Deduct: Deposit in transit on July 31 | fill in the blank aabaaff22ffafbc_3 | |
Add: Bank service charges | fill in the blank aabaaff22ffafbc_5 | |
Adjusted balance | $fill in the blank aabaaff22ffafbc_6 | |
Cash balance according to company's records | $fill in the blank aabaaff22ffafbc_7 | |
$fill in the blank aabaaff22ffafbc_9 | ||
fill in the blank aabaaff22ffafbc_11 | ||
Total additions | fill in the blank aabaaff22ffafbc_12 | |
fill in the blank aabaaff22ffafbc_14 | ||
Adjusted balance | $fill in the blank aabaaff22ffafbc_15 |
b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash? $fill in the blank 5f0e51038fdbff3_1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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