Bank Reconciliation The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $ 17,450 Balance per company records Bank service charges 9,260 20 Deposit in transit 3,250 Note collected by bank with $120 interest Outstanding checks 4,750 6,710 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. > > IO OD > > Check My Work Previous Next Days' cash on hand Financial statement data for years ending December 31 for Newton Company follow: 2049 2018 Cash (end of year) $25,650 $24,850 Short-term investments (end of year) 8,600 9,670 Operating expenses 60,960 63,220 Depreciation expense 13,395 10,770 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet HH Determine the days' cash on hand for 2048 and 2049. Assume a 365-day year. Round your answers to one decimal place. Days' Cash on Hand 2018: 240 X days 20Y9: 241 X days Check Days Cash on Hond (Cash and Short-Term Investments) - [Operating Expenses - Depreciation Expense) -365) to obtain the ratio Check My Work Previous Nex The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 2016: 1. Cash balance according to the company's records at August 31, $20,720. 2. Cash balance according to the bank statement at August 31, $21,850. 3. Checks outstanding, $4,210. 4. Deposit in transit, not recorded by bank, $3,380. 5. A check for $590 in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $60. a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co. Bank Reconciliation August 31, 2016 Cash balance according to bank statement $21,850 Add: Deposit in transit on August 31 $ 3.380 Deduct: Outstanding checks 4,210. Adjusted balance 21,020 Cash balance according to company's records Add: Error in recording check 20.720 Deduct: Bank service charge Adjusted balance Check My Work Previous BUS - Gotobus My Courses Charlotte Feedback Check My Work a. Set up two sections: one for the company cash account section and the other for the bank balance section. Determine the effect of the data on each section. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error. b. If the balance sheet were prepared for Creative Design Co. on August 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)? Yes y Feedback Check My Work b. Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation. c. Consider the purpose of the bank reconciliation and what it does. Check My Work
