EX.07-21

Amount Descriptions Amount Descriptions Adjusted balance Bank error in charging Check No. 1056 as $370 instead of $730 Bank error in charging Check No. 1056 as $730 instead of $370 Bank service charges Deposit in transit on July 31 Error in recording Check No. 1056 as $370 instead of $730 Error in recording Check No. 1056 as $730 instead of $370 Note for $11,200 collected by bank, including interest Outstanding checks Total adjustments Bank Reconciliation Shaded cells have feedback Question not attempted. Chesner Co. Score: 0/98 Bank Reconciliation July 31, 2014 1 Cash balance according to bank statement 2 Adjustments: 5 & Cash balance according to company's records 9 Adjustments: 10 11 12 13 14 Final Question Shaded cells have feedback B. If a balance sheet were prepared for Chesner Co. on July 31, 2014, what amount should be reported for cash? Points: 0/1 Feedback Check My Work Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation. Instructions Chesner Co. Bank Reconciliation July 31, 2044 1 Cash balance according to company's records $11,214.00 2 Adjustments: 3 Outstanding checks $3,305.00 4 Error by Chesner Co. in recording Check No. 1056 as $730 instead of $370 360.00 11,648.00 5 Note for $11,200 collected by bank, including interest Deposit in transit on July 31 7 Bank service charges (8,491.00) (10.00) 8 Total adjustments 6,812.00 9 Cash balance according to bank statement $18,076.00 A. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Let's Review section. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. B. If a balance sheet were prepared for Chesner Co. on July 31, 2014, what amount should be reported for cash