Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Maria Sells is unable to reconcile the bank balance at January 31. Maria's reconciliation is shown here. Cash balance per bank Add: NSF check

image text in transcribed

Maria Sells is unable to reconcile the bank balance at January 31. Maria's reconciliation is shown here. Cash balance per bank Add: NSF check Less: Bank service charge $4,212.50 650.00 52.50 Adjusted balance per bank $4,810.00 Cash balance per books $4,510.50 Less: Deposits in transit 565.50 Add: Outstanding checks 970.00 Adjusted balance per books $4,915.00 (a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted cash balance per bank $ (b) What is the proper adjusted cash balance per books? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted cash balance per books $ (c) Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 | Jan. 31 (To record NSF check) (To record bank service charge) Debit Credit

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

Accounting Information Systems basic concepts and current issues

Authors: Robert Hurt

3rd edition

130855849X, 978-1308558493, 78025338, 978-0078025334

More Books

Students also viewed these Accounting questions

Question

What objectives should a marketing plan accomplish?

Answered: 1 week ago