Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with answer these question Problem A: Lopez Hair Designs has a company (book) balance of $31,600 and a bank balance of $25,100. The

Need help with answer these question

Problem A: Lopez Hair Designs has a company (book) balance of $31,600 and a bank balance of $25,100. The following additional information is available:

Deposits in Transit: $15,000

Outstanding checks: 4,600

Notes Receivable collected by the bank 5,500

Not sufficient funds (NSF) 1,500

Bank fees 100

Prepare a reconciliation:

Adjusted balance per bank

Adjusted balance per books

Problem B: Jones Corporation has a book balance of $89,848 and a bank balance of 92,800. The following additional information is available:

Deposits in transit $20,000

Outstanding checks $12,000

Notes Receivable collected by the bank $10,800

Bank fees $100

Jones Corporation incorrectly recorded on their books a check for $680 that should have been recorded at $428.

Prepare a reconciliation.

Adjusted balance per bank

Adjusted balance per books

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

Step: 3

blur-text-image

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

Managerial Accounting

Authors: Crosson

9th Edition

B00650WABQ

More Books

Students also viewed these Accounting questions

Question

What is the relationship between humans?

Answered: 1 week ago

Question

What is the orientation toward time?

Answered: 1 week ago