Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with whole question!! Exercise 7-6 Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown here Cash

image text in transcribedimage text in transcribedneed help with whole question!!

Exercise 7-6 Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown here Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank $4,677.20 605.00 51.50 $5,230.70 Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $4,975.20 566.50 925.00 $5,333.70 (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.)

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

Core Concepts Of Accounting

Authors: Leslie K. Breitner, Robert N. Anthony

10th Edition

0136029442, 9780136029441

More Books

Students also viewed these Accounting questions