Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown here Cash balance per bank Add: NSF

image text in transcribedimage text in transcribed

Question 1 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 $4,062.20 620.00 35.50 $4,646.70 Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $4,360.20 582.50 940.00 $4,717.70 (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.) Date Account Titles and Explanation Debit Credit Jan. 31 (To record NSF check) Jan. 31 (To record bank service charge) Click if you would like to Show Work for this question: Open Show Work

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

Students also viewed these Accounting questions

Question

1. Write down two or three of your greatest strengths.

Answered: 1 week ago

Question

What roles have these individuals played in your life?

Answered: 1 week ago

Question

2. Write two or three of your greatest weaknesses.

Answered: 1 week ago