The bank statement for the checking account of Management Systems Incorporated (MSI) showed a December 31, 2024, balance of \( \$ 15,033.12 \). Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks were \( \$ 1,360.85 \) b. The December 31,2024 , cash receipts of \( \$ 595 \) were not deposited in the bank until January 2,2025 . c. One check written in payment of rent for \( \$ 250 \) was correctly recorded by the bank but was recorded by MSI as a \( \$ 261 \) disbursement. d. In accordance with prior authorization, the bank withdrew \( \$ 490 \) directly from the checking account as payment on a note payable. The interest portion of that payment was \( \$ 370 \). MSI has made no entry to record the automatic payment. e. Bank service charges of \( \$ 18 \) were listed on the bank statement. f. A deposit of \( \$ 895 \) was recorded by the bank on December 13 , but it did not belong to MSI. The deposit should have been made to the checking account of MIS, Incorporated. g. The bank statement included a charge of \( \$ 95 \) for an NSF check. The check was returned with the bank statement and the company will seek payment from the customer. h. MSI maintains a \( \$ 240 \) petty cash fund that was appropriately reimbursed at the end of December. I. According to instructions from MSI on December 30, the bank withdrew \( \$ 12,000 \) from the account and purchased U.S. Treasury bilis for MSI. MSI recorded the transaction in its books on December 31 when it received notice from the bank. Half of the Treasury bills mature in two months and the other half in six months. Required: 1. Prepare a bank reconciliation for the MSI checking account at December 31,2024. You will have to compute the balance per books. 2. Prepare any necessary adjusting journal entries indicated. Use the miscellaneous expense account to record the bank service charges. 3. What amount would MSI report as cash and cash equlvalents in the current asset section of the December 31,2024 , balance sheet?

Prepare a bank reconciliation for the MSI checking account at December 31, 2024. You will have to compute the balance per books. Note: Round your answers to 2 decimal places.

Prepare any necessary adjusting fournal entries indicated. Use the miscellaneous expense account to record the bank service charges. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 Record the debits to cash revealed by the bank reconcliliation. 2 Record credits to cash revealed by the bank reconciliation. Note : \( O= \) journal entry has been entered

What amount would MSI report as cash and cash equivalents in the current asset section of the December 31,2024, balance sheet? Note: Round your answer to 2 decimal places.

The bank statement for the checking account of Management Systems incorporated (MSI) showed a December 31, 2024, balance of $15,033.12. Information that might be useful in preporing a bank reconcliation is as follows: a. Outstanding checks were $1,360.85. b. The December 31,2024 , cash receipts of $595 were not deposited in the bank until January 2,2025. c. One check written in payment of rent for $250 was correctly recorded by the bank but was recorded by MSI as a $261 disbursement. d. In accordance with prior authorization, the bank withdrew $490 directly from the checking account as payment on a note payable. The interest portion of that payment was $370. MSI has made no entry to record the automatic payment. e. Bank service charges of $18 were listed on the bank statement. f. A deposit of $895 was recorded by the bank on December 13, but it did not belong to MSI. The deposit should have been made to the checking account of MiS, Incorporated. 9. The bank statement included a charge of $95 for an NSF check. The check was returned with the bank statement and the company will seek poyment from the customer, h. MSI maintains a $240 petty cash fund that was appropriately reimbursed at the end of December. 1. According to instructions from MSI on December 30 , the bank withdrew $12.000 from the account and purchased US. Treasury bilis for MSI. MSI recorded the transaction in its books on December 31 when it received notice from the bank. Half of the Treasury bils mature in two months and the other half in six months. Required: 1. Prepare a bank reconciliation for the MSi checking account at December 31, 2024. You will have to compute the balance per books. 2. Prepare any necessary adjusting journal entries indicated. Use the miscellaneous expense account to record the bank service charges. 3. What amount would MSI report as cash and cash equivalents in the current asset section of the December 31, 2024, balance sheet