Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the Following Information to Answer the Questions Below after Preparing the Bank Reconciliation - Assume Any Discrepancies or Errors that you find were ERRORS

image text in transcribed
image text in transcribed
Use the Following Information to Answer the Questions Below after Preparing the Bank Reconciliation - Assume Any Discrepancies or Errors that you find were ERRORS made by the Bank and that our GL Cash Account Records are Accurate and Correct. BANK STATEMENT Information provided by the Bank for January was as Follows: - January 8th Interest Earned of $4,000 - January 8th Monthly Bank Fees of $2,000 - January 15th Direct Deposit from a Customer on account for $30,000 - January 20th Deposit for $11,000 - January 25th Deposit for $19,000. - January 30th Checks paid and cleared by the bank were - \#157=\$8,000, and \#158=\$21,000 - January 31st Ending Balance per the Bank at January 31 was $230,000. GENERAL LEDGER (JW-Corp Books) Information for January was as Follows; - Checks written from our G/L account during January were - #156=$7,000,#157=$8,000,#158=$12,000,#159=$10,000 - January 20th Deposit for $11,000, - January 25th Deposit for $19,000, - January 31st Deposit for $20,000. - January 31st Ending GL/Book Balance at January 31 was $210,000 Compute the Adjusted Ending Cash Balance as of January 31. Compute The Total of All Outstanding Checks at January 31st. Compute the Total Deposits in Transit at January 31 -st Which One of the Following would be included in the Month End Adjusting Journal Entry to Cash based on this Bank Reconciliation

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

Introductory Statistics For The Behavioural Sciences

Authors: Joan Welkowitz, Robert B. Ewen, Jacob Cohen

2nd Edition

0127432604, 9780127432601

More Books

Students also viewed these Accounting questions

Question

What are the objectives of job evaluation ?

Answered: 1 week ago

Question

Write a note on job design.

Answered: 1 week ago

Question

Compute the derivative of f(x)cos(-4/5x)

Answered: 1 week ago

Question

Discuss the process involved in selection.

Answered: 1 week ago

Question

How could any of these verbal elements be made stronger?

Answered: 1 week ago

Question

Does your message use pretentious or exaggerated language?

Answered: 1 week ago