Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

View Policies Current Attempt in Progress Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown as follows. Cash

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
View Policies Current Attempt in Progress Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown as follows. Cash balance per bank $3,767.20 Add: NSF check Less: Bank service charge Adjusted balance per bank $4,312.20 590.00 45.00 $4.065.20 573.00 Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books 910.00 $4,402.20 (a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, es. 52.75.) (a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, es 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, es. 52.75.) The proper adjusted cash balance per books $ (c) Prepare a tabular analysis for the adjustments required to reach the adjusted cash balance per books. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced. Round answers to 2 decimal places, e.g. 52.75.) Assets Liabilities Accts. Cash Rec. Rev. Question 3 of 5 -/1 (c) Prepare a tabular analysis for the adjustments required to reach the adjusted cash balance per books. Include margin explanations for the changes in revenues and expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced. Round answers to 2 decimal places, e.g. 52.75.) Liabilities Stockholders' Equity Rev. Exp. 1

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

Financial And Managerial Accounting Information For Decisions

Authors: John Wild, Ken Shaw, Barbara Chiappetta

7th Edition

1259726703, 9781259726705

More Books

Students also viewed these Accounting questions