Accounting Help, Bank Reconciliations?
I have to study this problem for an exam and have no idea where to start, any help would be appreciated! Assume that the following information relates to your most recent bank statement dated September 30: Balance per bank statement at September 30 $3,400 Checks written that had not cleared the bank as of September 30: #203 University tuition $1,500 #205 University bookstore 350 #208 Rocco's pizza 25 #210 Stereo purchase 425 #211 October apartment rent 500 Interest amounting to $4 was credited to your account by the bank in September. The bank's service charge for the month was $5. In addition to your bank statement, you received a letter from your parents on October 2 informing you that they had made a $2,400 electronic funds transfer directly into your account. After reading your parents' letter, you looked in your checkbook and discovered its balance was $601. Adding your parents' deposit brought that total to $3,001. Prepare a bank reconciliation to determine your correct checking account balance. Explain why neither your bank statement nor your checkbook shows this amount. (Round your answers to the whole dollar amount.Omit the "$" sign in your response.)
Accounting help! preparing a bank reconciliation?
There are 2 ways that you can go about this depending on whether you want to update the bank statement balance or the balance as recorded in your accounts ledger. If you want to start with and adjust the Ledger balance to reflect the actual amount in the bank follow these simple steps. You will need your bank statement and details of your cheques paid out and into your account. 1; record the balance from the ledger 2; add the value of any cheques standing orders direct debits etc paid out that have not been presented and so do not appear on the statement. 3; subtract the value of any cheques or other payments that you have paid into your account that have not yet cleared and so do not appear on the statement. The balance that you arrive at should be that same as that shown on the bank statement. Alternatively you can start from the balance from the bank statement and deduct cheques etc paid out but not yet presented and add payments into your account that have not yet cleared. This method will result in the bank statement balance being updated to agree with your accounts ledger.
Accounting homework help: How can I do this Bank Reconciliation?( Very challenging, please any help is appreciated)?
Comodox Company’s general ledger showed a checking account balance of $25,420 at the end of May 2013. The May 31 cash receipts of $2,500, included in the general ledger balance, were placed in the night depository at the bank on May 31 and were processed by the bank on June 1. The bank statement dated May 31, 2013, showed bank service charges of $54. All checks written by the company had been processed by the bank by May 31 and were listed on the bank statement except for checks totaling $2,050. Required: Prepare a bank reconciliation as of May 31, 2013. [Hint: You will need to compute the balance that would appear on the bank statement.]
Accounting Help - Bank Reconciliation?
1. $7,420 + $1,120 (deposits in transit get added to the bank side) - $762 (outstandig checks get subtracted from the bank side) = $7,778. The bank service charge of $20 affects the books, not the bank. 2. $8,500 - $35 + $40 = $8,505. The $800 from the outstanding checks affects the bank side, not the books side.
I need help figuring out how to do this bank reconciliation, please?
Outstanding cheques are the one that don't appear on BOTH the company's and the bank's statement. Deposits in transit is the same thing, if is doesn't show on the bank statement, but shows on the company statement, it means it still has not been processed Octber 4th and October 30 would be under bank fees(charges) October 12 looks like some type of investment or bond has matured and depsoited to the account with interest. Set up your cheques on a spreadsheet, easier to see which are outstanding or don't match.
Accounting Help!! Urgent will be very much appreciated! =D?
1. A former service only company this year enters the retail trade and decides to use the weighted-average inventory cost flow assumption. Which of the following statements is true? a. The adoption of the weighted average inventory cost flow assumption would be considered a change in accounting estimate. b. None of the other answers. c. The adoption of the weighted average inventory cost flow assumption would be considered a voluntary change in accounting policy. d. The adoption of the weighted average inventory cost flow assumption should be accounted for as a material error. 2. Keenan Ltd. has begun capitalising instead of expensing its construction borrowing costs. If not capitalised, borrowing costs are classified in the Statement of Cash Flows under operating cash flows. Which of the following describes an effect of this change? a. The operating expenses to sales ratio would decrease. b. The cash return on sales ratio would increase. c. The debt/assets ratio would increase. d. The profit margin ratio would remain unchanged. 3 .Weez Ltd’s bookkeeper has provided the following information to assist you in preparing its bank reconciliation at the end of December 2010: Bank statement balance $8,990 Cr Cash general ledger balance (unadjusted as at 31/12/10) $7,805 Dr Items discovered on bank statement: Debit entry for bank fees $35 Bank error: Bank overcharged a cheque $33 Items not included on bank statement: Outstanding cheques $1,600 Deposits in transit $300 General ledger error: Weez Ltd overstated a deposit. $47 What balance should Weez Ltd show for “Cash” on its 31 December 2010 balance sheet? a. $7,723. b. $8,990. c. $7,817. d. $7,690 4. X Company owns a large storage shed that it no longer occupies or uses in its operations. Instead, it rents out the space to various businesses. Which of the following is true with respect to the storage shed? a. The storage shed should be classified as a non-current asset under Property, Plant & Equipment. b. The storage shed should be depreciated over its useful life. c. The storage shed should be measured at fair value. d. More than one of the other answers. Some help on these questions would be very much appreciated!! =D.
Accounting word problem please help! I would appreciate it.?
December 31, after all posting was completed, the cash account of Reynolds company had a $9,675 debit balance but its December 31 bank statement showed only $9,000 on deposit in the bank that day. The following information was available to reconcile the two accounts: A. check 409, dated December 15, for $1125, was not among the canceled checks. B. check 437, for store supplies was correctly drawn as $419 and paid by the bank but it was erroneously entered in the journal as though it were $491. C. the december 311 cash receipts, $1,392, were place in the bank's night depository after banking hours on that date and did not appear on the bank statement. D. included with the December canceled checks returned was $25 debit memo for bank services. E. also included with the canceled checks was a memo with a $455 NSF check attached. The check had been received from a customer in payment of his account receivables and was returned by his bank as uncollectible. Required: Prepare a December 31 bank reconciliation and required general journal entries
Accounting: bank/account reconciliation and any necessary journal entries?
I am having trouble on how to do the bank reconciliations. Please, ANY help would be greatly appreciated. Western Flyers received its bank statement for the month of July with an ending balance of $11,065.00. Western Flyers determined that check #598 for $125.00 and check #601 for $375.00 were both outstanding. Also, a $7,500.00 deposit for July 30th was in transit as of the end of the month. Big Bucks Bank also collected a $5,000.00 notes receivable on July 1st that was issued January 1st at 12% annual interest. No interest revenue has been accrued on this note and Big Bucks Bank charged a $15.00 fee for the collection service.The company’s morning reports resulted in a bank service charge of $20.00 and a customer check for $75.00 was returned with the statement marked “NSF”. The ending balance of the Western Flyers cash account is $12,875.00. Complete a bank/account reconciliation and write any necessary journal entries for the reconciliation.
Accounting: bank recon help?
hi been a long time guys! wonder if any of you guys would wanna help me! my homework about bank recon. it is as follows us$= P 43 Muntinlupa company assembled the following data: june 30 july 31 cash account balance P15,822 P39,745 bank statement balance 107,082 137,817 deposits in transit 8201 12,880 outstanding checks 27,718 30,112 bank service charge 72 60 customer's check deposited july 10, 8,250 returned by the bank on july 16 marked NSF, and redeposited immediately; no entry made on books for return or redeposit collection by bank of company's notes receivable 71,815 80,900 the bank statements and the company's record show these totals: disbursement in july per bank statement P218,373 cash receipts in july per muntinlupa's books 236,452 I need bank recon for this data... any help would be appreciated thnx!!