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Chapter 8 Homework Assignment PE.08-02A PE.08-02B EX.08-16 EX.08-18.ALGO EX.08-20.BLANKSHEET.ALGO EX.08-21.ALGO EX.08-24.BLANKSHEET.ALGO PR.08-03.BLANKSHEET.ALGO Hide or show questions...

Chapter 8 Homework Assignment

PE.08-02A

PE.08-02B

EX.08-16

EX.08-18.ALGO

EX.08-20.BLANKSHEET.ALGO

EX.08-21.ALGO

EX.08-24.BLANKSHEET.ALGO

PR.08-03.BLANKSHEET.ALGO

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Bank Reconciliation

An accounting clerk for Chesner Co. prepared the following bank reconciliation:

Chesner Co.
Bank Reconciliation
August 31
Cash balance according to company's records $5,820
Add: Outstanding checks $2,790
  Error by Chesner Co. in recording Check
    No. 1056 as $710 instead of $170 540
  Note for $9,100 collected by bank, including interest 9,460 12,790
$18,610
Deduct: Deposit in transit on August 31 $5,920
      Bank service charges 30 5,950
Cash balance according to bank statement $12,660

a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative problem.

Chesner Co.
Bank Reconciliation
August 31
Cash balance according to bank statement $
Add deposit in transit on August 31
Adjusted balance $
Cash balance according to company's records $
$
Adjusted balance $

b. If a balance sheet were prepared for Muskegon Co. on May 31, 2016, what amount should be reported for cash?
$

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b. Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation.

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Answer #1
a) Chesner Co.
Bank Reconciliation
Aug-31
Cash balance according to bank statement 12660
Add: deposit in transit on August 31 5920
Less: Outstanding checks 2790
Adjusted balance 15790
Cash balance according to company's records 5820
Add: Error in check 1056 (710 instead 170) 540
Add: Note colelcted by bank including interest 9460 10000
15820
Less: Bank Service charges 30
Adjusted balance 15790
b) Cash balance 15790
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