Question

Use the following to answer questions 9 -11 On October 31st, the general ledger of CA...

Use the following to answer questions 9 -11

On October 31st, the general ledger of CA shows a balance for cash of $120,000. Cash receipts yet to be deposited into the checking account total $76,000, while checks written by CA but not yet processed by the bank total $107,500. The company’s balance of cash does not reflect a NSF check of $500, a service fee of $150 and interest earned of $62 and a customer payments collected by the bank of $13,000; however, these amounts are included in the balance of cash of $163,912 reported by the bank as of the end of October.

Answer the following based on the process of doing the bank reconciliation:

9. $________Determine the total amount that is used to reconcile the Bank balance (include “–“ if needed):          

10. $_______Determine the total amount that is used to reconcile the Company cash balance (include “–“ if needed)

11. $___________What is the balance in the company’s cash account after the reconciliation?                                    

Homework Answers

Answer #1

Bank Reconciliation

Bank

Books

Balance, October 31

163,912

Balance, October 31

120,000

Add:

Add:

Deposit in transit

76,000

Interest revenue earned

62

Bank collection of receivables

13,000

Less:

Less:

Outstanding checks

- 107,500

NSF check

- 500

Bank service fee

- 150

Adjusted bank balance

132,412

Adjusted book balance

132,412

9. - $31,500 the total amount that is used to reconcile the Bank balance   

10. $12,412 the total amount that is used to reconcile the Company cash balance

11. $132,412 the balance in the company’s cash account after the reconciliation

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