Question

Using the following information, prepare a bank reconciliation for Jax Company for June 30, 2020. a.  ...

Using the following information, prepare a bank reconciliation for Jax Company for June 30, 2020.

a.   The bank statement balance is $8,300.

  1. The cash account balance is $6,562
  2. Outstanding checks totaled $1,950.
  3. Deposits in transit are $600.
  4. The bank service charge is $12.
  5. Collection of note by the bank, $400.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

bank reconciliation is prepared to reconcile the difference in balance between books and bank statement.

Any outstanding checks are deducted from bank statement balance as theyare not yet presented but have already been given effects in books

Deposits in transit are added as they will increase the bank balance

service charge and collection by bank are deducted and added respectively from book bank balance.

bank reconciliation for Jax Company for June 30, 2020.
Balance as per bank $8,300 Balance as per book $6,562
Add: deposits in transit $600 Less: service charges ($12)
Less:Outstanding checks ($1,950) Add: note collected by bank $400
Adjusted balance $6,950 Adjusted balance $6,950

Thus after reconciling teh balance as per books and bank have matched.

Pleas eupvote

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June...
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30: 1 Balance per Cash account, June 30. $14,111.60 2 Balance per bank statement, June 30. 14,600.50 3 Deposits not reflected on bank statement. 1,450 4 Outstanding checks, June 30. 2,520.90 5 Service charge on bank statement not recorded in books. 22.0 6 Error by bank-Yertel Company check charged on Young Company's bank statement. 1,100 7 Check for advertising expense 500 incorrectly recorded in...
Required:    Prepare a bank reconciliation to the correct balance in cash.                         Prepare any necessary jou
Required:    Prepare a bank reconciliation to the correct balance in cash.                         Prepare any necessary journal entries for Jack Company. Use the following information to prepare a bank reconciliation for Jack Company at April 30, 2016: Cash account balance, April 30, $19,572.80. Bank statement balance, April 30, $21,516.40. Service charge on bank statement not recorded in books, $140.00. Deposits in transit, $2,877.20. Outstanding checks, April 30, $1,893.60. The bank statement included a charge of $932.80 for A. Parish’s NSF check....
1. Prepare the bank reconciliation statement as of April 30, 2020. (10) (a) The bank statement...
1. Prepare the bank reconciliation statement as of April 30, 2020. (10) (a) The bank statement balance is $18,900. (b) The cash account balance is $17,787. (c) Outstanding checks amounted to $8,000. (d) Deposits in transit from sales are $6,000. (e) The bank service charge is $60. (f) NSF Check from Customer Mike for $800. Check #2146 for $152, written to pay supplies expense, was incorrectly recorded in the books for $125.
Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30                          
Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30                                                                                     3,000,000 Deposit in transit                                                                                                                                  400,000 Total                                                                                                                                                      3,400,000 Outstanding checks                                                                                                                        (900,000) Balance per book, June 30                                                                                                           2,500,000 The bank statement for the month of July showed the following: Deposits, including P200, 000 note collected for Lazer                                                     9,000,000 Disbursements, including P140, 000 NSF customer check                 and P10,000 service charge                                                                                          7,000,000 All reconciling items on June 30 cleared through the bank in July. The...
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below: BANK...
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below: BANK STATEMENT Checks Deposits Balance Balance, June 1 $ 6,500 Deposits during June $ 16,200 22,700 Checks cleared during June $ 16,600 6,100 Bank service charges 40 6,060 Balance, June 30 6,060 Cash (A) June 1 Balance 6,500   June Checks written 19,000 June Deposits 18,100 Required: 1. Reconcile the bank account. A comparison of the checks written with the checks that have cleared the bank...
Jamison Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per...
Jamison Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per bank, 6/30 $13,000 Note receivable collected by the bank 4,000 Outstanding checks 7,000 Deposits in transit 2,500 Bank service charge 35 NSF check 1,900
Use the following information to prepare a bank reconciliation for Magee Company at August 31, 2016:...
Use the following information to prepare a bank reconciliation for Magee Company at August 31, 2016: (1) Cash account balance, $18,273.40. (2) Bank statement balance, August 31, $16,315.00. (3) Deposits in transit, $2,800.00. (4) Outstanding checks, August 31, $1,850.80. (5) Service charge on bank statement not recorded in books, $44.00. (6) Bank error—another company's check charged on Magee Company's bank statement, $245.20. (7) Check for repairs expense, $1,680.00, incorrectly recorded in books as $960.00. (a) Prepare the bank reconciliation. (b)...
The cash records of Mercury Company show the following: 1. The June 30 bank reconciliation indicated...
The cash records of Mercury Company show the following: 1. The June 30 bank reconciliation indicated that deposits in transit totaled $790. During July the general ledger account Cash shows deposits of $9,800, but the bank statement indicates that only $8,240 in deposits were received during the month. 2. The June 30 bank reconciliation also reported outstanding checks of $1,200. During the month of July, Mercury Company books show that $11,570 of checks were issued, yet the bank statement showed...
Jamison Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per...
Jamison Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per bank, June 30 $11,883 Note receivable collected by bank 7,216 Outstanding checks 5,690 Deposits in transit 4,345 Bank service charge 77 NSF check 1,902 Using the above information, determine the cash balance per books (before adjustments) for Jamison Company. On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a $16,200 account receivable. The note is due in six...
2.   Use the following information to prepare a bank reconciliation for Magee Company at August 31,...
2.   Use the following information to prepare a bank reconciliation for Magee Company at August 31, 2016:    (1)        Cash account balance, $18,273.40. (2)        Bank statement balance, August 31, $16,315.00. (3)        Deposits in transit, $2,800.00. (4)        Outstanding checks, August 31, $1,850.80. (5)        Service charge on bank statement not recorded in books, $44.00. (6)        Bank error - another company’s check charged on Magee Company’s bank statement, $245.20. (7)        Check for repairs expense, $1,680, incorrectly recorded in books as $960.00.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT