Question

Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end...

Green Valley Bank sent Comstock Industries their end of month bank statement for July. The end of month balance by the bank is $11,237.00. The statement shows that a deposit for $4,250.00 is in transit at the end of the statement period. The statement also revealed that checks for $87.00, $105.00, and $95.00 are outstanding. Green Valley collected $4,120 for a note receivable. The note had a $4,000 face value. The bank charges a monthly account fee of $55.00. The end of month balance per company books (prior to reconciliation) is $11,135.00. The reconciled balance is $ [balance].

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Bank Reconciliation
July
Bank statement balance 11,237 Book balance 11,135
Add: Add:
Deposit in transit 4,250 Note and interest collected by bank 4,120
15,487 15,255
Less: Less:
Outstanding check( 87+105+95) -287 Bank service charges -55
Adjusted bank balance $15,200 Adjusted book balance $15,200

The reconciled balance is $15,200.

Please give a positive rating if you are satisfied with this solution and if you have any query kindly ask.Thanks!!!

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
Brockton Carpet Cleaning prepares a bank reconciliation at the end of every month. At the end...
Brockton Carpet Cleaning prepares a bank reconciliation at the end of every month. At the end of July, the balance in the general ledger checking account was $2,830 and the bank balance on the bank statement was $3,020. Outstanding checks totaled $720 and deposits in transit were $440. The bank statement revealed that a check written for $160 was incorrectly recorded by Brockton as a $260 disbursement. The bank statement listed service charges and NSF check charges totaling $190. The...
The bank statement for Broom Company showed a $200 bank balance at the end of April....
The bank statement for Broom Company showed a $200 bank balance at the end of April. A comparison of Broom Company’s bank statement and accounting records disclosed a $40 deposit in transit and $55 of outstanding checks at month-end. The bank statement enclosures included a $5 NSF check and a credit memo for $10 of interest. The balance per Broom Company’s books was $180. ?Prepare a bank reconciliation for the month of April?Prepare the necessary journal entries to make 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...
The following information is available for Park Valley Spa for July 2016: BANK STATEMENT STATE BANK...
The following information is available for Park Valley Spa for July 2016: BANK STATEMENT STATE BANK BOLTA VISTA, NV 10001   Park Valley Spa   10 Main Street   Bolta Vista, NV 10001 Account number   12-4567   July 31, 2016     Beginning balance 6/30/2016 $ 9,020                        Total deposits and other credits 29,804                        Total checks and other debits 22,506                        Ending balance 7/31/2016 16,318                      Checks and Debits Deposits and Credits Check No. Amount Date Amount           2350 $ 3,766 July 1 $ 1,107           2351...
The following information is available for Park Valley Spa for July Year 1: BANK STATEMENT STATE...
The following information is available for Park Valley Spa for July Year 1: BANK STATEMENT STATE BANK BOLTA VISTA, NV 10001 Park Valley Spa 10 Main Street Bolta Vista, NV 10001 Account number 12-4567 July 31, Year 1 Beginning balance 6/30/Year 1 $ 9,650 Total deposits and other credits 29,803 Total checks and other debits 22,505 Ending balance 7/31/Year 1 16,948 Checks and Debits Deposits and Credits Check No. Amount Date Amount 2350 $ 3,768 July 1 $ 1,106 2351...
The following information is available for Park Valley Spa for July Year 1: BANK STATEMENT STATE...
The following information is available for Park Valley Spa for July Year 1: BANK STATEMENT STATE BANK BOLTA VISTA, NV 10001 Park Valley Spa 10 Main Street Bolta Vista, NV 10001 Account number 12-4567 July 31, Year 1 Beginning balance 6/30/Year 1 $ 9,280 Total deposits and other credits 29,804 Total checks and other debits 22,508 Ending balance 7/31/Year 1 16,576 Checks and Debits Deposits and Credits Check No. Amount Date Amount 2350 $ 3,766 July 1 $ 1,106 2351...
The beginning checkbook balance of Shelley Co. was $5,559.10. The bank statement showed a bank balance...
The beginning checkbook balance of Shelley Co. was $5,559.10. The bank statement showed a bank balance of $7,888.44. The bookkeeper of Shelley Co. noticed a $111.10 deposit in transit along with check numbers 90 and 97 for $499.88 and $1,256.45, respectively, as outstanding. The bank statement credited Shelley's account for $750.99 for a note collected. The bank statement revealed a check printing charge of $66.88. The reconciled balance is:
On Dec. 31 the checkbook balance of Aster Co. was $1,241.05. The bank statement balance was...
On Dec. 31 the checkbook balance of Aster Co. was $1,241.05. The bank statement balance was $1,510. Checks outstanding were $3,052.03. The statement revealed a deposit in transit of $2,800.10 as well as a bank service charge of $12.03. The company earned interest income of $29.05. Complete a bank reconciliation for Aster Co.
Park Playground, Inc. has lost some of its accounting records regarding its July cash receipts and...
Park Playground, Inc. has lost some of its accounting records regarding its July cash receipts and payments. It reconciled its June 30, 2020 bank statement on July 2 and made the related adjusting entries at that time. The company has not reconciled its July 31, 2020 bank statement. It provides you with the following information on August 3: 7/31/2020 Cash account balance $3,278 Bank statement balance 7,010 Deposits in transit 564 Outstanding checks (cleared next month) 920 Bank service charge...
The bank statement balance for Hot plate inc. as of March 31st is $5,150. Hot plates...
The bank statement balance for Hot plate inc. as of March 31st is $5,150. Hot plates records show that there is $3,300 in deposits in transit and $5,000 in outstanding checks that have not cleared. The book cash balance on March 31st is $3,750. Reviewing the bank statement shows several transactions that perhaps should be recorded. On the bank statements there were service charges of $75; an NSF check in the amount of $250; and interest earned $25. A. Calculate...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT