Question

The following data apply to Pro Beauty Supply Inc. for May 2016: 1. Balance per the...

The following data apply to Pro Beauty Supply Inc. for May 2016:
1. Balance per the bank on May 31, $11,080.
2. Deposits in transit not recorded by the bank, $2,400.
3.

Bank error; check written by Best Beauty Supply was charged to Pro Beauty Supply’s account, $700.
4.

The following checks written and recorded by Pro Beauty Supply were not included in the bank statement:
  3013 $ 110
  3054 530
  3056 1,700  
5. Note collected by the bank $750.
6. Service charge for collection of note, $24.
7.

The bookkeeper recorded a check written for $628 to pay for the May utilities expense as $538 in the cash disbursements journal.
8. Bank service charge in addition to the note collection fee, $25.
9. Customer checks returned by the bank as NSF, $138.
Required:

Determine the amount of the unadjusted cash balance per Pro Beauty Supply’s books.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
unadjusted bank balance 11,080
Add:
Deposits in transit 2,400
Error in recording 700
3,100
14,180
less:
Checks oustanding
3013 110
3054 530
30560 1,700
2,340
Adjusted bank balance 11,840
Adjusted cash balance 11,840
Add:
Service charge 25
Error in recording (628-538) 90
NSF 138
253
12,093
less:
note collection (750-24) 726
Unadjusted bank balance 11,367 answer
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
Jones Company shows the following data : Balance per cash account $3260 Balance per bank statement...
Jones Company shows the following data : Balance per cash account $3260 Balance per bank statement 3908 Outstanding checks 1400 Deposits in transit 3972 Bank service charge 75 Note collected ($340 is interest) 3340 NSF check 225 Error in recording computer supplies ; the amount of the check is $350, but it was recorded as $530 Required ; Please prepare a bank reconciliation as of 12/31/18. Please record any necessary journal entries.
The following items appeared on the January 31 bank reconciliations for Dupree Company: Outstanding Checks: $74...
The following items appeared on the January 31 bank reconciliations for Dupree Company: Outstanding Checks: $74 Deposit in Transit: $80 Bank Service Charge: $4 NSF Check: $40 Error: Check written by Dupree for $440 was correctly recorded by Dupree, but recorded for $476 by the bank. Bank collection of Note Receivable for Dupree: $90 The unadjusted balance per the January 31 bank statement is $1,000. The adjusted cash balance for the January 31 balance sheet is: Select one: a. $970...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On July 31, the company’s Cash account has a $25,754 debit balance, but its July bank statement shows a $27,263 cash balance. Check No. 3031 for $1,190 and Check No. 3040 for $587 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On July 31, the company’s Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. Check No. 3031 for $1,482 and Check No. 3040 for $558 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.    On July 31, the company’s Cash account has a $25,752 debit balance, but its July bank statement shows a $27,808 cash balance. Check No. 3031 for $1,410 and Check No. 3040 for $697 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031...
[The following information applies to the questions displayed below.] The following information is available to reconcile...
[The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.    On July 31, the company’s Cash account has a $25,860 debit balance, but its July bank statement shows a $26,881 cash balance. Check No. 3031 for $1,000 and Check No. 3040 for $492 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed...
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,644 debit balance, but its July bank statement shows a $28,484 cash balance. Check No. 3031 for $1,730 and Check No. 3040 for $857 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed...
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.    On July 31, the company’s Cash account has a $25,860 debit balance, but its July bank statement shows a $26,881 cash balance. Check No. 3031 for $1,000 and Check No. 3040 for $492 were outstanding on the June 30 bank reconciliation. Check No. 3040...
2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity...
2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. Prepare the bank reconciliation for this company as of July 31. On July 31, the company’s Cash account has a $25,033 debit balance, but its July bank statement shows a $26,994 cash balance. Check No. 3031 for $1,350, Check No. 3065 for $451, and Check No. 3069 for $2,118 are outstanding checks as of July 31. Check...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT