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September 14, 2020
discussion question 909
September 14, 2020

I need help with an accounting problem

E7-6 Sally Rice is unable to reconcile the bank balance at January 31. Sally’s reconciliation is shown here.

Prepare bank reconciliation and adjusting entries.

Cash balance per bank

$3,677.20

Add: NSF check

450.00

Less: Bank service charge

 28.00

Adjusted balance per bank

$4,099.20

Cash balance per books

$3,975.20

Less: Deposits in transit

590.00

Add: Outstanding checks

 770.00

Adjusted balance per books

$4,155.20

Instructions

  • (a) What is the proper adjusted cash balance per bank?
  • (b) What is the proper adjusted cash balance per books?
  • (c) Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books.

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I need help with an accounting problem was first posted on September 14, 2020 at 6:28 pm.
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