What is the adjusted balance on the bank reconciliation

Assignment Help Financial Accounting

Reference no: EM131178422

Question:

Internal control elements

Identify each of the following as relating to (a) the control environment, (b) control pro- cedures, or (c) information and communication.

1. Management's philosophy and operating style

2. Report of company's conformity with environmental laws and regulations

3. Separating related operations

Question:

Internal control elements
Identify each of the following as relating to (a) the control environment, (b) control procedures, or (c) monitoring.

1. Hiring of external auditors to review the adequacy of controls

2. Personnel policies

3. Safeguarding inventory in a locked warehouse

Question:

Bank reconciliation
The following data were gathered to use in reconciling the bank account of Eves Company:
•Balance per bank $13,450
•Balance per company records 11,655
•Bank service charges 45
•Deposit in transit 3,000
•NSF check 1,800
•Outstanding checks 6,640

a. What is the adjusted balance on the bank reconciliation?

b. Journalize any necessary entries for Eves Company based on the bank reconciliation.

Question:

Bank reconciliation
The following data were gathered to use in reconciling the bank account of Conway Company:
•Balance per bank                 $23,900
•Balance per company records    8,700
•Bank service charges                 50
•Deposit in transit                    5,500
•Note collected by bank with $450 interest 9,450
•Outstanding checks 11,300

a. What is the adjusted balance on the bank reconciliation?

b. Journalize any necessary entries for Conway Company based on the bank reconciliation.

Question:

Bank reconciliation
Identify each of the following reconciling items as:

(a) an addition to the cash balance according to the bank statement,

(b) a deduction from the cash balance according to the bank statement,

(d) a deduction from the cash balance according to the company's records. (None of the transactions reported by bank debit and credit
memos have been recorded by the company.)

1. Bank service charges, $30.
2. Check of a customer returned by bank to company because of insufficient funds, $1,750.
3. Check for $390 incorrectly recorded by the company as $930.
4. Check for $50 incorrectly charged by bank as $500.
5. Deposit in transit, $9,700.
6. Outstanding checks, $33,110.
7. Note collected by bank, $24,600.

Reference no: EM131178422

Questions Cloud

Forecast sales for the next day using three-day weighted : Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16, 15, 12, 18, 14, 12, 13, 15 (listed from oldest to most recent). Forecast sales for the next day using a three-day weighted moving average where the weights are 3, 1, an..

Process of project planning : Explain why the process of project planning is iterative and why a plan must be continually reviewed during a software project?

Calculate the after tax cash flow : Johnson purchases an asset for $15763. This asset qualifies as a seven-year recovery asset under MACRS. The seven-year fixed depreciation percentages for years 1, 2, 3, 4, 5, and 6 are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%, and 8.93%, respectively. J..

Process for gathering the evidence with tool : From your selected devices, explain how the tools could be used in a corporate setting and what IT policies they can help enforce. Summarize the process for gathering the evidence with each tool.

What is the adjusted balance on the bank reconciliation : What is the adjusted balance on the bank reconciliation? - Journalize any necessary entries for Eves Company based on the bank reconciliation.

What is the value of the portfolio in one year : Madeline Manufacturing Inc.’s current stock price is $45 per share. Call options for this stock exist that permit the holder to purchase one share at an exercise price of $35. After the payoffs have been equalized and the riskless hedged investment i..

Draw the shear-force and bending-moment diagrams : The beam shown in the figure is simply supported at A and B. The loads consist of a couple M o = 4 kN . m at A and a concentrated load P = 9 kN at the end of the overhang. Determine the shear force V and bending moment M at a section 2 m from the ..

Give an example of fault base testing technique : 1. Give an example of fault base testing technique. 2. What is the name of Changes made to an information system to add the desired but not necessarily the required features. 3. All the modules of the system are integrated and tested as complete syst..

Disk encryption methods with appropriate examples : List two latest full disk encryption methods with appropriate examples. Explain different benefits of full disk encryption or known shortcoming with the technology.

User Account

All Pages