I need help with an accounting problem

Nov 28th, 2015
DotaCN
Category:
Accounting
Price: $15 USD

Question description

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.

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: University of Virginia
PREMIUM TUTOR

Studypool has helped 1,244,100 students

8 Reviews


Summary
Quality
Communication
On Time
Value
kevin12622
Dec 4th, 2016
" Goes above and beyond expectations ! "
kiln82
Nov 25th, 2016
" awesome work thanks "
ashleyisgod
Nov 21st, 2016
" Top quality work from this guy! I'll be back! "
likeplum4
Nov 12th, 2016
" Excellent work as usual "
Molly_Moon
Oct 29th, 2016
" AMAZING as always! "
kpcutie
Oct 20th, 2016
" Excellent job "
Hemapathy
Oct 7th, 2016
" all I can say is wow very fast work, great work thanks "
pmallory
Sep 28th, 2016
" Totally impressed with results!! :-) "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1826 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors