State University \" Course: 2018 Spring BIOL 1 Mail . tbabireelsuedu WileyPLUS W

Question

State University " Course: 2018 Spring BIOL 1 Mail . tbabireelsuedu WileyPLUS WileyPLUS US Kimmel, Accounting, 6e signment Exercise 7-6 Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconoliation is shown here. Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank $4,677.20 605.00 51.50 $5,230.70o Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $4,975.20 566.50 925.00 $5,333.70 (a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e-g. 52.75.) The proper adjusted cash balance per banks (b) What is the proper adjusted cash balance per books? (Round answers to 2 decimal places, o-g.52.75. The proper adjusted cash balance per books (c) Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books. (Round answers to 2 decimal places, e automatically indented when amount is entered. Do not indent manualy) Date Account Titles and Explanation Debit Credit All Rights Reserved. A Division of Wlex&ens; Ins 17906091N 10 37 search

Explanation / Answer

a) Proper Adjusted cash balance per bank $ 4,318.70 Cash balance per bank 4,677.20 Add: deposit in tranist 566.5 less:outstanding checks 925 Prpoer adjusted cash balance per book 4,318.70 b) prpoer adjusted cash balance per books $ 4,318.70 Cash balance per books 4,975.20 less:NSF 605 less:Bank service charges 51.5 proper adjusted cash balance per books 4,318.70 c) Date Account titles & Explanations Debit Credit 31-Jan Account receivable 605 cash 605 Miscellaneous expense/Bank service expense 51.5 cash 51.5

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