Exercise 7-6 Rachel Sells is unable to reconcile the bank balance at January 31.

Question

Exercise 7-6 Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown here ation is shown here $3,677.2 450 Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank $4,099.2 $3,975.2 Cash balance per books Less: Deposits in transit Add: Outstanding check Adjusted balance per books $4,155.2 (a) what is the proper adjusted cash balance per bank? (Round answers to 2 decímal places, eg.52.7s.) The proper adjusted cash balance per bank (b) What is the proper adjusted cash balance per books? (Round answers to 2 decimal places, e.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.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) ac·Policy I g 2000-2018 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.5.1

Explanation / Answer

a Adjusted balance per bank=3677.2+590-770= $3497.2 b Adjusted balance per books=3975.2-450-28= $3497.2 c 31-Jan Accounts Receivable 450           Cash 450 31-Jan Bank Charge Expense 28           Cash 28

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