10. Lao Sha Compsary gatherod the following roconcilleg iniemation io peoaring n

Question

10. Lao Sha Compsary gatherod the following roconcilleg iniemation io peoaring ns July bank recceciliation. Cash balance per beoks, 7/31 $5,500 Notes receivahle and innenet collecied by hank Bank charge for check printing Outstanding checks NSF check 2.000 The Adjusted Book Balance otn July 31 is A) $6,160. B) $6010. C) $4310. D) $4,460. 11. La0 Shi Coempanry gathered &e; following recoeciling infoemation in preparing its Augusnt bank reconciliation: Cash balance per books, 831 Deposits in transit Notes receivahle and interest collected by bank Bank charge for check peinting Outstanding checks NSF check The Adjusted Book Balance on August 31 is A) $8,320 B) $8,020. C) $4,620. D) $4,920. $7,000 300 1,700 4,000 340 12. Fowler Company on July 13 sells merehandise on acount to Coffey Co. for $1,500, 20, Coffey Co returns merchandise worth $600 to Fowler terms 2/10, n/30. On July Company. On July 24 payment is received from Coffey Co. for the balance due. What is the amount of eash received? A) $900 B) $882 C) $870 D) $1,500 13. Allowanee for Doubtfal Accoumts (ADA) om the balance sheet A) is offses against Total Current Assets B) increases the Net Cash Realizable Value of Accomts Receivable. c) appears under the heading "Other Assets. D) is offset as a eontra account against Accounts Receivable (A/R) Page 3

Explanation / Answer

Option "C) 4,310" is correct Balance as per cash Book           5,500 Add: Deposits in Transit               150 Add: NR & Int. Collected by bank               850 Less: Bank Charges               (20) Less: Outstanding Cheque         (2,000) Less: NSF Cheques             (170) Adjusted Cah Balance           4,310 Option" C) 4,620" is correct Balance as per cash Book           7,000 Add: Deposits in Transit               300 Add: NR & Int. Collected by bank           1,700 Less: Bank Charges               (40) Less: Outstanding Cheque         (4,000) Less: NSF Cheques             (340) Adjusted Cah Balance           4,620 Option "B) 882" is correct 15 Jul Sells           1,500 Less: Return             (600) Balance               900 Less: 2% discount on 900 as paid within 10 days               (18) Net cash received               882 Option" D) is offset as a contra against Accounts Receivable (A/R)" is correct

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.