Rachel Sells is unable to reconcile the bank balance at January 31. Rachel\'s re

Question

Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown here Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank $3,767.20 590.00 45.00 $4,312.20 Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $4,065.20 573.00 910.00 $4,402.20 (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 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.)

Explanation / Answer

Bank Reconciliation Cash balance per bank 3,767.20 Add deposits in transit 573 less :outstanding checks 910 a) Adjusted bank balance 3,430.20 answer Cash balance per books 4,065.20 less:NSF checks 590 less:Bank service charge 45 b) Adjusted balance per books 3,430.20 answer c) Adjusting entries Date Account titles & Explanations Debit Credit 31-Jan Accounts receivable 590 cash 590 31-Jan Bank service charge 45 cash 45

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