Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for interest $50 Bank service charge $25 What is Michael's adjusted cash balance on Dec 31? A)$5,425. B)$4,425. C)$5,325. D)$5,300

Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for interest $50 Bank service charge $25 What is Michael's adjusted cash balance on Dec 31? A)$5,425. B)$4,425. C)$5,325. D)$5,300

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.6C

See similar textbooks

Related questions

Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Which among the sentences below is incorrect? An entity shall measure a current asset or disposal…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: ABC Company started its business operations on November 2, 2021. The following were the transactions…

A: Owner Capital means the amount that belong to the owner of the business. Any profit will increase…

Q: 68 Advanced Corporate Accounting 4. Spring Field Ltd. is absorbed by Sports Field Ltd., the…

A: The purchase consideration is the amount paid in the form of cash or securities issued to the…

Q: Which of the following is correct? Group of answer choices 1. The lower the price you pay for a…

A: An overpriced bond is one whose price is more than its value. Therefore, 2nd option is incorrect.…

Q: Dominador's Pizza Inc. enters into a franchise agreement on December 31, 20x7 giving Doming Corp.…

A: Franchise Revenue To recognize the franchise revenue is one of the important task of the franchise…

Q: Additional cash investment by the owner during the year P100,000 Cash collections from account…

A: The cash flow statement is prepared to record the cash flow from different activities such as…

Q: Why officers and employees of the cooperative development Authority are disqualified from being…

A: In this question, we will explain that Why officers and employees of the cooperative development…

Q: QUESTION 1 Which of the following is a for AGI deduction? O Traditional IRA contribution Property…

A: The FOR AGI deductions are above-the-line deductions which are deducted from the AGI to get at the…

Q: Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales…

A: Cost of good available for sale is equal to cost of beginning inventory and total cost of purchases…

Q: erris Company began January with 8,000 units of its principal product. The cost of each unit is $7.…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: Which of the following journals would correctly post an adjustment for deferred (prepaid) income?…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: A certain power plant is considering two alternatives with regards to a hydraulic equipment which it…

A: The question is based on the concept of Financial Management.

Q: The past year's income statement of a business showed a bottom line of P100,000 net profit. What…

A: Net profit = Revenue + other income- Expenses

Q: 1 Preparing the statement of changes in owner's equity is part of the step financial statements…

A: Financial statements are the formal records of the financial activities and position of a business…

Q: A liability is classified as a current liability if it is expected to be settled within the next…

A: A liability shall be classified as current when it satisfies any of the following criteria:(a) it is…

Q: What I can do Activity 2: Direction: Use given the ratio compute the Financial Ratio Analysis. The…

A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…

Q: Harry is divorced with net income for tax purposes of $50,000. His 21 year old dependent daughter,…

A: In this question, we will calculate Harry’s medical expenses tax credit for 2021, we have to choose…

Q: Problem 2 On January 1, 2018, Rampant Company reported that the allowance for doubtful accounts has…

A: Accounts receivable includes the amount which is yet to be received when seller sells the goods on…

Q: a. Sold merchandise on account, $13,400, with terms 2/10, net 30. The cost of the merdchandise sold…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Auditing Sales/Revenue Transactions When an auditor needs to obtain an understanding of the overall…

A: Management Assertions: For financial records and disclosures to be accurate and suitable, assertions…

Q: On January 1, 2020, the City of Hastings creates a solid waste landfill that it expects to reach…

A: GIVEN DATA On January 1, 2020, the City of Hastings creates a solid waste landfill that it expects…

Q: Using the declining-balance method, complete the table as shown (twice the straight-line rate):…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: The directors of Woodbank Ltd are anxious to improve the profit to be reported for the accounting…

A: If The company want to improve its reported profit, either reduce its expenses or increase earnings…

Q: On December 31, a partnership has total partnership capital as follows: Partner #1,…

A: Introduction Partnership is the association of two or more persons who have agreed to share profit…

Q: The following items appeared on the 2021 financial records of ABC Company: Service Income P600,000…

A: STATEMENT OF NET INCOME PARTICULARS AMOUNT SERVICE INCOME 600000 COMMISSION 80000…

Q: If sales are $500,000, variable cost are $200,000, and fixed costs are $240,000, what is the…

A: Contribution margin ratio is calculated as ratio of contribution and sales

Q: VIIller Toy Company manufactures a plastic SWI as shown by its June contribution format income…

Q: Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined…

A: A pension plan amount is refers to as a amount that is promised by the employer under the pension…

Q: On January 1, 2022. Novak Company purchased the following two machines for use in its production…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: Operating Oper Lvisions =inter pier Assets Inc $ 580,000 850,000 400,000 $ 99 98 58 Total $1,830,000…

A: In this question, we have to compute ROI for each division by dividing operating income by operating…

Q: Accounting being an information system follows basic accounting concepts or principles also known as…

A: Solution 1: False, Accounting being an information system follows basic accounting concepts or…

Q: . Which of the following is required to file an income tax return? A. An employee covered by the…

A: Here to discuss about the different aspect in the filling of income tax return and the…

Q: Bonakid Inc. has decided to invest P10,000,000 in a new headquarters and needs to determine the best…

A: Calculation of Degree of Financial Leverage Degree of Financial Leverage = Earnings before interest…

Q: Solar Co. sold a machine in exchange for a P00.000, 4-year, 5% note, interest is payable annually.…

A: The question is based on the concept of Financial Management.

Q: During a recent week, Charlie Scott works 37 regular hours. He earns $9/hour and contributes 3% of…

A: Taxable income is the portion of your gross income that the IRS deems subject to taxes. It consists…

Q: ne that in the first step of t Corp. will exchange $6,071 stock plus land with a fair 6,714 for all…

A: The answer has been mentioned below.

Q: Suppose that on its historical Income Statements, a firm always split its total depreciation and…

Q: Your Company makes a single product. Only one kind of direct material is used to make this product.…

A: Material Price Variance = (Standard Price - Actual Price) x Actual Quantity

Q: Prepare journal entries for each of the following transactions entered into by the City of Loveland.…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Indigo Corporation began operations on January 1, 2020, with a beginning inventory of $39,940 at…

A: Ending inventory using dollar value LIFO retail method = $55,730

Q: SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the…

A: Labor spending variance = Standard Labor cost - Actual Labor cost Labor rate variance = (standard…

Q: Record the journal entry.

A: Answer:

Q: The following transactions of MORALES Accounting Firm during the first month of Operations: April 1…

A: The journal is prepared to record the transactions of the business on daily basis. The ledger…

Q: Here are comparative financial statement data for Bonita Company and Linda Company, two competitors.…

A: Return on Assets = Net Income / Average Total Assets Return on Common Shareholders' Equity = Net…

Q: On January 01, 2020, Malachi and Haggai agreed to form a partnership. The following are their assets…

A: Solution Partnership is an agreement between the two or more persons who are agreed to share the…

Q: Definition of the following in Accounting 1. Amortization of Franchise Give an Examples of…

A: Intangible Assets: Intangible asset is one of the component of fixed assets reported in company's…

Q: 3. Al-Busthan corporation has a year end of 31 December. The company has in issue 400,000 Ordinary…

A: GIVEN DATA Al-Busthan corporation has a year end of 31 December. The company has in issue…

Q: Harbin Ltd. has a 31 December year end. A motor vehicle was acquired in July 2019 for £20,000.…

A: Depreciation: It implies to a decrease in the book value of a fixed asset over the time because of…

Q: A credit sale of $4000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted…

A: The correct answer for the above mentioned question is given in the following steps for your…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Cash balance per bank $4,500
Outstanding checks $200
Deposits in transit $1,000
Credit memo for interest $50
Bank service charge $25
What is Michael's adjusted cash balance on Dec 31?
A)$5,425.
B)$4,425.
C)$5,325.
D)$5,300

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Record the following transactions: A. Started a petty cash fund in the amount of $200. B. Replenished petty cash fund using the following expenses: Auto $15, Office Expenses $20, Postage Expense $81, Miscellaneous Expenses $66. Cash on hand is $10. C. Increased petty cash by $75.
Question. At April 30, Kessler Company has the following bank information: Cash balance per bank $6,900Outstanding checks $420Deposits in transit $825Credit memo for interest $15Bank service charge $30 What is Kessler's adjusted cash balance on April 30?
Ad JuSte d cosn Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for interest $50 Bank service charge $25
Balance of cash in bank account 1,300,000Balance of bank statement 1,200,000Outstanding checks, August 31:Number 555 10,000761 55,000762 40,000763 25,000764 65,000765 70,000Receipts of August 31, deposited September 1 275,000The bank statement showed the following charges:a. Service charge for August 5,000b. NSF check received from a customer 85,000The cashier-bookkeeper had misappropriated 30,000 and an additional 10,000 by charging sales discounts and crediting accounts receivable.The stub for check number 765 and the invoice relating thereto show that it was for 50,000. The check was recorded incorrectly in the cash disbursements journal as 70,000. The check was drawn in payment of an account payable.Payment has been stopped on check number 555 which was drawn in payment of an account payable. The payee cannot be located.Required:a. Prepare a bank reconciliation on August 31 using the adjusted balance method.b. Prepare adjusting entries in the Susan Company book on August 31
BANK STATEMENT Date Checks Deposits Other Balance $ 48,000 40, 380 67,830 53,930 ৪9,938 ৪৪, 978 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28, 0e 13,900 11 17 23 36, e00 26 960 30 19,200 19, e00 NSF* $300 Interest earned Service charge 31 50 31 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, 000 Deposits Checks written during December: 7,620 550 28, e00 36, 000 19,000 13,e00 Dec. 11 23 13,900 960 30 31 150 19, 200 4,500 Dec. 31 Balance 97,128 There were no deposits in transit or outstanding checks at November 30. 4. Prepare any journal entries that the company should make as a resuit of the bank reconciliatio transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet B C D E A Record the interest of $50 received from the bank. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
Que. At April 30, Kessler Company has the following bank information: Cash balance per bank $6,900Outstanding checks $420Deposits in transit $825Credit memo for interest $15Bank service charge $30 What is Kessler's adjusted cash balance on April 30?
37)At Dec 31, Michael Corp has the following bank information: Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for interest $50 Bank service charge $25 What is Michael's adjusted cash balance on Dec 31? A)$5,425. B)$4,425. C)$5,325. D)$5,300
Given the information here, what should Jason's adjusted checkbook balance be? Bank balance: $ 600 $ 260 $ Outstanding checks: Deposit in transit: ATM fees: Interest earned: Checkbook balance: Select one: a. $300 X b. $171 c. $113 d. $242 e. $440 100 $50 $ 10 $ 480
Question Content Area Using the following information: The bank statement balance is $5,065. The cash account balance is $5,459. Outstanding checks amounted to $866. Deposits in transit are $1,191. The bank service charge is $60. A check for $34 for supplies was recorded as $25 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
At April 30, Novak Corp. has the following bank information: Cash balance per bank $4400 Outstanding checks $310 Deposits in transit $650 Credit memo for interest $10 Bank service charge $20 What is Novak adjusted cash balance on April 30?
At April 30, Cullumber Office Supply Company has the following bank information: Cash balance per bank $7500 Outstanding checks $550 Deposits in transit $955 Credit memo for interest $20 Bank service charge $40 What is Cullumber's adjusted cash balance on April 30? ○ $8050. O $7095. O $7905. $8010.
K Determine the adjusted cash balance per bank for Sheryl's Packaging on November 30, from the following information: Cash balance on the bank statement Customer's check returned-NSF Customer's note collected by the bank Deposits in transit, November 30 Outstanding checks, November 30 A. $1,900 OB. $1,600 O C. $500 OD. $1,800 $3,200 300 600 1,000 3,700