User Account

All Pages

Bank reconciliation adjustment

Assignment Help Accounting Basics
Reference no: EM13911942

Bank reconciliation adjustment. Refer to Mini Exercise 5.1.In Mini Exercise 5.1, The balance in Happ, Inc.'s general ledger Cash account was $12,430 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $11,130. Reconciling items included deposits in transit, $1,200; bank service charges, $70; NSF check written by a customer and returned with the bank statement, $450; outstanding checks, $380; and interest credited to the account during September but not recorded on the company's books, $30.

Required:

a. Show the reconciling items in a horizontal model, or write the adjusting journal entry (or entries) that should be prepared to reflect the reconciling items for Happ, Inc., at September 30.

b. What is the amount of cash to be included in the September 30 balance sheet for the company's bank account? 

Reference no: EM13911942

Questions Cloud

How tall was the pole before the windstorm : During a windstorm, part of the top of a flagpole breaks off. The broken top portion touches the ground at an angle of [c]5° 1[e] feet from its base, How tall was the pole before the windstorm
Income tax return for an corporation : Which of the following items must be separately stated on Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule K-1?
What is the relative value : Please draw out two reaction energy diagrams, one in which the reaction is exothermic, and the other in which the reaction is endothermic. What is the relative value of ΔH in each case?
Accumulated depreciation on equipment : Flat Inc. owns equipment for which it paid 90 million. At the end of 2015, accumulated depreciation on equipment was 27 million. Due to adverse economic conditions, plant management determined that it should assess whether impairment should be recogn..
Bank reconciliation adjustment : Bank reconciliation adjustment. Refer to Mini Exercise 5.1.In Mini Exercise 5.1, The balance in Happ, Inc.'s general ledger Cash account was $12,430 at September 30, before reconciliation.
What proportion of the fire claims are fraudulent : Construct a contingency table summarizing the claims data. Use the pairs of events FIRE and FIRE, FRAUD and FRAUD. What proportion of the fire claims are fraudulent?
What is the average inventory balance : Consider order costs are $20 and holding costs $2 per unit. The firm uses 200,000 units in a year. What is the EOQ? Given the EOQ you calculated, how many orders should be placed and what is the average inventory balance?
Reading on the thermometer : Why can the ethanol be used as a fuel in the spirit burner? After about ten minutes, the reading on the thermometer is checked. What should one observe?
Compare and contrast a sole proprietorship : Compare and contrast a sole proprietorship

Reviews

Write a Review

Accounting Basics Questions & Answers

  Hyper sports inc manufactures basketballs for the national

hyper sports inc. manufactures basketballs for the national basketball association nba. for the first 6 months of 2011

  An individual is currently 30 years old and she is planning

retirement planning info an individual is currently 30 years old and she is planning her financial needs upon

  Cost of goods manufactured equals 44000 for 2008 finished

cost of goods manufactured equals 44000 for 2008. finished goods inventory is 2000 at the beginning of the year and

  New city had a police precinct built at a cost of 3

new city had a police precinct built at a cost of 3 million and put it into service on the first day of fiscal year

  Ferguson metals is a decentralized mining smelting and

ferguson metals is a decentralized mining smelting and metals company with three divisions mining lead and copper.the

  Assume you serve on the board of a local golf and country

assume you serve on the board of a local golf and country club. in preparation for renegotiating the clubs bank loans

  An assignment on bus law

Bus Law

  List the ways an information system can be used in a career

List the ways an information system can be used in a career area of interest to you.

  You are the auditor of glaxoa corporation glaxoa for the

you are the auditor of glaxoa corporation glaxoa for the current year.nbsp for each situation1.nbspnbspnbspnbsp

  Find the modified internal rate of return

Find the Modified Internal Rate of Return (MIRR) for the following annual series of cash flows, given a discount rate of 10.50%: Year 0: -$75,000; Year 1: $15,000; Year 2: $16,000; Year 3: $17,000; Year 4: $17,500; and, Year 5: $18,000.

  Examining the general fund disclosures in a cafr

Examining the General Fund Disclosures in a Comprehensive Annual Financial Report (CAFR). Analysis this case focuses on a governmental unit's general fund.

  The company established a defined benefit pension plan

The Lane Company was incorporated in 2001. Because it had become successful, the company established a defined benefit pension plan for its employees on January 1, 2010. Due to the loyalty of its employees, the company granted retroactive benefits to..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd