Rachel Sells is unable to reconcile the bank balance at January 31. Rachels reconciliation is...
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Accounting
Rachel Sells is unable to reconcile the bank balance at January 31. Rachels reconciliation is shown here.
Cash balance per bank
$3,997.20
Add: NSF check
470.00
Less: Bank service charge
43.50
Adjusted balance per bank
$4,423.70
Cash balance per books
$4,295.20
Less: Deposits in transit
574.50
Add: Outstanding checks
790.00
Adjusted balance per books
$4,510.70
(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.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 31
(To record NSF check)
Jan. 31
(To record bank service charge)
Answer & Explanation
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