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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 $

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(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 $

image

(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

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(To record NSF check)
Jan. 31

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(To record bank service charge)

Answer & Explanation Solved by verified expert
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