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Interest earned on the cash balance in the bank is recorded by the bank as

2, Interest earned on the cash balance in the bank Chegg

  1. 2, Interest earned on the cash balance in the bank is recorded by the bank as: Multiple Choice An increase in the bank's asset account. A decrease in the bank's asset account. A decrease in the depositor's bank account. An increase in the depositor's bank account
  2. See the answer. Interest earned on the cash balance in the bank is recorded by the bank as: a. An increase in the banks asset account. b. A decrease in the banks asset account. c. A decrease in the depositors bank account. d
  3. The account holding company records the interest receipt after it receives intimation from the bank through bank statement. Therefore, until the interest received is recorded in the cash book, the balance as per bank statement will be higher than the cash book balance
  4. Interest earned on the bank balance that the company has not recorded. All of the other answers would cause cash balances to differ. After preparing a bank reconciliation, the service fee charged by the bank would be recorded with a
Solved: Indicate Whether The Firm Should Add Or Subtract E

Interest earned on the cash balance in the bank is Chegg

View Homework Help - 2, Interest earned on the cash balance in the bank is recorded by th.docx from ACCT 1232 at Adrian College. 2, Interest earned on the cash balance in the bank is recorded by the Transcribed image text: 1. $95,250 $82,500 $11,317 $18,000 $45 a. Prepare a bank reconciliation for Cole Co. assuming the following as of May 31: 1) The company's cash account as a debit balance of: 2) The bank statement shows a balance of: 3) April 30 outstanding checks: 5) A credit memorandum was received by the bank, but not recorded by Cole Co. by May 31 a) Cash collected by the bank: b.

Interest Income Bank Reconciliation Statemen

Chapter 4 - Quiz 2 Flashcards Quizle

  1. Interest earned on the bank balance that the company has not recorded. Checks written by the company that have not cleared the bank. Cash receipts by the company that have not been deposited in the bank
  2. The check documentation included with the bank statement indicates the check was actually issued by Dancer Co.b. $35 interest earned on Hinckley's cash balance in the bank is not yet recorded by Hinckley.c. When the June checks are compared with entries in the accounting records, it is found that Check No. 1727 had been correctly drawn for.
  3. e the adjusted cash balance using the following information: Deposit in transit $ 3,800 Outstanding checks $ 1,925 Check printing fee, not yet recorded by company $ 15 Interest earned on account, not yet recorded by the company $ 30 The adjusted cash balance should be.
  4. The bank statement shows that interest amounting to $50 has been earned on average account balance during January. The bank has charged $10 for the collection of a note. A check of $100 deposited by the company has been charged back as NSF. An amount of $25 has been deducted by bank as service charges for the month of January
  5. Compute the adjusted bank balance. Enter the company's book balance. Add any unrecorded cash receipts, interest earned, and errors understanding the book balance. Subtract any unrecorded bank fees, NSF checks, and errors overstating the book balance. Compute the adjusted book balance and compare it to the adjusted bank balance to verify equality
  6. when the interest income is accrued it increases the bank balance and the bank balance is recorded as a current asset. Hence, its debited since interest income increases the entity's bank balance. Why is Interest Received Credited

The interest earned appears on your bank statement. You need to adjust your books to reflect the interest earned. Add the amount of interest earned to the check register. There may be other items added to or deducted from your bank statement balance that are not in your books 1. Interest on Deposits credited by the bank but not recorded in Cash Book. When a bank allows interest on customer's deposits, it credits the customer's account without intimating him. The bank balance of the customer has been increased, but the customer comes to know about it only at the end of the month when he receives Bank Statement. Add Question Here Multiple Choice Question While preparing the February 28th bank reconciliation for the checking account for Willow, Inc., the accountant identified the following items: Balance per Willow's company records $46,200 Outstanding checks 1,100 Interest earned on the checking account 50 A customer's NSF check returned by the bank.

Your answer is correct

2, Interest earned on the cash balance in the bank is

Bank statement balance is the cash balance recorded by the bank in bank records. Service charges, interest income and NSF (Not Sufficient Funds) checks are entries that result in a discrepancy since these are recorded in the bank statement but not included in the cash book Add any increases (interest earned, bank credit memos) that are shown on the bank statement but were not yet recorded in the company's Cash account. Subtract any decreases (such as bank services charges, return items, bank debit memos) that are shown on the bank statement but are not yet recorded in the company's Cash account

Interest earned is the amount of interest earned over a specific period of time from investments that pay the holder a regular series of mandated payments. For example, interest earned can be generated from funds invested in a certificate of deposit or an interest-bearing bank account. If the entity recording interest earned is using the cash. (iii) There were debits in the Pass Book for interest Rs. 2,000 on overdraft and bank charges Rs. 600 not recorded in the Cash Book. (iv) A credit side of the Bank Column of the Cash Book was under-cast by Rs. 100. (v) A cheque for Rs. 1,000 was issued to a creditor on 27th December but unfortunately, the same was not recorded in the Cash Book

Bank charges are service charges and fees deducted for the bank's processing of the business' checking account activity. This can include monthly charges or charges from overdrawing your account. They must be deducted from your cash account. If you've earned any interest on your bank account balance, they must be added to the cash account The ending cash balance recorded in the bank statement is $10,390. b. Cash receipts of $1,200 from 2/26-2/28 are outstanding. c. Checks 325 and 327 are outstanding. d. The deposit on 2/11 includes a customer's check for $400 that did not clear the bank (NSF check). e. Check 323 was written for $2,800 for advertising in February Interest income on cash balance - interest payments received from the bank and not yet recorded e. Stale checks - this is a check that reverts back to the books and still remains payable if the check has not been cashed within a certain period of tim The bank statement shows interest earned of $19, service charges of $30, a customer's returned check of $100, and a check printing fee of $90. The reconciled Cash balance that should be reported on the company's balance sheet as of October 31 is Answer true or false: A bank reconciliation is a schedule the company prepares to reconcile differences between the cash and liabilities balance on the bank statement and the cash balance on the.

Comparing the company's records with the bank statement reveals several additional items, such as outstanding checks of $1,405, deposits in transit of $1,998, an NSF check of $173, interest earned of $6.35, a bank service charge of $20, and a check for $300 recorded twice by the company. Book balance at the end of the month was 5,860.23 Interest earned. You might earn interest on the balance of your bank account. The interest earned appears on your bank statement. You need to adjust your books to reflect the interest earned. Add the amount of interest earned to the check register. There may be other items added to or deducted from your bank statement balance that are not in. when the interest income is accrued it increases the bank balance and the bank balance is recorded as a current asset. The balance at the end of the first quarter with the bank is 1,00,000. The bank offers 6% p.a interest on such balance. Journalise the same. Solution : Journal of Mr Alex What is the journal entry for cash withdrawn. If you earned interest, you can easily record it in QuickBooks Online using the Bank Deposit feature. You can track the interest from bank or savings accounts, investments, or interest payments to you on loans your business made. Here are a few simple steps to record your interest earning. Select Accounting, then New to create a new interest. Bank service charges are subtracted from the book balance since they are a decrease in the account balance and have not yet been recorded. Interest Earned - Some banks pay interest on account. The account holder does not know how much the interest will be until the bank statement is received

1. The opening BANK balance is: 2. The Opening BOOK ..

Do I earn interest on my Stash Account? Uninvested money in your Stash account (AKA your Available Cash Balance) is automatically transferred to something called the Apex FDIC-insured Sweep Program. That means your Available Cash Balance earns interest based on the amount and duration of deposits and applicable interest rates Total interest earned was $57.5 billion (in green) for the bank from their loans and all investments and cash positions. Net interest income (in blue) totaled $44.6 billion for 2017 and is the.

Bank Reconciliation - Definition & Example of Bank

  1. (b). Wrong casting of Cash Book (Bank Column) If the debit side of the Cash Book (Bank Column) is undercast or if the credit side of the Cash Book (Bank Column) is overcast, the Cash Book will show less bank balance as compared to Bank Statement balance. (c). Issued cheque not recorded by the bank
  2. Bank statement balance is the cash balance recorded by the bank in bank records. Service charges, interest income and NSF (Not Sufficient Funds) checks are entries A service fee of $ 100 is charged as a bank charge. Interest income earned during the month of January is $ 465
  3. Sage Hill Inc.'s bank statement from Main Street Bank at August 31, 2022, gives the following information. Balance, August 1 $18,585 Bank debit memorandum: August deposits 71,185 Safety deposit box fee $ 40 Checks cleared in August 68,663 Service charge 65 Bank credit memorandum: Balance, August 31 21,062 Interest earned 60 A summary of the Cash account in the ledger for August shows the.
  4. Cash at bank movements are recorded in the Cash Book and cash in hand movements are usually recorded in the Petty Cash Book. For example if a check is used to pay a supplier for 100, and an amount is received from a customer for 300 the following entries would be made in the cash book. Finally the totals in the cash book would be posted to the.
  5. higher than the company's cash balance. True False 12. An NSF check is an example of a cash transaction that is initially recorded by the bank and later by the company after notification. True False 13. Interest earned on a bank account is a cash transaction recorded by the company prior to being recorded by the bank. True False 14

Interest on Certificate of Deposit. The calculation of the simple interest earned on the certificate is as follows. Interest = Principal x Rate x Term Interest = 13,870 x 2.5% x 60/365 = 57 Principal + Interest = 13,870 + 57 = 13,927 On maturity therefore the bank returns a total of 13,927 to the business in cash The bookkeeper of Pacioli recorded Check No. 345 in the Cash Disbursement Journal as P5,205. The correct amount of the check was P5,250. The deposits of Pacioli earned interest of P100 for the month. Pacioli does not have knowledge of interest earned until it receives the bank statement. Practice Set What is Bank Statement Balance? Bank statement balance is the cash balance recorded by the bank in bank records. Service charges, interest income and NSF (Not Sufficient Funds) checks are entries that result in a discrepancy since these are recorded in the bank statement but not included in the cash book

For example, if a business has deposited 10,000 with a bank earning 5% simple interest, at the end of the year, the interest earned is 10,000 x 5% = 500. If the interest is deposited in the bank account of the business, the accounting journal to post this interest earned to the accounting records would be as follows Then, go to the company's ending cash balance and deduct from it any bank service fees, NSF checks and penalties, and add to it any interest earned. At the end of this process, the adjusted bank balance should equal the company's ending adjusted cash balance. Bank Reconciliation Terminolog Enter bank balance. Enter in the bank reconciliation module the ending cash balance noted on the bank statement. Review reconciliation. The software should now present any difference in the ending cash balance recorded by the company and the bank, along with any reconciling items, such as outstanding checks and deposits in transit Bank statement shows the following: As the bank credited the account of ABC & Co. as soon as the direct credit was made, the balance as per bank statement is higher than the cash book balance by $1000. ABC & Co. must record the rent received through direct credit in its cash book before preparing the bank reconciliation to remove the difference To record the bank credit memo the company will debit Cash and credit another account. For example, if the bank statement shows a credit memo of $20 for interest earned, the company will debit Cash for $20, and credit Interest Income for $20. (The company's Cash account needs to be debited because its asset has increased.) Definition of Bank.

The below given steps are involved in the preparation of adjusted cash book. Step 1: The bank balance as per the cash book is noted. Step 2: All the errors committed in the cash book to be recorded are rectified. Step 3: Transaction present only on the credit side of the pass book needs to be recorded on the debit side of the cash book The journal entry for interest received from Bank is thus: Bank A/c Dr. To Interest A/c (Being interest received from Bank in bank account) Interest A/c Dr. To Profit and Loss A/c (Being transfer of interest to Profit and Loss A/c at the end of. Balance per Books on Aug. 31, 2010 Adjustments: Deduct: Bank service charges Deduct: NSF checks & fees Deduct: Check printing charges Add: Interest earned Add: Notes Receivable collected by bank Add or Deduct: Errors in company's Cash account Adjusted/Corrected Balance per Books Bank service charges are fees deducted from the bank statement for.

Chapter 4-7 (test 2) Flashcards Quizle

150. Interest income. 150. This journal entry is to recognize the $150 of interest income that the company has earned from its fixed deposit with XYZ Bank in the month of June 2020. Likewise, if the company doesn't record the above journal entry in the June 30 adjusting entry, both income and assets will be understated by $150 Deposits in transit are those deposits that are not reflected in the bank statement on the reconciliation date due to time lag between when a company deposits cash or cheque in its account and when the bank credits it. Since the company records the increase in bank balance in its accounting records as soon as the cash or cheque is deposited, the balance as per bank statement would be lower. The second step of the bank reconciliation is to adjust the balance in the company's Cash account so that it is the true, adjusted, or corrected balance. Examples of the items involved are shown in the following schedule: Step 2. Balance per books on Aug. 31, 2011. Adjustments: Deduct: Bank service charges The balance on the bank statement is adjusted for outstanding checks and uncleared deposits. The record balance is adjusted for service charges and interest earned. The bank reconciliation is an internal control document that ensures transactions to the bank account are properly recorded, and allows for verification of transactions Compare the amount of each deposit recorded by the bank to the amount that you recorded. It is possible that the bank rejected a check within a batch of deposited checks, or recorded the amount of a check differently. The amount of a rejected check should be added to the bank's ending cash balance. If there is a difference in the amount of a.

On October 31, 2021, Damon Company’s general ledger showsPrepare bank reconciliation and adjusting entries

Cash: Bank Reconciliations - Accounting In Focu

Bank service charges which are often shown on the last day of the bank statement. Since the service charge is on the bank statement, but not yet on the company's books, a journal entry is needed to credit Cash and to debit an expense such as Bank Charges or Miscellaneous Expense Bank statement shows the following: Since the bank debited the account of ABC & Co. as soon as the direct debit was made, the balance as per bank statement is lower than the cash book balance by $1000. ABC & Co. must record the rent paid through direct debit in its cash book before preparing the bank reconciliation to remove the difference Bank errors — though rare— do occur. When they do, you must work to ensure that your books match the actual bank balances by accounting for the errors. This requires that you not only adjust the balance in the books, but also prepare a journal entry in the general ledger reflecting the adjustments. Make adjustments as. A bank reconciliation is a schedule the company (depositor) prepares to reconcile, or explain, the difference between the cash balance on the bank statement and the cash balance on the company's books. The company prepares a bank reconciliation to determine its actual cash balance and prepare any entries to correct the cash balance in the ledger

Collected cash of $6,244 on November 30 will be transferred to the Bank on December 1. 3. In the Bank Statement there is a credit of $167 showed as interest earned for November The bank also debits its asset account Loans Receivable (causing this asset's balance to increase). If the bank's credit memo was not recorded in the company's general ledger accounts as of the date of the bank reconciliation, the company lists the credit memo amount as an adjustment to increase the balance per books. This adjustment must also. Similarly, the bank had charged ₹ 150 as bank charges but this was not recorded in the Cash Book. Bank paid insurance premium of ₹ 5,000 but it was recorded as ₹ 500 in Cash Book. Prepare Bank Reconcilation Statement on 31st March, 2018. Solution: Question 6. Cash Book of a merchant showed bank balance of ₹ 23,000 on 31st March, 2018

Chapter 4 HW Flashcards Quizle

The bank statement for this account reports a balance of $1,430 as of October 31. There are outstanding checks totaling $840 and a deposit in transit of $60. The bank statement shows interest earned of $19, service charges of $30, a customer's returned check of $100, and a check printing fee of $90 $20.00. Determine the adjusted cash balance per bank at July 31. 3. At May 31, Delta Company has a cash balance per books of $8,900 and the following additional data from the bank statement: charge for printing Delta Company checks $35.00, interest earned on checking account balance $40.00, and outstanding checks $800.00. Determine the adjusted.

The Cash account on the company's books shows a balance of $9,965.34. e. The bank acts as a collection agency for interest earned on some municipal bonds held by Calico Corners Balance as per Bank Book is 8,000; Cheques issued of Rs. 20,000 and 25,000 but presented on 5 th January 2019. A customer has deposited cash directly into the bank amounting to Rs. 50,000; Bank charges debited by bank amounting to Rs. 1,050; Cheque received dishonored by the Bank amounting to Rs. 20,00

Also, the bank might report a check either with an incorrect balance or in the wrong client's checking account. Additions such as interest or funds collected by the bank for the client: interest is added to the bank account as earned but is not reported on the financial records If you need to finance a major purchase or even some everyday expenses over time, the no-annual-fee U.S. Bank Visa Platinum Card offers the longest introductory offer on both purchases and balance. At the close of business on June 30, its Cash account shows a debit balance of $60,209. Easton's June bank statement shows $58,349 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 3,800 Outstanding checks $ 1,925 Check printing fee, not yet recorded by company $ 15 Interest earned.

The following information is available to reconcile

  1. Simple Interest. Simple interest is money earned on the original amount of your deposit. 4 It doesn't account for any interest you earn over time and will always be calculated based on your principal deposit, or the original amount of money deposited into your account, as long as you don't add to or subtract from the principal balance. If you opened a savings account with $10,000 and had a.
  2. Bank Reconciliation records are updated using the date you entered in the Bank Transaction Entry, Bank Transfer Entry, Reconcile Bank Adjustments, or Bank Deposit Entry windows. You can enter and save deposits for posting later, but you can save only one deposit with receipts transaction or one deposit to clear receipts transaction for each.
  3. Interest receivable refers to the interest that has been earned by investments, interest is recorded on the balance sheet. under the cash method, interest is not recorded as revenue until.
  4. You also need to adjust your cash records for interest earned on your bank account balance. If a $10 service fee is posted to the bank statement, for example, it would need to be deducted from the cash account. Until you post the amount to your cash records, it is a reconciling item. Add any interest earned on your account balance
  5. Let's also say they earned $200 in interest from their high-yield savings account. To calculate their bank account interest tax, they'd simply multiply $200 by 0.12, which would equal $24. Jim and Pam would owe an extra $24 on their taxes as a result of their bank account interest
  6. Average interest checking rates. Interest checking, sometimes called high-yield checking, doesn't usually earn more interest than a traditional savings account.Major banks only give out around 0.01% APY on most interest checking options, and the slightly higher national average of 0.03% is mostly a reflection of the high interest rates of online banks and smaller regional banks whose account.
Exercise 6-11 Bank reconciliation and adjusting entries LO

The cash book shows a bank balance of Rs.7,800. On comparing the cash book with pass book, the following discrepancies were noted i) Cheque deposited in bank not credited,Rs.3,000. ii) Cheque issued but not yet present for payment,Rs.1,500. iii) Insurance premium paid by the bank, Rs.2,000. iv) Bank interest credit by the bank, Rs.400 The bank charged $50 as service fee. Interest income earned on the company's average cash balance at bank was $1,237.22. The bank collected a note receivable on behalf of the company. Amount received by the bank on the note was $550. This includes $50 interest income. The bank charged a collection fee of $10 Usually, the balance that earns the elevated rate is limited, and you have to jump through some hoops to earn the bonus rate. For example, Consumers Credit Union offers interest rates as high as 4.

Bank reconciliation is the process of matching the bank balance in the company's accounting record to the balance shown on the bank statement and identifying any difference between the two records. All the transactions on the bank statement are the transactions recorded by the company's bank which are shown on the bank statement at the end. A bank that offers a guarantee is incurring a contingent liability, one that depends on whether the payments are made as agreed. That contingent liability is recognized and recorded on the balance sheet if the occurrence of the future event to confirm the liability is probable and the amount of loss from realizing the contingent liability can be reasonably estimated Compare interest rates for CDs, savings, money market, checking and cash management accounts across thousands of banks, credit unions and non-bank financial service providers. Find the highest. Q3. Explain the process of preparing bank reconciliation statement with amended cash balance. Solution: The below given steps are involved in the preparation of adjusted cash book. Step 1: The bank balance as per the cash book is noted. Step 2: All the errors committed in the cash book to be recorded are rectified Recording interest earned requires a general journal entry. Date the journal entry for the day interest was posted to the account. If it is a bank account, the date posted can be found on the bank statement. Debit the bank or investment account that has earned the interest by the amount of interest earned. You should have balance sheet accounts.

Balance as per Bank Statement as on 31 st March 2019 is $4,000. Balance as per Cash Book is $1,400. Cheque of $1,000 and $500 issued as on 30 th March 2019, but not yet cleared; An insurance premium paid by bank $200. It is not yet recorded in Cash Book. An outgoing cheque of $2,000 recorded twice in the Cash Book If the account has a 1.00% interest rate and the interest compounds annually—that is, the bank pays you interest on your balance once each year—you'll earn $50 after the first year. The APY will also be 1.00% in this example because your interest didn't compound multiple times during the year You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to 5.25% on your selected choice category, 3.5% on dining, and unlimited 1.75% cash back on all other purchases

The cash book of M/S Universal Trading Company shows a cash book balance of Rs. 102,568 in Soneri bank Ltd. as of 31-12-2007. In January, 2008 the firm received a bank statement for the month of December, 2007 showing a credit balance of Rs. 118,068. Comparison of bank statement with the cash revealed the following anomalies. i Adjusted cash balance per bank $ 1,280 Cash balance per books $ 390 Add: (4) $1,200 Note collected by bank plus interest of $48 1,248 1,638 Less: (3) Bank service charge $ 30 (5) NSF Check 328 358 Adjusted cash balance per books $ 1,280 (Cash bal. + Note coll. - ser. char. - NSF check) (b Earn cash back with BankAmeriDeals Be a Preferred Rewards client (requires a minimum qualifying combined balance of $20,000 in a Bank of America® deposit and/or Merrill® investment accounts)

On 31st March, bank credited Rs.1,250 as interest but this was not recorded in the Cash Book. Similarly, bank had charged Rs.150 as bank charges but this was not recorded in the Cash Book Prepare Bank Reconciliation Statement on 31st March, 2015. Solution: Question 6. Cash Book of a merchant showed bank balance of Rs.23,000 on 31st March, 2015 After updating the bank balance of cash book, a bank reconciliation statement is prepared commencing with the updated balance of the adjusted cash book. The items that remain un-ticked in the credit side of the bank column of the cash book is an un-presented cheque issued to D small and should now be added to updated cash book balance

Accounting Archive | October 26, 2017 | Chegg

7 A Premier Relationship Premium (available to Bank of the West Premier Checking customers) is a bonus interest rate added to the standard interest rate on one (1) qualifying Choice Money Market Savings account for selected balance tiers. Interest rates are set at the Bank's discretion and are subject to change without notice Bank charges a/c Dr To bank Bank charges are expenses so they are debited and bank a/c is credited because it will reduce the bank balance Bank of America balance transfer offers. Bank of America® Customized Cash Rewards credit card. Balance transfer fee: $10 or 3% of the amount of each transfer, whichever is greater; 0% promotional period: 15 billing cycles (for balance transfers made within the first 60 days); Regular variable APR: 13.99% - 23.99%; Worth noting: Earn $200 online cash rewards sign-up offer if you charge. Interest earned on the CD was $475 during the month. This interest is free for withdrawal and is automatically posted to the regular checking account. Manahan's first notification of the amount of interest for the month is via the bank statement, and the interest income has not yet been recorded in the general ledger Cash account. I-06.02. I-06. Money › Banking Bank Balance Sheet: Assets, Liabilities, and Bank Capital. A balance sheet (aka statement of condition, statement of financial position) is a financial report that shows the value of a company's assets, liabilities, and owner's equity on a specific date, usually at the end of an accounting period, such as a quarter or a year.An asset is anything that can be sold for value

Solved: Chavez Company Most Recently Reconciled Its Bank S

Redeem for cash back as a deposit into Bank of America ® checking or savings accounts, for credit to eligible Merrill ® accounts including 529 accounts, as a statement credit to your credit card, or for gift cards and purchases at the Bank of America Travel Center. Preferred Rewards members earn 25%-75% more points on every purchase Online Savings Account Earn interest over 5x the National Savings Average The APY for the Online Savings Account as of XX/XX/XXXX is more than five times the national average APY for interest bearing savings accounts with a balance of $500 as reported by Informa Research Services, Inc. as of XX/XX/XXXX.National average is based on information regarding the top 50 banks (by deposit size) and. With a Cash Back Checking Account, you can earn 3% cash back on up to $300.00 in everyday debit card purchases when you meet the requirements for each qualification cycle. ATM fees will be reimbursed up to $20.00, including other domestic financial institution ATMs when you meet the requirements for each qualification cycle (d) Bank paid ₹ 300 as per standing instructions but no record made in the cash book. (e) Bank charged interest on overdraft ₹ 800 and it was entered twice in pass book by bank. (f) ₹ 40 as bank charges not recorded in the cash book. (g) Bank receives ₹ 200 as interest on debentures, but no information being sent to the customer

Rajandran R Blogs Nifty Futures Continues With Too ManyCurrent Affairs March 2017 INDIAN AFFAIRS 1

Everyday Offers. Earn up to 15% cashback into your account when you shop with your cards. Whether it's the weekly shop, popping out for lunch or hitting the high street, Everyday Offers makes it easy to earn up to 15% cashback. The offers you get will come from places you might like to try, as well as places where you already shop f. A check for $98 for supplies was recorded as $89 in the ledger. a. The bank statement balance is $3,506. a.The bank statement balance is $8,300. b.The cash account balance is $6,862 c.Outstanding checks totaled $1,650. d.Deposits in transit are $600. e.The bank service charge is $12. f. Collection of note by bank, $400. b. The cash account. Use the following bank statement and T-account to prepare the May 31 bank reconciliation BANK STATEMENT Date Checks Deposits Other Balance $580 620 NSF Check $145 280 165 635 Service charge385 May 1 $105 12 #4 195 28 #5 115 30 #6 110 May 31 #8 150 #2 $145 580 100 Cash (A) May 1 May 3 580 145 105 105 195 115 110 580 120 340 150 May 3 #2 May 4 #3 May 8 #4 May 11 #5 May 21 #6 May 29 #7 May 30 #8.