Revise your worksheet to reflect the following transactions and updated values at the end of the accounting period, then answer the questions that follow. 7,200 1,400 9,900 1,100
1. Cash on hand at the company and not yet deposited at the bank.
2. EFT for monthly utility bill not yet recorded by the company.
3. Note collected by the bank and not yet recorded by the company.
4. Interest collected by the bank from note in #3 not yet recorded by the company.
5. A check witten for insurance expense for $110 was cashed. The check was recorded on the books for $190.
6. Checks written by the company but not yet processed by the bank.
7. Service fee charged by bank but not yet recorded by the company.
8. Customer checks determined by the bank to have nonsufficient funds. 3,100 100 2,700
Bank balance at the end of the period.
Company balance at the end of the period. 19,610 16,830 Required:
1-a. What is the revised
Cash balance at the end of the period?
Cash $ 23,710 1-b. Is the bank reconciliation in balance?
Yes
Nο
2-a. What is the balance in Cash if the entry to correct the insurance payment hasn't been made?
Cash 2-b. Would the bank reconciliation still be in balance?
Yes
No
3. Which statement below is true regarding the effect of the company incorrectly recording a customer deposit at $190,000 rather than $19,000?
No effect on the bank reconciliation.
The difference of $171,000 will be subtracted from the book balance.
The difference of $171,000 will be added to the book balance.
The bank balance will be increased by $190,000.

1b.NO. The Bank reconciliation is NOT in balance because the revised balance is still not matched with the bank balance reason been that the amount of $23,710 is not equal to $19,610

2-a) In a situation where the entry to correct the insurance payment hasn’t been made, the balance of cash book will be :

$23,710 – $80 = $23,630

2-b) No. The bank reconciliation will still NOT be in balance because $23,630 is not equal to $19,610

3. If company incorrectly recording a customer deposit at $190,000 rather than $19,000, this increases the balance of cash book by $171,000. Therefore, the company subtracted the difference of $171,000 from the book balance

tallinn tallinn · Answer 2 · 2022-03-30T09:56:09+02:00

1a.Rectified Cash balance $23,710

1b.No. the Bank reconciliation is NOT in balance

2a.$23,630

2b.No.The bank reconciliation will always NOT be in balance

Prepare Bank reconciliation

1a. Now we Preparation of the Revised Cash Book is:

Particular Debit and Credit

Unadjusted $16,830; and EFT of Utility $1,400
The Balance is $9,900; Bill is $100
Then Note Collected 1,100; Service Fee Charged $2,700
Now the Interest on Note Collected 90; NSF Checks Dishonored $23,710

Then Excess of Insurance Expense 27,910; Revised Balance $27,910
Hence the Revised Cash balance at the end of the period will be $23,710

1b.NO. When The Bank reconciliation is NOT in balance because the adjusted balance is still not matched with the bank balance reasoning is that the amount of $23,710 is not equal to $19,610

2-a) In circumstances where the entry to rectify the insurance payment hasn’t been made, the balance of the cash book will be :

$23,710 – $80 = $23,630

2-b) No. When The bank reconciliation will still NOT be in balance because $23,630 is not equal to $19,610

3. If the company mistakenly registers a consumer deposit at $190,000 rather than $19,000, this increases the balance of the cash book by $171,000. Thus, the company subtracted the distinction of $171,000 from the book balance The distinction of $171,000 will be subtracted from the book balance

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