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ACC 291T Wk 3 - Apply Connect Homework (2021.7 New)

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ACC 291T Wk 3 - Apply Connect Homework (2021.7 New)

During the month of July, Clanton Industries issued a check in the amount of $923 to a supplier on account. The check did not clear the bank during July. In preparing the July 31 bank reconciliation, the company should:

Multiple Choice

  •     

Deduct the check amount from the bank balance.

  •     

Add the check amount to the bank balance.

  •     

Add the check amount to the book balance of cash.

  •     

Deduct the check amount from the book balance of cash.

  •     

Make a journal entry in the company records for an error.

 

 

The following information is available for Birch Company at December 31:

 

       

Money market fund balance   $     2,860

Certificate of deposit maturing June 30 of next year    $     15,700

Postdated checks from customers  $     1,650

Cash in bank account     $     23,131

NSF checks from customers returned by bank     $     720

Cash in petty cash fund  $     270

Inventory of postage stamps  $     25

  1. $     10,700

________________________________________

 

Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of:

Multiple Choice

  •     

$37,891

  •     

$52,661

  •     

$39,331

  •     

$41,986

  •     

$36,961

 

 

In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information:

 

       

Cash balance per company books on January 30  $     5,725

Deposits in transit at month-end    $     2,000

Outstanding checks at month-end  $     620

Bank service charges      $     35

EFT automatically deducted monthly, not yet recorded by Maxi$     580

An NSF check returned on a customer account    $     365

________________________________________

 

The adjusted cash balance per the books on January 31 is:

Multiple Choice

  •     

$4,745

  •     

$5,975

  •     

$6,125

  •     

$6,745

  •     

$5,695

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