Question

Prepare the bank reconciliation for Loki Company as of September 30, 2023, based on the following information. Compute Loki Company's cash balance per books as of September 30, 2023 using the data below: • The balance per the September 30, 2023 bank statement is $27,419.55. • Loki Company’s bookkeeper mistakenly recorded an $885.00 cash disbursement as $855.00. • The bank mistakenly recorded a deposit of $3,000 made by Loki Company on September 10 as $300. • The bank statement indicated bank service charges of $35.00 in September. • Outstanding cheques as of September 30, 2023, amount to $6,400.10. • Deposits in transit as of September 30, 2023, amount to $3,405.65. 

          Prepare the bank reconciliation for Loki Company as of September 30, 2023, based on the following information. Compute Loki Company's cash balance per books as of September 30, 2023 using the data below:
• The balance per the September 30, 2023 bank statement is $27,419.55.
• Loki Company’s bookkeeper mistakenly recorded an $885.00 cash disbursement as $855.00.
• The bank mistakenly recorded a deposit of $3,000 made by Loki Company on September 10 as $300.
• The bank statement indicated bank service charges of $35.00 in September.
• Outstanding cheques as of September 30, 2023, amount to $6,400.10.
• Deposits in transit as of September 30, 2023, amount to $3,405.65.
Show more…

Added by John P.

Horngren’s Cost Accounting
Horngren’s Cost Accounting
Srikant M. Datar, Madhav V. Rajan 16th Edition
AceChat toggle button
Close icon
Ace pointing down

Please give Ace some feedback

Your feedback will help us improve your experience

Thumb up icon Thumb down icon
Thanks for your feedback!
Profile picture
Prepare the bank reconciliation for Loki Company as of September 30, 2023, based on the following information. Compute Loki Company's cash balance per books as of September 30, 2023 using the data below: • The balance per the September 30, 2023 bank statement is $27,419.55. • Loki Company’s bookkeeper mistakenly recorded an $885.00 cash disbursement as $855.00. • The bank mistakenly recorded a deposit of $3,000 made by Loki Company on September 10 as $300. • The bank statement indicated bank service charges of $35.00 in September. • Outstanding cheques as of September 30, 2023, amount to $6,400.10. • Deposits in transit as of September 30, 2023, amount to $3,405.65.
Close icon
Play audio
Feedback
Powered by NumerAI
Jennifer Stoner Ivan Kochetkov
Danielle Fairburn verified

Akash M and 87 other subject Principles of Accounting educators are ready to help you.

Ask a new question
*

Labs

-

Want to see this concept in action?

NEW

Explore this concept interactively to see how it behaves as you change inputs.

View Labs
*

Recommended Videos

-
the-books-of-the-anderson-company-and-the-bank-statement-revealed-the-following-information-i-am-stuck-on-this-question-any-help-is-appreciated-1the-books-of-the-anderson-company-and-the-ban-60142

The books of the Anderson Company and the bank statement revealed the following information: Cash account balance on books @August 31, 2022 $20,000.00 Outstanding checks $10,000.00 Deposits in transit @August 31, 2022 $15,000.00 Cash balance in bank @August 31, 2022 $15,450.00 Service charge for August $50.00 Customer NSF check returned by bank $400.00 Error made by the company in recording a check. Recorded in cash disbursements journal as $1,000 but should have been $100. Bank cleared the check properly. Prepare the bank reconciliation for August 31, using the following form: Balance per books @August 31, 2022 $ Add: $ Deduct: $ Deduct: $ Adjusted balance per books $ Balance per bank statement @August 31, 2022 $ Add: $ Deduct: $ Adjusted bank balance $

Akash M.
in-the-process-of-reconciling-its-bank-statement-for-april-donahue-enterprises-accountant-compiles-the-following-information-the-adjusted-cash-balance-per-the-books-on-april-30-is-cash-balan-06806

Brooke B.
use-the-following-bank-statement-and-t-account-to-prepare-the-may-31-bank-reconciliation-bank-statement-date-checks-deposits-other-balance-may-1-360-4-2-50-90-400-12-4-140-nsf-check-90-170-2-09756

Use the following bank statement and T-account to prepare the May 31 bank reconciliation. BANK STATEMENT Date Checks Deposits Other Balance May 1 $360 $4 #2 $50 $90 $400 12 #4 $140 NSF check $90 $170 28 #5 $60 $110 30 #6 $55 $360 $415 May 31 #8 $95 Service charge $45 $275 Cash (A) May 1 $360 May 3 $90 $50 May 3 #2 $110 May 4 #3 $140 May 8 #4 $60 May 11 #5 $55 May 21 #6 May 29 $360 $65 May 29 #7 May 30 $230 $95 May 30 #8 May 31 $465 Bank Reconciliation May 31 Bank Statement Company's Books Ending Balance per Bank Statement Ending Balance per Cash Account Additions: Additions: Deductions: Deductions: Up-to-Date Cash Balance Up-to-Date Cash Balance

Supreeta N.
*

Recommended Textbooks

-
Horngren’s Cost Accounting

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition
achievement 1,035 solutions
Cost Accounting A Managerial Emphasis

Cost Accounting A Managerial Emphasis

Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan 14th Edition
achievement 1,523 solutions
Principles of Accounting Volume 1: Financial Accounting

Principles of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon Cooper 1st Edition
achievement 1,969 solutions
*

Transcript

-
00:01 So, hi to everybody.
00:03 Here the bank reconciliation for august 31st.
00:15 So, balance per book, balance per book august 31st, 2022 is $20 ,000.
00:38 Okay.
00:39 So, add deposit in transit $15 ,000.
00:52 So, deduct outstanding check, it is $10 ,000.
01:01 So, adjusted balance per book is $25 ,000...
Need help? Use Ace
Ace is your personal tutor. It breaks down any question with clear steps so you can learn.
Start Using Ace
Ace is your personal tutor for learning
Step-by-step explanations
Instant summaries
Summarize YouTube videos
Understand textbook images or PDFs
Study tools like quizzes and flashcards
Listen to your notes as a podcast
Continue solving this problem
Create a free account to:
  • View full step-by-step solution
  • Ask follow-up questions with Ace AI
  • Save progress and study later
Continue Free
Join the community

18,000,000+

Students on Numerade

Trusted by students at 8,000+ universities

Numerade

Get step-by-step video solution
from top educators

Continue with Clever
or



By creating an account, you agree to the Terms of Service and Privacy Policy
Already have an account? Log In

A free answer
just for you

Watch the video solution with this free unlock.

Numerade

Log in to watch this video
...and 100,000,000 more!


EMAIL

PASSWORD

OR
Continue with Clever