Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. organic food co.'s cash account shows a $6,300 deb

Organic Food Co.'s cash account shows a $6,300 debit balance and its bank statement shows...

80.2K

Verified Solution

Question

Accounting

Organic Food Co.'s cash account shows a $6,300 debit balance and its bank statement shows $5,720 on deposit at the close of business on August 31.

  1. August 31 cash receipts of $2,040 were placed in the banks night depository after banking hours and were not recorded on the August 31 bank statement.
  2. The bank statement shows a $200 NSF check from a customer; the company has not yet recorded this NSF check.
  3. Outstanding checks as of August 31 total $1,920.
  4. In reviewing the bank statement, an $160 check written by Organic Fruits was mistakenly drawn against Organic Foods account.
  5. The August 31 bank statement lists $100 in bank service charges; the company has not yet recorded the cost of these services.

Prepare a bank reconciliation using the above information.
ORGANIC FOOD CO.
Bank Reconciliation
August 31
Bank statement balance Book balance
Add: Add:
Deduct: Deduct:
Adjusted bank balance Adjusted book balance

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Please answer a-b A clinical study shows the results of several people who have been analyzed to...

Chemistry
1.2K views

25.00 mL 0.100 M CH3NH2 is titrated with 0.100 M HCl. Calculate the pH of this...

Mechanical Engineering
1.2K views

Combustion gases with an average specific heat ratio of k=1.33 and a gas constant of R=0.280...

Physics
1.2K views

Two vessels having equal volumes contains molecular hydrogen at 1 atmospheric pressure and helium at...

Basic Math
1.2K views

3 Replace the with either E or to express a true statement Maine x x...

Basic Math
1.2K views

The cost of a four-year private college education (after financial aid) has been estimated to...

Calculus
1.2K views

dx dy x y dx 5 xyy x 1 3 7 9 11 5x y...

Accounting
1.2K views

In the early part of 2018, the partners of Hugh, Jacobs, and Thomas sought assistance...

Accounting
1.2K views

On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory...

Accounting
1.2K views

Hospital Supply, Inc. produced hydraulic hoists that were used by hospitals to move bedridden patients....

Accounting
1.2K views

Patton Dyes manufactures colorings, primarily for textiles. Information on the work in process follows: Beginning...

Accounting
1.2K views

Transactions On June 1 of the current year, Maria Edsall established a business to manage...