The following bank reconciliation information is available for Beach Company for

Question

The following bank reconciliation information is available for Beach Company for the month of November. Use information and the worksheet below to answer the following two questions: a. As of November 30, bank statement for Beach's account indicates a cash balance of 57,265 and Beach's has a cash balance of $7,725. b. Bank service fees for the month of November were 520. c. Outstanding checks at November 30 total $620. d. Notes receivable and interest collected by bank on Beach's behalf were $734. e. A debit memo included with the bank statement shows an NSF check returned for $450. f. Deposits in transit at month end are $1,300. g. A check on the bank statement has cleared for the incorrect amount which was under by 510. h. Bank charges for printing new checks (check-book order) as reported on bank statement were $54. Bank Statement Cash Balance Cash balance per books Add: Deduct: Deduct: Adjusted cash balance per bank Adjusted cash balance per book I he adjusted cash balance per Beach's books on November 30 should be: A) 57,705.00 8) $7,935.00 C) $8,009.00 D) 57,956.00 E) cannot be determined from information above. 3) The net effect on cash account after all adjusting entries related to above bank reconciliation is: A) $734.00 Credit. B) $210.00 Debit. C)$.504.00 Debit. 145524.00 Credit. E) cannot be determined from information above.

Explanation / Answer

Answer:

Option - B   - Answer

Option - B (answer)

Particulars In$ Bank statement cash balance 7265 Add: Deposits in transit 1300 Add: Bank error on check clearance 10 Less: Outstation Check 620 Adjsuted cash balance as per Bank 7955

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