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Refer to the Exhibit.
The Financial Accountant for a company is preparing the monthly bank reconciliation and has extracted the following information:
The correct cash book balance at the month end will be:
Suggested Answer: D
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36 comments · newest first
TA
Tasia
11 months ago
$29,140? That’s way too low, right?
CH
Cherilyn
11 months ago
Wait, how did they get to $44,610? That seems off.
JU
Justa
11 months ago
I’m not so sure about that, $41,960 could be it.
BE
Bev
12 months ago
Totally agree, A seems right!
JE
Jenise
12 months ago
I think the correct balance is $42,870.
TH
Theresia
12 months ago
I’m leaning towards option C, $44,610, but I’m a bit confused about how to account for the bank fees we covered last week.
MA
Marilynn
1 year ago
I feel like option B, $41,960, might be correct since it seems to fit with the adjustments we discussed in class.
JA
Jacquelyne
1 year ago
I think the cash book balance should be adjusted for outstanding checks and deposits in transit, but I can't recall the exact figures.
BR
Brittni
1 year ago
I remember we practiced a similar question on bank reconciliations, but I’m not sure about the exact calculations here.
GL
Glenn
1 year ago
This is a classic bank reconciliation problem. I've practiced these types of questions before, so I'm feeling confident. I'll work through it systematically and make sure I don't overlook any key information.
OD
Odette
1 year ago
Okay, I think I've got this. I'll start by reconciling the bank statement with the cash book, considering any outstanding checks or deposits. Then I'll calculate the correct cash book balance. Shouldn't be too tricky.
BU
Buddy
1 year ago
Hmm, I'm a bit unsure about this one. The exhibit has a lot of details, and I want to make sure I don't miss anything important. I'll take my time and double-check my work.
JO
Joaquin
1 year ago
This looks like a straightforward bank reconciliation question. I'll carefully review the information provided and work through the steps to determine the correct cash book balance.
PR
Precious
1 year ago
If only the bank would just send me the correct balance to begin with, this would be a breeze. Oh well, time to put on my thinking cap and solve this puzzle.
AN
An
1 year ago
I agree, it's always a challenge to reconcile the bank statement with the cash book.
LO
Louis
1 year ago
I think the correct cash book balance is $42,870.
AM
Amos
1 year ago
I know, it would be so much easier if the bank got it right the first time.
JO
Johnson
1 year ago
Bank reconciliations? More like bank-ruption, am I right? Just kidding, I've got this. Time to put on my forensic accountant hat and get to the bottom of this.
BE
Benedict
1 year ago
Hmm, let me pull out my trusty calculator and work through this step-by-step. Ah, I see the issue now - that pesky outstanding check is throwing off the balance. I'll nail this one!
VI
Viola
1 year ago
User 3: Let me double-check my calculations, I also got option B) $41,960.
TA
Tamala
1 year ago
User 2: Are you sure? I calculated it differently and got option C) $44,610.
AD
Adolph
1 year ago
User 1: I think I got the answer, it's option B) $41,960.
NA
Natalie
1 year ago
Cherelle: $42,870.
CH
Cherelle
1 year ago
User 2: What did you come up with?
LE
Leota
1 year ago
User 1: I think I got the correct cash book balance.
AN
Annice
2 years ago
Ugh, I hate these bank reconciliation questions. They always make me second-guess myself. I'm just going to go with my gut and hope for the best.
RU
Rueben
1 year ago
I always feel relieved when I get the correct balance in the end.
AR
Arthur
1 year ago
I agree, it's better to be safe than sorry.
DI
Diane
1 year ago
I think it's important to double-check your work to be sure.
JE
Jesusita
1 year ago
I know what you mean, bank reconciliations can be tricky.
GE
Gennie
2 years ago
This seems like a straightforward bank reconciliation question. I'll need to carefully reconcile the cash book balance with the bank statement to determine the correct month-end balance.
TI
Timmy
1 year ago
I agree, it looks like the answer is A) $42,870.
SH
Sharita
1 year ago
I think the correct cash book balance is $42,870.
NA
Nadine
2 years ago
I agree with Hollis, the correct balance should be $41,960 after considering the outstanding checks.
HO
Hollis
2 years ago
I disagree, I believe it will be $41,960 because of the outstanding checks.
AR
Arletta
2 years ago
I think the correct cash book balance will be $42,870.