1. What is the cash balance per ledger?
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Q: bank reconciliation
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A: Cash book refers to the statement which comprises of all the receipts and payments of cash.
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Q: The phone data where accumulated for use and reconciling the bank account of Mathers Co. For July:…
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Q: The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for…
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Q: What is the true cash balance as of April 30?
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Timex company provided the following data relating to the cash transactions and bank account for the month of July:
Cash balance per ledger ?
Cash balance per bank statement?
Debit memo for July service charge 5,000
Deposit of July 13 not recorded by bank until August 1 450,000
Outstanding checks, including certified check of 50,000 750,000
Proceeds of bank loan not recorded in ledger 500,000
Proceeds from customer not, face 400,000, collected by bank, collection fee of 15,000 435,000
A creditor check had been entered in the book as 20,000 and was erroneously deducted by bank at 200,000
A customer check was returned by.bank marked DAIF 50,000
correct cash balance 3,000,000
1. What is the cash balance per ledger?
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- The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $27,900. Cash balance according to the bank statement at July 31, $29,040. Checks outstanding, $5,660. Deposit in transit, not recorded by bank, $4,550. A check for $340 in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $60. a. Prepare a bank reconciliation, using the format shown in Exhibit 14.The bank statement for M Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement. 2. Outstanding checks totaled $390. 3. Bank service charges for July amounted to $30. 4. The bank collected a note receivable for the company for $1,200 plus $48 interest revenue. 5. A NSF check for $328 from a customer was returned with the statement How we should journalize item #4? Cash debit 1248 notes receivable 1200 and interest revenue 48 credit Cash debit 1248 notes receivable 1248 credit Cash debit 1248 notes payable 1200 and interest revenue 48 credit None of themBeverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…
- Brown Company's bank statement for September 30 showed: Bank statement balance Book balance of cash $2,790 $3,724 The following information was also available as of September 30: a. A customer's check for $150 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $10 processing fee b. The September 30 cash receipts, $3,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the Septemt bank statement. c. Outstanding checks amounted to $2, 190. d. A check for rent expense was written for $326 but by mistake was recorded in the accounting records as $362.Brown Company's bank statement for Septermber 30 showed: Bank statement balance Book balance of cash $4,210 $6,560 The following information was also available as of September 30: a. A customer's check for $950 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $30 processing fee. b. The September 30 cash receipts, $6,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c. Outstanding checks amounted to $3,910. d. A check for rent expense was written for $2,198 but by mistake was recorded in the accounting records as $2,918. Required: Prepare bank reconciliation as of September 30. Your Answer should be in the following format:Rancor Company provided the following information for the month of December: Balance per bank statement 4,000,000 Balance per cash book 2,700,000 Outstanding checks 600,000 Deposit in transit 475,000 Service charge Proceeds of bank loan, December 1, discounted for 6 months at 12%, not recorded on company 10,000 books Customer’s check charged back by bank for absence 940,000 of counter signature 50,000 Deposit of P100,000 incorrectly recorded by bank as Check of Rancid Company charged by bank against 10,000 Rancor Company account 150,000 Erroneous debit memo of December 28, to charge company’s account with settlement of bank loan 200,000 Deposit of Rancid Company credited to Rancor account 300,000 Customer’s note collected by bank in favor of Rancor Company. Face 400,000 Interest 40,000…
- The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation on the basis of the following reconciling items: a. Cash sales of $742 were erroneously recorded in the cash receipts journal as $724. b. Deposits in transit not recorded by bank, $425. c. Bank debit memo for service charges, $35. d. Bank credit memo for note collected by bank, $2,475 including $75 interest. e. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. f. Checks outstanding, $1,860.Shalimar Group of Industries reports the following information concerning cash balances and cash transactions for the month of April: A Cash balance per bank statement as of April 30 was $22,992.50 Two debit memoranda accompany the bank statement: one for $9 was for service charges for the month; the other for $62.50 was attached to an NSF check from Rizwan. Included with the bank statement was $3123.25 credit memorandum for interest earned on the bank account in April. The paid checks returned with the April bank statement disclosed an error in Shalimar cash records. Check no.751 for $67.35 for telephone expense had erroneously been listed in the cash payments journal as $76.35. A collection charge for $25 (not applicable to Daytona) was erroneously deducted from the account by the bank. Notice that this was the bank’s error. Cash receipts of April 30 amounting to $484.75 were mailed to the bank too late to be included in the April bank statement. Checks outstanding as of April…The bank statement for M Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement. 2. Outstanding checks totaled $390. 3. Bank service charges for July amounted to $30. 4. The bank collected a note receivable for the company for $1,200 plus $48 interest revenue. 5. A NSF check for $328 from a customer was returned with the statement How we should reconcile item #4 Add to the book balance Deduct from book balance Add to the bank balance Deduct from bank balance
- Sharon Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the c records. June 30 Bank Reconciliation Balance per bank Add: Deposits in transit Deduct: Outstanding checks Balance per books $35,000 7,700 (10,000) $32,700 Month of July Results Balance July 31 July deposits July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer, returned by the bank (recorded by bank as a charge) Per Bank Per Books $43,250 22,500 20,000 7,500 75 1,675 $46,250 29,050 15,500 | IBlue Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $37,800 Add: Deposits in transit 8,316 Deduct: Outstanding checks (10,800 ) Balance per books $35,316 Month of July Results Per Bank Per Books Balance July 31 $46,710 $49,950 July deposits 27,000 31,374 July checks 21,600 16,740 July note collected (not included in July deposits) 5,400 July bank service charge 81 July NSF check from a customer, returned by the bank (recorded by bank as a charge) 1,809 Prepare a bank reconciliation going from the balance per bank and balance per book to correct cash balance.The April 30 bank statement for Shopify Corporation shows an ending balance of $34.351. The unadjusted cash account balance was $28,250. The accountant for Shopify gathered the following information: 1. There was a deposit in transit for $4,240. 2. The bank statement reports a service charge of $39. 3. A credit memo included in the bank statement shows interest earned of $95 4. Outstanding checks totaled $10,935 5. The bank statement included a $650 NSF check deposited in April. What is the true cash balance as of April 30? Multiple Choice $27656 $27006 $31B01
