10. Laconic Company received the bank statement for the month of April which included the following information: Bank service charge for April 15,000 Check deposited by Laconic during April was not collectible and has been marked "NSF" by the bank and returmed 40,000 Deposits made but not yet recorded by bank 130,000 Checks written and mailed but not yet recorded by bank 100,000 The entity found a customer check for P35,000 payable to the entity that had not yet been deposited and had not been recorded. The general ledger showed a bank account balance of P920,000

10. Laconic Company received the bank statement for the month of April which included the following information: Bank service charge for April 15,000 Check deposited by Laconic during April was not collectible and has been marked "NSF" by the bank and returmed 40,000 Deposits made but not yet recorded by bank 130,000 Checks written and mailed but not yet recorded by bank 100,000 The entity found a customer check for P35,000 payable to the entity that had not yet been deposited and had not been recorded. The general ledger showed a bank account balance of P920,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following data apply to Pro Beauty Supply Incorporated for May, Year 2: Balance per the bank on May 31, $12,030. Deposits in transit not recorded by the bank, $1,590. Bank error; check written by Best Beauty Supply was charged to Pro Beauty Supply’s account, $800. The following checks written and recorded by Pro Beauty Supply were not included in the bank statement: 3013 $ 280 3054 550 3056 1,110 Note collected by the bank, $850. Service charge for collection of note, $9. The bookkeeper recorded a check written for $678 to pay for the May utilities expense as $588 in the cash disbursements journal. Bank service charge in addition to the note collection fee, $45. Customer checks returned by the bank as NSF, $165. Required: Determine the amount of the unadjusted cash balance per Pro Beauty Supply’s books.
Peterson Company's general ledger shows a cash balance of $7,520 on May 31. May cash receipts of $1,290, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check from a customer for $160 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,850. The bank statement shows a balance of $7,850 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per bank statement Bank balance per reconciliation PETERSON COMPANY Bank Reconciliation May 31 Company's Cash Balance Per general ledger Company balance per reconciliation
XYZ Inc is preparing the October month-end Bank Reconciliation. The balance in the cash ledger on October 31 was $1,900. Some adjustments to this cash ledger balance were recorded on the Bank Reconciliation Report, as follows: • Bank service charge $55 NSF cheque: $375 • Cheque # 40 was correctly written and processed for $3,030 however the XYZ bookkeeper recorded the cheque amount for $3,300. What is the adjusted cash balance for October 31, for the Bank Reconciliation Report? Show your basic math.
The following Information Is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $56,344. 2. Deposits In transit on June 30 were $2,340. 3. A debit memo was Included with the bank statement for a service charge of $23. 4. A $5,099 check written In June had not been pald by the bank. 5. The bank statement Included a $1,450 credit memo for the collection of a note. The principal of the note was $1,405, and the Interest collected amounted to $45. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding Items to determine the true balance.) True cash balance
What is the total book receipts for December?
On November 30A, ABC Company received its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation. October 31 book balance 146,000. Note collected by bank 10, 000. interest earned on note 1,000; NSF check of customer 13,000. Bank service charge on NSF check 200; Other bank service charges 300; Outstanding checks 20, 200; Deposit of October 31 placed in night depository 8,500; Check issued by JKI. Company charged to ABC Co. 2,000; What is the cash balance per bank stament.
See image please
Barotil Company provided the following information for the month of December: Balance per bank statement Balance per cash book Outstanding Checks Deposit in Transit Service Charge Proceeds of bank loan, December 1, discounted for 4,000,000 2,700,000 600,000 475,000 10,000 6 months at 12% not recorded on company books 940,000 Customer's check charged back by bank for absence of Counter signature 50,000 Deposit of P100,000 incorrectly recorded by bank as Check of Buendia Company charged by bank against Barotil 10,000 Company Account 150,000 Customer's Note collected by bank in favor of Barotil Company Face 400,000 40.000 440,000 5,000 Interest Total Collection Fee 435,000 Erroneous debit memo of December 28, to charge company's Account with settlement of bank loan 200,000 300,000 Deposit of Buendia Company credited to Barotil Company 6. What is the adjusted cash in bank on December 31?
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 Book balance: $8,923 Deposits in transit: $1,875 Outstanding checks: $569 and $1,423 Bank service charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $123 but posted in the accounting records as $213. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
At the end of April, Meyer Company had a $7,990 balance in its cash account, while its bank statement for April showed an ending cash balance of $7,100. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer's customers. Meyer's records show a $800 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.
The following information is available for the Jacobs Company on March 31 of the current year: Bank statement balance, March 31 - P146,570Note collected by bank, including interest of P2,500, not yet taken up on the books - P62,500NSF check returned with the bank statement - P21,260Outstanding checks as of March 31 - P68,470Bank service charges for March - P1,285Credit memo for interest credited by bank for the month of March - P105 What is the correct cash balance at March 31?a. P38,145b. P78,100c. P78,205d. P76,815
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 • Book balance: $8,866 • Deposits in transit: $1,832 Outstanding checks: $589 and $1,623 • Bank service charges: $50 • Bank incorrectly charged the account $50. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.