2. Bedlam Company provided the following data for the month of December:December 313,160,0002,900,0001,080,000November 30Cash in bank account balance2,032,0001,890,000Bank statement balanceBank debitsBank creditsBook debitsBook creditsOutstanding checksDeposit in transit1,440,000180,00080,000592,000498,00018 | P ageSAINT COLUMBAN COLLEGECorner V. Cerilles - Sagun Streets, San Francisco District, Pagadian CityTel Nos: 2151799/2151800 | Fax No: 2141290 | Website: www.sccpag.edu ph | E-mail: sccpc1957@gmail.comCheck erroneously charged by bank againstentity's account (corrected in subsequentmonth)Bank service chargeNote recorded as cash receipt by entity whenplaced with bank for collection (note isactually collected by bank in subsequentmonth and credited by bank to entity'saccount in same month)40,0002,00050,0004,000200,000300,000Required: Prepare a four-column reconciliation showing adjusted balances.

Bank reconciliation statement is the process in which bank balance as per the entity records is…

2. Bedlam Company provided the following data for the month of December: December 31 3,160,000 2,900,000 1,080,000 ? ? November 30 Cash in bank account balance 2,032,000 1,890,000 Bank statement balance Bank debits Bank credits Book debits Book credits Outstanding checks Deposit in transit 1,440,000 180,000 80,000 592,000 498,000 18 | P age

2. Bedlam Company provided the following data for the month of December: December 31 3,160,000 2,900,000 1,080,000 ? ? November 30 Cash in bank account balance 2,032,000 1,890,000 Bank statement balance Bank debits Bank credits Book debits Book credits Outstanding checks Deposit in transit 1,440,000 180,000 80,000 592,000 498,000 18 | P age

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Data for the company are assembled as follows: Nov 30 December 31 Cash Account Balance P 1,017 P 2,427 Bank statement balance 5353 6891 Undeposited collections 410 644 Checks outstanding 1385 1505 Bank service charges for the month, not shown on the company books 36 30 Bank charges for NSF checks, not shown on the company books 215 412 Collections by bank from the company customers, not shown on the Company books 3612 4,045 Tapes for bank and company cash data offer the following totals: Deposit and credit memos per bank statement, P 12,455 Cancelled checks and debit memos per bank statement, P 10,917 Cash receipts per cash book P 8,644 Checks written per cash book P 10,595 How much is the adjusted Cash Balance on November 30?
The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current. Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Debit April 1 Balance April Deposits BANK STATEMENT Cash balance Checks Cash (A) $45,500 270 150 Deposits $37,200 1,210 Credit 25,300 April Checks written 43,400 Balance $31,500 68,700 69,910 24,410 24,140 23,990 23,990 43,700 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,400 (including $2,600 written before and $1,800 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year?
Please provide correct solution
Theta Corporation gathered the following for its proof of cash for the month of September: End Beginning P1,200,000 Cash balance per ledger Cash balance per bank statement 1,000,000 Deposits in transit Outstanding checks Credit memos 400,000 600,000 700,000 160,000 270,000 370,000 Debit memos 30,000 420,000 Book debits P8,100,000 Book credits 8,350,000 Bank debits 8,200,000 Bank credits 8,000,000 W hat should Theta report as cash in bank as of the end of September? A.P850,000 B.P900,000 C.P950,000 D.P1,440,000
Q1: Outstanding check, June 30? Q2: Deposits in Transit, June 30? Q3: Cash per bank statement, June 30?
1
Beverly 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…
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 Cash (A) Debit June 1 Checks $ 19,900 Deposits Other $ 18,800 Credit Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 $31 Balance $ 7,360 26,160 6,260 6,229 6,229 1. In addition to the balance in its bank account, Hills Company also has $420 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 1 Required:1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June.
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 2 Prepare any journal entries that should be made as a result of the bank reconciliation.