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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Requlred Informetion [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 ৪9, 938 88,970 88,470 88,520 88,370 Date Other Dec. 1 $ 7,620 558 $28, 000 13,900 11 17 23 36, e00 26 960 30 NSF* $300 50 19, 200 19, e00 31 Interest earned 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, e00 Deposits Dec. 11 23 Checks written during December: 7,620 28, 800 36, ee0 19,e00 13,e00 550 30 13,900 960 31 150 19,200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. Requlred: 1. Identify and list the deposits in transit at the end of December. (Select all that apply.) $28,000 $36,000 $19,000 $13,000 2. [dentify and list the outstanding checks at the end of December (Select all that apply.) $7,620 $550 $13,900 $880 $150 $19,200 $4,500 OOUI
Hills Company's June 30 bank statement and the June ledger account for cash BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance E5-5 (Static) Part 1 $ 19,100 Cash (A) 6,800 19,000 6,400 Deposits $ 18,000 Credit 19,400 Checks written Other $ 30 June Balance $ 7,200 25,200 6,100 6,070 6,070 Required: 1. Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. 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
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PREPARE A BOOK TO BANK STATEMENT
Based on the information in the worksheet, Calculate: February Deposits in Transit: Date Amount February Outstanding Checks: Check # Amount
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?
Balance per bank, November 30 Add: Deposits outstanding Less: Checks outstanding #363 #365 # 380 # 381 # 382 Adjusted balance per bank, November 30 Balance, December 1 $3,625 Receipts 42,650 Disbursements (41,853) Balance, December 31 $ 4,422 $ 3,231 1,200 The company's general ledger checking account showed the following for December: Balance, December 1 $3,231 Deposits 43,000 Checks processed (41,918) Service charges NSF checks $ 123 201 56 86 340 (806) (22) (440) Balance, December 31 $ 3,851 $ 3,625 The December bank statement contained the following information: The checks that were processed by the bank in December include all of the outstanding checks at the end of November except for check #365. In addition, there are some December checks that had not been processed by the bank by the end of the month. Also, you discover that check #411 for $320 was correctly recorded by the bank but was incorrectly recorded on the books as a $230 disbursement for advertising expense. Included…