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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16. Ludwig Company showed the following current assets as year-end: Cash 3,200,000 Accounts Receivable 2,500,000 Inventory 2,000.000 Total Current Assets Z000.000 Cash on hand, including customer postdated check P100,000 and 10U P50,000 500,000 Cash in bank per bank statement (outstanding Check at year-end P200,000) 2.000.000 3,200,000 Total cash What total amount should be reported as current assets? a. 7,700,000 b. 7,450,000 c. 7,400,000 d. 7,500,000
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The accountant for the Goshen Company assembled the following data:June 30 July 31Cash account balance P 15,822 P 39,745Bank statement balance 107,082 137,817Deposits in transit 8,201 12,880Outstanding checks 27,718 30,112Bank service charge* 72 60Customer's check deposited July 10, returnedby bank on July 16 marked NSF, and redeposited immediately; no entry made on books for return or redeposit 8,250Collection by bank of company's notes receivable 71,815 80,900* (Recorded on books in month following charge or collection)The bank statements and the company's cash records show these totals:Disbursements in July per bank statement P218,373Cash receipts in July per Goshen's books 236,452Checks written in July per Goshen's books 212,529Receipts in July per bank statement 249,108 Determine the correct balance of the following:A. June 30 adjusted cash in bank balance B. July 31 adjusted receipts C. July 31 adjusted disbursements D. July 31 adjusted cash in bank balance
1. Aries Company provided the following information: 800,000 Balance per book, March 31 Cash receipts, April Cash disbursement, April Outstanding checks as of April 30 of which #1333 had been "certified" ○ #1331 o #1332 o #1333 o #1334 o #1335 Bank service charge DAIF Note collected by the bank Undeposited collections Balance per bank, April 30 Prepare bank reconciliation 4,100,000 3,800,000 40,000 30,000 50,000 60,000 10,000 5,000 25,000 60,000 270,000 1,000,000 statement
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Q: Adjusted cash balance, March 31?
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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