2. Shown below is the bank reconciliation for ONMYOWN Company for May 2023:Balance per bank, May 31, 2023Add: Deposit in TransitTotalLess:Outstanding ChecksBank Credit ErrorCash Balance per book, May 31, 2023The bank statement for June 2023 contains the following data:Total depositsTotal charges, including and NSF checkof P 4,000 and a service charge of P200P 14,0005,000P75,00012,00087,00019,000P 68,000P 55,00048,000All outstanding checks on May 31, 2023, including the bank credit, were cleared in bank in June 2023. There were outstanding checksof P 15,000 and deposit in transit of P19,000 on June 30, 20232.1. What is the cash balance per bank on June 30, 2023?2.2. What is the Adjusted cash balance on June 30, 2023?2.3. What is the cash balance per book on June 30, 2023?

2. Shown below is the bank reconciliation for ONMYOWN Company for May 2023: Balance per bank, May 31, 2023 Add: Deposit in Transit Total Less: Outstanding Checks Bank Credit Error Cash Balance per book, May 31, 2023 The bank statement for June 2023 contains the following data: Total deposits Total charges, including and NSF check of P 4,000 and a service charge of P200 P 14,000 5,000 2.2. What is the Adjusted cash balance on June 30, 2023? 2.3. What is the cash balance per book on June 30, 2023? P75,000 12,000 87,000 19,000 P 68,000 P 55,000 48,000 All outstanding checks on May 31, 2023, including the bank credit, were cleared in bank in June 2023. There were outstanding checks of P 15,000 and deposit in transit of P19,000 on June 30, 2023 2.1. What is the cash balance per bank on June 30, 2023?

2. Shown below is the bank reconciliation for ONMYOWN Company for May 2023: Balance per bank, May 31, 2023 Add: Deposit in Transit Total Less: Outstanding Checks Bank Credit Error Cash Balance per book, May 31, 2023 The bank statement for June 2023 contains the following data: Total deposits Total charges, including and NSF check of P 4,000 and a service charge of P200 P 14,000 5,000 2.2. What is the Adjusted cash balance on June 30, 2023? 2.3. What is the cash balance per book on June 30, 2023? P75,000 12,000 87,000 19,000 P 68,000 P 55,000 48,000 All outstanding checks on May 31, 2023, including the bank credit, were cleared in bank in June 2023. There were outstanding checks of P 15,000 and deposit in transit of P19,000 on June 30, 2023 2.1. What is the cash balance per bank on June 30, 2023?

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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prepare the adjusted cash book account. prepare a Bank Reconciliation Statement as at 31 December 2020. state three reasons of dishonored cheques.
You have been asked to help out a small Landscaping company by preparing their month-end bank reconciliation for February, 2022. You have gathered the following information: Balance per the bank statement, February 28, 2022 $5,033 Unadjusted balance per books (G/L), February 28, 2022 $1,950 A deposit made on February 28th not yet recorded by the bank $6,375 Outstanding cheques (total) as of February 28, 2022 $4,928 You found the following items on the bank statement that were either not included in the books (G/L) or were entered incorrectly: Bank Service Charges $35 NSF cheque from R. Bounce was returned by the bank $685 (this was for an outstanding account receivable) Note and interest collected by the bank on behalf of the company $5,250 ($5,000 is for the note and $250 is interest that was collected) Required – а. Prepare the adjusting entries required for the cash account. Calculate the adjusted balance per books. b. Prepare a bank reconciliation as at February 28.
Trish, Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement, 3/31/20 P37,200 Add: Deposit in transit 10,300 Sub-total 47,500 Less: Outstanding checks 12,600 Balance per books, 3/31/20 P34,900 Data per bank for the month of April 2020 follow: Deposits P46,700 Disbursements 49,700 All reconciling items at March 31, 2020 cleared the bank in April. Outstanding checks at April 30, 2020 totaled P6,000. There were no deposits in transit at April 30, 2020. What is the cash balance per books at April 30, 2020?
64. What is the amount of cash disbursements per book in September?
Please do not give solution in image format ?.
At April 30, Marigold Company has the following bank information: cash balance per bank $2360; outstanding checks $394; deposits in transit $275; credit memo for interest $53; bank service charge $8. What is Marigold's adjusted cash balance on April 30? O $2532 O $2241 O $2302 O $2360
ABC Co. is preparing its October 31, 2020 bank reconciliation. The following information was determined. a. The cash balance per books is P560,000 while cash balance per bank statement is P640,000. b. Credit memo P40,000 c. Debit memo P30,000 d. Deposit in transit P150,000 e. Outstanding checks P50,000 The disbursement per books are overstated by P90,000. g. The bank debits are understated by P80,000. f. Requirements. 1. Prepare bank reconciliation. Bank Reconciliation Statement Balance per books, end Add: Credit memos Bal. per bank statement, end Add: Deposits in transit (DIT) Less: Outstanding checks (OC) Add/Less: Bank errors Less: Debit memos (NSF) Add/Less: Book errors Adjusted balance Adjusted balance 2. List down the nature of error its effect on ending balance of cash and the corrections made. Nature of Error Effect on ending balance of cash Correction (Book or Bank) (Amount credited/ debited) e.g. Cr. P10,000 (Overstated or Understated) 1. 2.
Iron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank reconciliation: Deposit in transit P6,800 Outstanding checks 15,600 April 2019 data: Per Bank Per Book Balance, March 31 296,560 287,760 Deposits reflected 190,400 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) Balance, April 30 319,680 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. How much is Iron’s deposits in transit at April 30? P12,400 P18,000 P1,200 P5,600 How much is Iron’s outstanding checks at April 30? P27,600 P34,400 P18,800 P24,800
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Company's book balance =52,800 Deposit in Transit = 6,300 Outstanding checks = 3,200 Interest earned on checking account =300 Customer NSF check returned by bank =200 Find the adjusted cash balance as at December 31, 2020 as the company was preparing its bank reconciliation statement.
Using the following information, determine the adjusted bank balance. Bank balance: $6,925 Deposits in transit: $1,932 Outstanding checks: $584 Interest income: $130 NSF check: $275