Singleako Company has the following data for the Month of December.November 30December 31Cash in bank Account Statement2,032,0003,160,000Bank Statement1,890,0002,900,000Bank Debits1,080,000Bank Credits?Book Debits?Book Credits1,440,000Outstanding ChecksDeposit in TransitCheck erroneously charged by the bank againstEntity's account (corrected in subsequent month)Bank service chargeNote recorded as cash receipt by the entity whenPlaced with bank for collection180,000592,00080,000498,00040,00050,0002,0004,000(Note is actually collected by the bank in subsequentMonth and credited by bank to entity's account in sameMonth)200,000300,000Required:Prepare four-column reconciliation showing the adjusted balances.Prepare adjusting entry/ies.

. Outstanding Checks have been added because the entity has already credited Bank a/c in books but…

Answered: 2,032,000 1,890,000 1,440,000 180,000…

Business

Accounting

2,032,000 1,890,000 1,440,000 180,000 80,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 11EA: Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance:...

See similar textbooks

Related questions

Q: Over 120 days 50% tequirements: 1. If there were no other entries to the allowance for doubtful…

A: The balance of Accounts receivable and the allowance for doubtful debts for LOPEZ Inc. as on…

Q: Goodfellow Corporation reported insurance expense of $477 for the current year. The beginning and…

A: Solution: Amount of cash paid for insurance = Insurance expense for the year + Ending prepaid…

Q: What was the main basic for doing accounting?

A: Accounting is the method of recording the financial transactions of a business. Accounting entails…

Q: Loren Company uses many kinds of machines in operations. The entity acquires some machines from…

A: As per IAS 16, Property, plant and equipment Cost of property plant and equipment does not include…

Q: Under its executive stock option plan, Mining Co. granted options on January 1, 2021, that permit…

A: The net worth is represented by the stockholder's equity. It also shows the amount that would be…

Q: Following emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021 Basic…

A: Here discuss about the details of gross and net salary which are incurred after the deduction which…

Q: Philippine Bank of Communication has the following records of its trading transactions. January P…

A: The percentage tax are applicable for Banking and Non Banking institutes @7% on the following: Net…

Q: On January 1, 2018, Joel Company purchased a patent for P7,140,000. The patent is being amortized…

A: Amortization of Patent: The practice of allocating the cost of patents, which are considered forms…

Q: Ann files single and reports AGI of $40,000. This year she has incurred the following medical…

A: As per IRS, The medical expenses relating to knee surgery and over-the-counter drugs are not…

Q: ABC Corporation will be converted into a publicly listed corporation. The original shareholders…

A: A crown jewels sale is a last-ditch approach used by a firm to avoid a hostile takeover or relieve…

Q: Ludwig Company's prepaid rent was $9,000 at December 31, 2020, and $13,000 at December 31, 2021.…

A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…

Q: Seved Provide the missing data in the following table for a distributor of martial arts products:…

A: Financial ratios help to analyse various accounting data. Ratios summarise the data so that the…

Q: 54. Statement of Financial Position 2021 2022 2023 Assets Current Assets Cash and…

A: The net income of the company means the income that is calculated after deducting all the expenses.…

Q: 1. Compute the present value of a $2,000 deposit in year 1, and another $1,500 deposit at the end of…

A: Present value means the actual amount is adjusted with the interest rate so as to get the present…

Q: How much should be reported as cash and cash equivalents as of December 31, 2022?

A: Cash and Cash Equivalent It is important for the business entity to maintain the cash and cash…

Q: Compute the taxable income. A. Zero B. P4,000,000 C. P5,000,000 D. P29,000,000

A: The taxability of income of the nonstock nonprofit educational institutions depends upon whether the…

Q: Which is TRUE in 8% preferential tax? S1: Nicanor, a VAT-registered taxpayer with gross sales of…

A: Here discuss about the details of the option to get the 8% preferential taxes which are applicable…

Q: . S1: Minimum corporate income tax (MCIT) is imposable on all domestic and resident foreign…

A: Mimimum corporation Income tax is chargeable @ 2% (if MCIT is greater than regular income tax) on…

Q: Problem-solving Admission by Purchase of Interest or Investment of Assets Angeles. Bondoc and Campos…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: (b) Assume that Sheridan Company received the balance due from Grouper Co. on January 2 of the…

A: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if payment…

Q: Problem 2) A profitable company making earth-moving equipment is considering an investment of…

A: The accounting approach used to disperse the cost of a tangible or physical asset over its useful…

Q: Exercise 3 -7 1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Mark Company quarries limestone, crushes it and sells it to be used in road building. Mark paid…

A: Formula: Depletion rate per ton = (Cost of the Quarry - Residual value) / Estimated total reserves…

Q: The Hi Life Co (HL Co) makes sofas. It has recently received a request from a customer to provide a…

A: Direct Materials: Since the fabric is regularly used by HL Co. and is currently sufficiently…

Q: been asked to provide a training sessiondraft to new Audit Juniors on Accountants responsibilities…

A: Illustrations of Money Laundering - – Using the money received from doing criminal activities such…

Q: Benoit Company produces three products-A, B, and C. Data concerning the three products follov…

A: The contribution margin or contribution per unit is determined by subtracting the variable expenses…

Q: On January 1, 2021, M Company granted 90,000 stock options to certain executives. The options are…

A: calculation of compensation income for 2022 are as follows

Q: Statement 1: The lessor will recognized the same gross profit whether the residual value is…

A: Lease Accounting In the lease account which are involved both the parties like lessor and the lessee…

Q: 1. Describe the quality of following types of evidence giving two examples of each form of evidence…

A: An auditor verifies the accuracy of reported business transactions. Auditors are responsible for…

Q: Devon Corp. is trying to decide whether to lease or purchase a piece of equipment. The total cost…

A: While making the decision between purchasing or leasing the Equipment, net present value between…

Q: 20.Courts do not prohibit people from using elsewhere the general knowledge and skills they…

A: An employee develops a range of skill sets and obtains necessary knowledge during his employment.

Q: On January 1, 2023, the city government provided Swerte Company a zero interest, P6,000,000 loan…

A: In this Question, this is a zero-coupon bond having no interest. Therefore in this, we will…

Q: Exercise 3 -7 1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: dware store to compete against Home Depot, when Home Depot can

A: Home depot : World's largest home improvement retailer having a huge customer base across US and…

Q: For Questions 36-38 refer to problem below: On August 1, 2020, Tempest Company bought a property…

A: Prepaid insurance are current assets disclosed in the Balance Sheet.

Q: (a) A sale of goods £412 to T More had been entered in T Mone's account. (b) The purchase of a…

A: The error in the books may be occurred due to some posting in account or amount entered to the…

Q: 19. A and B owned a home together as joint tenants. A died and then, two months later, Creditor…

A: Joint tenancy is an agreement involving two or more individuals who agree to co-own a property.

Q: on

A: Yes, cultural influences are likely to have an impact on accounting measurement or disclosure…

Q: On March 2, 2022, Gumamela Corporation issued 4,000 shares of 6% cumulative P100 par value…

A: Share warrant is a acknowledgment or document which issued by the company under its common seal,…

Q: Wright Corp. is considering the purchase of a new piece of equipment, which would have an initial…

A: Introduction:- Payback period is one of the capital budgeting tool. It identifies how much time…

Q: Which of the following would not be included as a reconciling item in reconciling the governmental…

A: Reconciliations helps in detecting the mistakes, errors, frauds by checking the accuracy of the data…

Q: The following business transactions of Mrs.Emma Blake, a sole trader.…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Boxer Inc. reported inventory at the beginning of the current year of $360,000 and at the end of the…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory Where, Average inventory =…

Q: Nyhiraba Limited purchased an asset on 1st January 2015 for an amount of R5 million. The asset has…

A: As per IAS 36 Impairment of Assets, An asset is said to be impairment if it's carrying amount is…

Q: Apple Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Costs of goods…

A: Changes in the method of inventory always impacted the retained earnings of the company. In case of…

Q: For fiscal year 2021, ABC Corporation, a retailer, has PL4 billion in gross sales, P560 million in…

A: Income tax due is the amount being paid by the taxpayer or the business owner over the net income…

Q: PROBLEM NO 1 Watusi Inc. began operations in January 2021 and reported the following results for…

A: Ordinary shares are shares in a company with individual owners who can vote at company events and…

Q: The period of time during which capitalization of interest begins and when capitalization of…

A: As per IFRS, Capitalization begins when the entity first meets all of the following conditions:––…

Q: 6. Find the amount at the end of 15 years if P 55 000 is invested at an interest rate of 5%…

A: 5% compounded semi anually: Given data, P= 55,000 t=10 m =2 Therefore, n=tm =10*2 =20 i=5%/2 =0.025…

Q: Cullumber Corporation is about to issue $1.120,000 of 9-year bonds that pay a 5% annual interest…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Question

Singleako Company has the following data for the Month of December.
November 30
December 31
Cash in bank Account Statement
2,032,000
3,160,000
Bank Statement
1,890,000
2,900,000
Bank Debits
1,080,000
Bank Credits
?
Book Debits
?
Book Credits
1,440,000
Outstanding Checks
Deposit in Transit
Check erroneously charged by the bank against
Entity's account (corrected in subsequent month)
Bank service charge
Note recorded as cash receipt by the entity when
Placed with bank for collection
180,000
592,000
80,000
498,000
40,000
50,000
2,000
4,000
(Note is actually collected by the bank in subsequent
Month and credited by bank to entity's account in same
Month)
200,000
300,000
Required:
Prepare four-column reconciliation showing the adjusted balances.
Prepare adjusting entry/ies.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.