3. Athena Co. held the following items on Dec. 31, 20x1: Petty cash fund (currencies and coins, P6,000) Cash on hand (per cash count sheet on Dec. 31, 20x1) Cash in bank (per ledger) 10,000 65,000 2,890,000 190,000 Customer's check #109- dated Dec. 29, 20x1 Customer's check #392 - dated Jan. 8, 20x2 20,000 Athena Co.'s check #567 -dated Dec. 29, 20x1 54,000 NSF check (received from the bank on Dec. 30, 20x1) 40,000

3. Athena Co. held the following items on Dec. 31, 20x1: Petty cash fund (currencies and coins, P6,000) Cash on hand (per cash count sheet on Dec. 31, 20x1) Cash in bank (per ledger) 10,000 65,000 2,890,000 190,000 Customer's check #109- dated Dec. 29, 20x1 Customer's check #392 - dated Jan. 8, 20x2 20,000 Athena Co.'s check #567 -dated Dec. 29, 20x1 54,000 NSF check (received from the bank on Dec. 30, 20x1) 40,000

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

paper, due 1/26/x2
150,000
180-day certificate of deposit, due 3/1/x2
Tax fund
80,000
56,000
235,000
Payroll fund
Plant expansion fund
Sinking fund
Total Cash and Cash equivalents
198,034
467,000
9,055,458
What is the correct amount of Cash and Cash Equivalents to be
reported in Paulaner Co.'s 20x1 statement of financial position?
b. 8,310,424
a. 8,300,661
C. 8,380,661
d. 8,390,424
3. Athena Co. held the following items on Dec. 31, 20x1:
Petty cash fund (currencies and coins, P6,000)
10,000
65,000
Cash on hand (per cash count sheet on Dec. 31, 20x1)
Cash in bank (per ledger)
2,890,000
Customer's check #109 - dated Dec. 29, 20x1
190,000
Customer's check #392 - dated Jan. 8, 20x2
20,000
Athena Co.'s check #567 - dated Dec. 29, 20x1
54,000
NSF check (received from the bank on Dec. 30, 20x1)
40,000
All the checks were recorded when they were collected (drawn)
by a debit (credit) to the Cash in bank account. The NSF* check
was recorded when it was received from the customer. However,
the return of the NSF check from the bank was not yet recorded.
In its Dec. 31, 20x1 financial statements, what amount of cash
should Athena Co. report?
a. 2,695,000
b. 2,735,000
c. 2,955,000
d. 3,085,000
* NSF (No Sufficient Funds) means that the check has "bounced" or has been rejected by the bank
because the drawer's account (i.e., the customer) has an insufficient balance to pay for the check
NSF checks should be reverted back to receivables.

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Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,175. B. On April 1, the amount of cash in the petty cash fund is now $110. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $665; miscellaneous selling expense, $211; miscellaneous administrative expense, $178. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,175, record the discrepancy in the cash short and over account.)
Please provide correct solution
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The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,127 debit balance, but its July bank statement shows a $27,260 cash balance. b. Check Number 3031 for $1,420, Check Number 3065 for $486, and Check Number 3069 for $2,188 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in the accounting records as $1,280. d. The July bank statement shows the bank collected $9,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification…
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,411 debit balance, but its July bank statement shows a $27,770 cash balance. b. Check Number 3031 for $1,510, Check Number 3065 for $531, and Check Number 3069 for $2,278 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. d. The July bank statement shows the bank collected $8,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $13 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification…
D5.
The information below relates to the Cash Account in the Ledger of Vaughn Company. Balance September 1-$17,060; Cash Deposited-$64,330. Balance September 30-$17,784: Checks written-$63,606. The September bank statement shows a balance of $16,802 on September 30 and the following memoranda. CREDITS Collection of $1684 note plus interest $36 $1720 Interest earned on checking account $51 DEBITS NSF check: Richard Nance $615 Safety Deposit box Rent $71 At September 20, Deposits in Transit were $4640, and outstanding checks totaled $2573 Make a bank Recociliation
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PA1. LO 8.5 On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense S168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense S18, Supplies $175, Postage Expense S50, Repairs and Maintenance Expense S269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense S251, Supplies $88, Postage Expense S63, Repairs and Maintenance Expense S182, Miscellaneous Expense $203. The cash on hand at this time was S20. D. On September 29, the company determined that the petty cash fund…
for 5, 6, and 7
7. Journalize the entries to record the following: established a petty cash fund of $350 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, 116; Sep 1 Sep 30 postage $100. Record any discrepancy in the cash short and over account. D Focus