(30) A company received a bank statement at the end of the month. The statement contained these items:<Bank service charge for the monthEnding balance (reflects bank service charge)In comparing the bank statement to its own cash records, the controller of the company found these items:Deposits made but not yet recorded by the bankChecks written and mailed but not yet recorded by the bank$1,000$268,000$30,000$50,000Before making any adjustment suggested by the bank statement, the cash balance according to the company's books is $249,000.What is the correct adjusted general ledger balance as of the end of the month?O $248,000O $249,000O $279,000O $289,000

Step 1:The correct general ledger balance at the end of the month is calculated as follows: Correct…

Answered: (30) A company received a bank…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 8E

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1.How do you consider post-dated check in the statement of financial position? A.cash and cash equivalent B accounts receivable C accounts payable D cash in bank 2.Which of the following describes accrual accounting? A On September 20, the company record sales for the cash received from customers. Delivery of the items will be on October 5. B On September 20, the company record utility expense for the Meralco bills. Payment will be made on due date October 5. C On September 20, the company record sales for the items delivered and collected. D On September 20, the company record rent expense for the rental paid for the current month. 3. Which of the following describes merchandise inventory? A.Bought 5 cars for sale. B.Bought 5 cars for delivery services. C.Bought 5 cars for company's use. D.Bought 5 cars for raffle. 4. Which of the following expenses is a result of association cause and effect method? A.utility expense B. depreciation expense C.salaries expense D. sales…
In the process of your examination of the financial statements of the Malu-oy Company for the year ended December 31, 20X6, you obtained the following data on its current account. The bank statement on November 30, 20X6 showed a balance of P76,500. Among the bank credits in November was a customer’s note for P25,000 collected for the account of the company which the company recognized in December among its receipts. Included on the bank debits were cost of checkbooks amounting to P300 and a P10,000 check which was charged by the bank in error against Malu-oy Company account. Also in November, you ascertained that there were deposits in transit amounting to P20,000 and outstanding checks totaling P42,500. The bank statement for the month of December showed total credit of P104,000 and total charges of P51,000. The company’s books for December showed total receipts of P183,900, disbursements of P101,800 and a balance of P121,400. Bank debit memos for December were: No. 14334 for service…
Assume that the employees in Exercise 77 are paid from the companys regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30.
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
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25. Stellar Company provided the bank statement for the month of December which included the following information: Ending balance, December 31 Bank service charge for December Interest paid by bank to Stellar Company for December In comparing the bank statement to its own cash records, the entity found the following Deposit made but not yet recorded by the bank Checks written and mailed but not yet recorded by the bank In addition, the entity discovered that it had draw and eroneously recorded a check for P46,00 that should have been recorded for P64,000, What is the cash balance per ledger on December 31? 2,800,000 12,000 10,000 350,00 650,000
A company's Cash account shows a balance of $3,460 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($50), an NSF check from a customer ($370), a customer's note receivable collected by the bank ($1,600), and interest earned ($130). Required: Record the necessary entry(ies) to adjust the company's balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the items that increase cash. 2 Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general Journal
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