Barotil Company provided the following information for the month of December:Balance per bank statementBalance per cash bookOutstanding ChecksDeposit in TransitService ChargeProceeds of bank loan, December 1, discounted for4,000,0002,700,000600,000475,00010,0006 months at 12% not recorded on company books940,000Customer's check charged back by bank for absence ofCounter signature50,000Deposit of P100,000 incorrectly recorded by bank asCheck of Buendia Company charged by bank against Barotil10,000Company Account150,000Customer's Note collected by bank in favor of BarotilCompanyFace400,00040.000440,0005,000InterestTotalCollection Fee435,000Erroneous debit memo of December 28, to charge company'sAccount with settlement of bank loan200,000300,000Deposit of Buendia Company credited to Barotil Company6. What is the adjusted cash in bank on December 31?

Bank reconciliation statement can be defined as the financial statement being prepared by the…

Answered: 6. What is the adjusted cash in bank on…

Business

Accounting

6. What is the adjusted cash in bank on December 314

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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4. The bank column in the cash book for December 2020 and the bank statement for that month for King Trading are as follows: Cash Book (Bank Account only) 2020 RM 2020 RM Dec Dec 6 Peуpei Balance b/d 1,900 304 230 1 20 Ceria 265 10 Luna 31 Baiti 325 19 Wilson 261 31 Balance c/d 1,682 29 Cikmah 37 2,502 2,502 Bank Statement Date Items Debit Credit Balance 1,900 1,670 Dec 1 Balance 6 Cheque 230 1,974 1,709 13 Luna 304 20 Cheque 265 22 Wilson 30 Tox : Standing Order Rina : Trader's Credit 31 Bank charges 261 1,970 94 2,064 31 102 1,962 72 2,034 Required: a) Prepare the updated cashbook. b) Prepare the bank reconciliation statement as at 31 December 2020.
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Required: 1.Complete the bank reconciliation at December 31, 2019. 2 . Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions.
Required:1. Prepare a bank reconciliation as of February 28.2. Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation.3. What is the amount of cash that should be reported on the February 28 balance sheet?
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What is the cash balance per books at November 30, 2021?
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