8. Sapphire Company provided the following information for the month of December: Balance per bank statement December 31 2,800,000 Bank service charge for December 12,000 Interest paid by bank to Sapphire Company for December 10,000 Deposits made but not yet recorded by the bank 350,000 Checks written but not yet recorded by the bank 650,000 The entity discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000 19 What is the cash balance per ledger on December 31?

8. Sapphire Company provided the following information for the month of December: Balance per bank statement December 31 2,800,000 Bank service charge for December 12,000 Interest paid by bank to Sapphire Company for December 10,000 Deposits made but not yet recorded by the bank 350,000 Checks written but not yet recorded by the bank 650,000 The entity discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000 19 What is the cash balance per ledger on December 31?

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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5. Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381, whereas Johnson's cash account shows a balance of $22,025 on October 31. The following additional information is available: 6. A $855 deposit made on October 31 was not recorded by the bank until November. 7. At the end of October, outstanding checks total $1,222. 8. The bank statement shows bank service charges of $125 not yet recorded by the company. 9. The company erroneously recorded as $973 a check that it had actually written for $379. It was correctly processed by the bank. 10. A $480 check from a customer, deposited by the company on October 29, was returned with the bank statement for lack of funds. Required: 1. Prepare the October bank reconciliation for Johnson Corporation.
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Letty Company provided the bank statement for the month of April which included the following information: 15,000 Bank service charge for April 40,000 Check deposited by Letty during April was not collectible and has been marked "NSF" by the bank and returned In comparing the bank statement to its own records, the entity found the following: 130,000 Deposits made but not yet recorded by bank 100,000 Checks written and mailed but not yet recorded by bank All deposits in transit and outstanding checks have been properly recorded in the entity's books. A customer check for P35,000 payable to Letty Company had not yet been deposited and had not been recorded by the entity. The cash in bank account balance per ledger is P920,000 What is the adjusted cash in bank on April 30?
As on 30 April the Bank statement of CAT LLC reports a bank balance of RO 6,250, without recording a credit transfer from a customer of RO 4,200 and a standing order payment of RO 3,500. Deposits awaiting clearance were RO 3,400 and the value of cheques yet to be presented on this date was RO 3,780. The cash bank balance is. a. RO 4330 b. Ro 8170 c. RO 2830 d. RO 1920
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Determine the adjusted BANK balance using the following data provided by Ilustre Company: Balance per bank statement 3,800,000 Deposit in transit 520,000 Amount erroneously credited by bank to hanjipyeong’s account 40,000 Bank service Charge for December 5,000 Outstanding checks 675,000 NSF Checks 50,000 .
Beverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…
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