8. The following information was included in the bank reconciliation for Ayala, Inc. for June. Assume all other reconciling items are listed. Checks and charges recorded by bank in June, Including a June service charge of P600 Service charge made by bank in May and Recorded in the books in June P344,200 400 Customer's NSF check returned as a bank charge In June (no entry made on books) OF 2,000 Customer's NSF check returned in May and redeposited In June (no entry made on books in either May or June) Outstanding checks at June 30 Outstanding checks at May 31 Deposits in transit at June 30 What is the total disbursement per book? 5,000 265,200 211,160 12,000

8. The following information was included in the bank reconciliation for Ayala, Inc. for June. Assume all other reconciling items are listed. Checks and charges recorded by bank in June, Including a June service charge of P600 Service charge made by bank in May and Recorded in the books in June P344,200 400 Customer's NSF check returned as a bank charge In June (no entry made on books) OF 2,000 Customer's NSF check returned in May and redeposited In June (no entry made on books in either May or June) Outstanding checks at June 30 Outstanding checks at May 31 Deposits in transit at June 30 What is the total disbursement per book? 5,000 265,200 211,160 12,000

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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The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation on the basis of the following reconciling items: Cash sales of $742 were erroneously recorded in the cash receipts journal as $724. Deposits in transit not recorded by bank, $425. Bank debit memo for service charges, $35. Bank credit memo for note collected by bank, $2,475 including $75 interest. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. Checks outstanding, $1,860. Farmer Co. Bank Reconciliation June 30 Cash balance according to bank statement $fill in the blank 1 fill in the blank 3 fill in the blank 5 Adjusted balance $fill in the blank 6 Cash balance according to company's records $fill in the blank 7 $fill in the blank 9 fill in the blank 11 fill in the blank 12 $fill in the blank 14 fill in the…
Using the following information, prepare a bank reconciliation for Cole Co. for May 31 of the current year: (a) The bank statement balance is $3,012. (b) The cash account balance is $3,165. (c) Outstanding checks amounted to $590. (d) Deposits in transit are $704. (e) The bank service charge is $30. (f) A check for $76 for supplies was recorded as $67 in the ledger.
Using the following information, prepare a bank reconciliation for Sunland Company for July 31, 2022. The bank statement balance is $3,770. The cash account balance is $4,170. Outstanding checks totaled $1,360. a. b. C. d. e. f. Deposits in transit are $1,670. The bank service charge is $54. A check for $95 for supplies was recorded as $59 in the ledger.
Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $5.750. The bank reconciliation for the month contained the following items: Deposits in transit Outstanding checks Interest earned NSF check returned to bank Bank service charge Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice $4,980. O $5,300. $ 770 495 20 120 20 $5,630.
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The bank statement for M Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement. 2. Outstanding checks totaled $390. 3. Bank service charges for July amounted to $30. 4. The bank collected a note receivable for the company for $1,200 plus $48 interest revenue. 5. A NSF check for $328 from a customer was returned with the statement How we should journalize item #4? Cash debit 1248 notes receivable 1200 and interest revenue 48 credit Cash debit 1248 notes receivable 1248 credit Cash debit 1248 notes payable 1200 and interest revenue 48 credit None of them
Brown Company's bank statement for Septermber 30 showed: Bank statement balance Book balance of cash $4,210 $6,560 The following information was also available as of September 30: a. A customer's check for $950 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $30 processing fee. b. The September 30 cash receipts, $6,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c. Outstanding checks amounted to $3,910. d. A check for rent expense was written for $2,198 but by mistake was recorded in the accounting records as $2,918. Required: Prepare bank reconciliation as of September 30. Your Answer should be in the following format:
The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation on the basis of the following reconciling items: a. Cash sales of $742 were erroneously recorded in the cash receipts journal as $724. b. Deposits in transit not recorded by bank, $425. c. Bank debit memo for service charges, $35. d. Bank credit memo for note collected by bank, $2,475 including $75 interest. e. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. f. Checks outstanding, $1,860.
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The bank statement for M Company indicates a balance of $830 on July 31. The cash balance per books had a balance of $390 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $840, representing cash receipts of July 31, did not appear on the bank statement. 2. Outstanding checks totaled $390. 3. Bank service charges for July amounted to $30. 4. The bank collected a note receivable for the company for $1,200 plus $48 interest revenue. 5. A NSF check for $328 from a customer was returned with the statement How we should reconcile item #4 Add to the book balance Deduct from book balance Add to the bank balance Deduct from bank balance
Sharon Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the c records. June 30 Bank Reconciliation Balance per bank Add: Deposits in transit Deduct: Outstanding checks Balance per books $35,000 7,700 (10,000) $32,700 Month of July Results Balance July 31 July deposits July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer, returned by the bank (recorded by bank as a charge) Per Bank Per Books $43,250 22,500 20,000 7,500 75 1,675 $46,250 29,050 15,500 | I