A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of $8,500.The company's Cash at Bank balance as per company records had a debit balance of $9,145. The followingwere discovered as the reasons for the discrepancy between the two balances:1. The bank statement included a debit entry of $90 for the annual bank service fee.2 Outstanding EFTs at 28 February totalled $6,200.3.On 28th February, receipts deposited amounting to $8,820 are still outstanding with the bank.4. Cash sales of $694 on 20 February were deposited in the bank. The cash receipts journal entry and thedeposit slip were wrongly made for $649. The bank credited Allied Ltd for the correct amount.5. Notes receivable of $1,800 was collected by the bank for Allied Pty Ltd on 28 February plus $220interest. No interest has been accrued on the note.Prepare BRS

A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of $8,500. The company's Cash at Bank balance as per company records had a debit balance of $9,145. The following were discovered as the reasons for the discrepancy between the two balances: 1. The bank statement included a debit entry of $90 for the annual bank service fee. utstanding FFT st 28 Fobosoutotalled $6.200

A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of $8,500. The company's Cash at Bank balance as per company records had a debit balance of $9,145. The following were discovered as the reasons for the discrepancy between the two balances: 1. The bank statement included a debit entry of $90 for the annual bank service fee. utstanding FFT st 28 Fobosoutotalled $6.200

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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On 30 June 2016, the cash at bank account for Holmes Traders showed a debit balance of $13,398 and the bank statement showed a credit balance of 20,008. A comparison of the two sets of records disclosed: that there was a bank service fee of $10 the bank had collected $1000 on behalf of Holmes Traders on the maturity of a note unpresented cheques totalling $8340 that the date of a deposit of $2740 was shown by Holmes Traders as 30 June 2016, whereas the bank did not record the deposit until 1 July 2016 the bank statement shows interest received on bank account, $20 Required: 1.Prepare the bank reconciliation statement for Holmes Traders for the month ended at 30 June 2016. 2.Do you agree with the statement: “Internal control of cash is strengthened by requiring that each day’s receipts are deposited intact and that all payments are made by cheque or electronic transfer”? Discuss.
The following information pertains to Sandhill Corporation. 1. Balance per bank, July 31, $8,802. 2. July bank service charge not yet recorded by Sandhill, $25. 3. Balance per books, July 31, $9,192. 4. Deposits in transit, July 31, $2,574. 5. Electronic collection on account (EFT) from a customer, $1,691 not yet recorded by Sandhill. 6. Outstanding cheques, July 31, $918. 7. Returned cheque from the deposit of a collection on account, $360, due to nonsufficient funds. Related bank service charge, $40. The charges will be added to the customer’s account.
The accountant for Beaume Corp. was preparing a bank reconciliation as of April 30. The following items were identified: Beaume's book balance $43,145 Outstanding cheques 900 Interest earned on chequing account 63 Customer's NSF cheque returned by the bank 375 In addition, Beaume made an error in recording a customer's cheque; the amount was recorded in cash receipts as $370; the bank recorded the amount correctly as $730. Required: What amount will Beaume report as its adjusted cash balance at April 30?
An entity has prepared its bank reconciliation at 31 March 2014 taking the following information into account: $ $ Outstanding lodgements 5,000 Unpresented cheques 2,800 Bank charges included in the bank statement but not recorded in the cash book were $125. The adjusted cash book balance per the bank reconciliation was a debit balance of $1,060. What was the balance as shown on the bank statement at 31 March 2014?
prepare journa entries and bank rencoliation
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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 .
Activities: Prepare a bank reconciliation statement. Write your answer on a separate sheet of paper. IV. Activity 1 The bank statement of the Fast Company shows a balance of P10,000 on 31 January 2015 whereas the company's ledger shows a balance of P8,525. The following reasons have been identified for this discrepancy. 1. An amount of P822 sent to the bank for a deposit on January 31, 2015, does not appear in the bank statement. 2. The following checks issued during January have not yet been cleared by the bank. a. Check No: 201, Issue date: 15 January 2015, Amount; P200. b. Check No: 212, Issue date: 19 January 2015, Amount; P20. c. Check No: 216, Issue date: 25 January 2015, Amount; P610. 3. A note receivable amounting to P1,588 has been collected by the bank for the company. 4. The bank statement shows that interest amounting to P50 has been earned on average account balance during January. 5. The bank has charged P10 for the collection of a note. 6. A check of P100 deposited by…
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A. At July 31, Ramirez Company has the following bank information: cash balance per bank $8,039, outstanding checks $691, deposits in transit $1,163, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. B. Differences between when a company records a transaction and when the bank records the same transaction are called timing differences. True or False? C. When performing a bank reconciliation, checks outstanding are added back to the bank balance. True or False?