ACTIVITY 2 BANK RECONCILIATION PROBLEM: Prepare a bank reconciliation statement using the adjusted method. 1. The bank statement for Juan Company shows a balance per bank of PI5,907.45 on April 30,2015. 2. On this date the balance of cash per books is P11,589.45. 3. Additional information are provided below: a. Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 b. Outstanding checks: No. 453-P 3,000.00 No. 457-P 1,401.30 No. 460-P 1,502.70 c. Errors: Juan wrote check no. 443 for P 1,226.00 and the bank correctly paid that amount. However, he recorded the check as P 1,262.00. d. Bank memoranda: Debit- NSF check from Pedro P 425.60. Debit- Charge for printing company checks P 30.00 Credit - Collection of note receivable for P 1,000 plus interest earned of P 50, less bank collection fee of P15.00. Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor Bank Credit Memo are additions made by the bank to the account of the depositor

ACTIVITY 2 BANK RECONCILIATION PROBLEM: Prepare a bank reconciliation statement using the adjusted method. 1. The bank statement for Juan Company shows a balance per bank of PI5,907.45 on April 30,2015. 2. On this date the balance of cash per books is P11,589.45. 3. Additional information are provided below: a. Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 b. Outstanding checks: No. 453-P 3,000.00 No. 457-P 1,401.30 No. 460-P 1,502.70 c. Errors: Juan wrote check no. 443 for P 1,226.00 and the bank correctly paid that amount. However, he recorded the check as P 1,262.00. d. Bank memoranda: Debit- NSF check from Pedro P 425.60. Debit- Charge for printing company checks P 30.00 Credit - Collection of note receivable for P 1,000 plus interest earned of P 50, less bank collection fee of P15.00. Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor Bank Credit Memo are additions made by the bank to the account of the depositor

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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Required information Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,640 debit balance, but its July bank statement shows a $28,276 cash balance. b. Check Number 3031 for $1,620, Check Number 3065 for $586, and Check Number 3069 for $2,388 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. d. The July bank statement shows the bank collected $7,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet…
QUESTION 1 The summary of the bank column in the cash book of APINO Ltd. for the month ended October 31, 2020 is presented to you below; CASH BOOK Bal. b/d 11,000 Total Payments 54,000 Receipts 79,000 Bal. c/d 36,000 90,000 90,000 When the bank statement of the company was received on 31st October 2020, it showed a balance which differed from that of the cash book. Your investigation of the accounting records for the period reveals the following information. Bank charges of GH¢320 appear in the bank statement on 30th October 2020 but have not been recorded in the cash book. Cheques from a customer Papa Kay totaling GH¢2,890 entered in the cash book on 29th October, 2020 were credited by the bank on 2nd November, 2020. A cheque for GH¢ 1,000 entered in the cash book was yet to be submitted for payment by the payee. A cheque for GH¢12, 900 drawn by APINO Ltd. To pay for a new item of plant had been mistakenly entered…
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QUESTION 9 The Gatedown Company's bank statement has an ending cash balance of $14,110.00. The cash account in the general ledger has a balance of $12,477.00. Based on the following reconciling items, prepare a bank reconciliation. a) Bank service charge of $20.00 b) Deposit in transit $3,190.00 c) A check was returned NSF $645.00 d) Outstanding check $688.00 e) Note collected by the bank, credit memoranda, $4,800.00 What is the total of subtractions to arrive at the book balance? A) 645.00 B) 555.00
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Question Content Area Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, 10/31 $15,965 Note receivable collected by bank 4,859 Outstanding checks 9,437 Deposits in transit 4,203 Bank service charge 201 NSF check 1,307 Using the above information, determine the cash balance per books (before adjustments) for Thompson Corporation. a.$19,316 b.$7,380 c.$14,082 d.$10,731
Part 1. Prepare bank reconciliation for swing set company at march 31 2022
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