PROBLEM #7Aljon Co. had the following bank reconciliation on June 30:Balance per bank statement, June 30Deposit in transitTotalOutstanding checksBalance per book, June 30The bank statement for the month of July showed the following:Deposits, including P200,000 note collected for AljonDisbursements, including P140,000 NSF customer checkAnd P10,000 service chargeAll reconciling items on June 30 cleared through the bank in July. Theoutstanding checks totaled P600,000 and the deposit in transit amounted toP1,000,000 on July 31.3,000,000400,0003,400,000(900,000)2,500,0009,000,0007,000,0001. What is adjusted cash in bank on July 31?2. What is the cash balance per book on July 31?3.What is the amount of cash receipts per book in July?4. What is the amount of cash disbursements per book in July?

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Answered: Aljon Co. had the following bank…

FINANCIAL ACCOUNTING

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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3. Lim Company prepared the following bank reconciliation on June 30: Balance per bank Deposit in transit Outstanding checks Balance per book P 9,800,000 400,000 (1,400,000) P8,800,000 There wer total deposits of P6,500,000 and charges for disbursements of P9,000,000 For July per bank statement. All reconciliation items on June 30 cleared the bank on July 31. Checks outstanding amounted to P1,000,000 and deposits in transit totaled P1,200,000 On July 31. 1. What is the amount of cash disbursements per book in July? 2. What is the adjusted cash in bank on July 31?
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Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,046 Deposits in transit: $320 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,500; interest: $35 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
Mazaya Company gathered the following reconciling information in preparing its November bank reconciliation: Cash balance per books (11/30) R.O.4,400; Deposits in transit R.O. 6oo; Notes receivable and interest collected by bank R.O. 1,400; Bank charge for check printing
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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 .
Duke Company's unadjusted bank balance at March 31 is $3,850. The bank reconciliation revealed outstanding checks amounting to $580 and deposits in transit of $460. What is the true cash balance? Multiple Choice $3,730 $3,530 $3,930 $4,230
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Based on the following bank reconciliation, prepare the journal entries: Ruggero Celini Associates Bank Reconciliation July 31, 20 -- 1 Bank statement balance, July 31 $1,784.00 2 Add deposits in transit $418.50 3 100.50 519.00 4 $2,303.00 5 Deduct outstanding checks: 6 No. 185 $206.50 7 No. 203 317.40 8 No. 210 56.10 580.00 9 Adjusted bank balance $1,723.00 10 11 Book balance, July 31 $1,792.00 12 Add: 13 Error on Check No. 191* $10.00 14 Interest earned 2.00 12.00 15 $1,804.00 16 Deduct: 17 NSF check $66.00 18 Bank service charge 15.00 81.00 19 Adjusted book balance $1,723.00 *Accounts Payable was debited in original entry. Required: Prepare the journal entries.
The Leo Company cash account had a balance of $962 on August 31. This included a bank deposit of $87 that was in transit on the 31st. The August 31 bank statement contained the following information: NSF Check Bank statement balance $ 1,089 $ 16 $ 7 $ 68 Bank service charge Collection of notes receivable Leo also had checks outstanding of $169. What is Leo's reconciled balance? a. $920 b. $962 c. $1,007 d. $1,089

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Aljon Co. had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 3,000,000 400,000 3,400,000 (900,000) 2,500,000