Balance per bank P2,225,000 Deposit in transit P1,500,000 Outstanding check P 425,000 Bank service charge for the month of December P 25,000 Customer's check returned by bank marked NSF P 250,000 Customer's note collected by bank Face, P1,000,000; Interest P100,000; Collection fee, P25,000 P1,075,000 What is the cash in bank to be shown in the December 31, 2010 statement of financial position? Answer: 3,300,000

Balance per bank P2,225,000 Deposit in transit P1,500,000 Outstanding check P 425,000 Bank service charge for the month of December P 25,000 Customer's check returned by bank marked NSF P 250,000 Customer's note collected by bank Face, P1,000,000; Interest P100,000; Collection fee, P25,000 P1,075,000 What is the cash in bank to be shown in the December 31, 2010 statement of financial position? Answer: 3,300,000

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

ll Globe LTE
8:03 PM
© 17%
umindanao.mrooms.net
Balance per bank
P2,225,000
Deposit in transit
P1,500,000
Outstanding check
P
425,000
Bank service charge for the month of
December P
25,000
Customer's check returned by bank marked
NSF P 250,000
Customer's note collected by bank
Face, P1,000,000; Interest Pi00,000;
Collection fee, P25,000
P1,075,000
What is the cash in bank to be shown in
the December 31, 2010 statement of
financial position?
Answer:
3,300,000

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Bank reconciliation and entries The following information was available to reconcile Nelson Company's book cash balance with its bank statement as of September 30, 2021: The September 30 cash balance according to the accounting records was $21,870. Oustanding checks from August's bank reconciliation: Check # 356 $1,240 Check # 357 775 Check # 359 3,280 Check # 360 924 Below is a record of the cash receipts and cash payments for September: Cash Deposits Cash Payments Date Amount Check# Amount Sep 2 $8,359 361 $3,268 Sep 4 11,250 362 7,140 Sep 6 4,371 363 4,257 Sep 12 5,260 364 3,525 Sep 15 12,118 365 4,160 Sep 18 7,493 366 1,789 Sep 22 5,395 367 6,285 Sep 27…
Subject:- accounting
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 1 Required:1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June.
What is the correct cash balance at August 31, 2018a. P902,00b. P860,000c. P820,000d. 802,000
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 2 Prepare any journal entries that should be made as a result of the bank reconciliation.