Bank balance on bank statement is 10.150 TL and bank account ledger is 10.000 TL. The difference arose of 500 TL interest revenue and a 350 TL service charge. Which entry is made? a. 500 debit to 642-Interest revenue and credit to 102-Bank; 350 TL debit to 102-Bank and credit to 770-GAE O b. 500 debit to 102-Bank and credit to 642-Interest revenue; 350 TL debit to 770-GAE and credit to 102-Bank C. 150 debit to 102-Bank and credit to 642-Interest revenue d. 500 debit to 102-Bank and credit to 642-Interest revenue; 350 TL debit to 780-Financing Expense and credit to 102-Bank

Bank balance on bank statement is 10.150 TL and bank account ledger is 10.000 TL. The difference arose of 500 TL interest revenue and a 350 TL service charge. Which entry is made? a. 500 debit to 642-Interest revenue and credit to 102-Bank; 350 TL debit to 102-Bank and credit to 770-GAE O b. 500 debit to 102-Bank and credit to 642-Interest revenue; 350 TL debit to 770-GAE and credit to 102-Bank C. 150 debit to 102-Bank and credit to 642-Interest revenue d. 500 debit to 102-Bank and credit to 642-Interest revenue; 350 TL debit to 780-Financing Expense and credit to 102-Bank

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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Am. 396.
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?
Bank reconciliation: Current book balance: $19,250 Balance per bank statement: $15,000 Outstanding checks: $2,000 Bank fees: $250 Deposits in transit: $6,000 What is the reconciled cash amount?
Jk. 199.
F27.
Consolidated Paper has just completed its bank reconciliation for the month of Febrruary 2023 as shown below. Balance per bank....... Add: Deposit in transit......... O Less: Outstanding checks... $16,200 2,600 (900) Balance per books...... Add: Interest earned. Less: Bank service charge.... Add: Error in posting payment of accounts receivable Reconciled balance........ $17,900 customer............ $17,400 200 (100) 2 3 Reconciled balance............... 4 5 a. Prepare the adjusting entry (debits and credits) that is needed as a result of the bank reconciliation. 6 b. What cash balance will Consolidated Paper report on its February 28, 2023 financial statements 7 8 9 0 1 400 $17,900
F. The records of Stedman Corp. included the following accounts, all of which are normal balances: $1,200,000 900,000 180,000 200,000 3,000 5,000 Cash sales Credit sales Balance in accounts receivable, 12/31/20 Balance in accounts receivable, 12/31/21 Balance in allowance for doubtful accounts, 12/31/20 Accounts written off as uncollectible during 2021 Stedman estimates bad debts as 2% of receivables at year end to be uncollectible. Write any necessary adjusting entry.
Balance per bank.. .$14,500 Balance per company records.... .13,875 Bank service charges. 75 Deposit in transit.. .3,750 NSF check... 800 Outstanding checks... 5,250 What is the adjusted balance on the bank reconciliation?
Accounts Receivable Balance Beginning accounts receivable were $135,720 and ending accounts receivable were $128,640. All sales were on credit and totalled $1,682,480. Required: Determine how much cash was collected from customers.
Calculation of Net Realizable Value K. L. Dearborn owns a department store that has a $45,500 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Doubtful Accounts. 1. Determine the net realizable value of the accounts receivable? 2. Assume that an account receivable in the amount of $500 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off?
7. The following information pertains to Mekka Company. a. Cash balance as per bank, July 31, RO 14,526 b. July bank service charges not recorded by the depositor RO 56 c. Cash balance as per books, July 31, RO 14,568 d. Deposit in transit, July 31, RO 3,000 e. Bank collected RO 1800 note for Mekka in July, plus interest RO 72, less fee RO 40. The collection has not been recorded by Mekka, and no interest has been accrued. f. Outstanding checks, July 31, RO 1182. Instruction: Prepare bank reconciliation at July 31
40 - In which account do businesses follow the collections made by credit cards?A) 100 CrateB) 108 Other Liquid AssetsC) 181 Income AccrualsD) 136 Other ReceivablesE) 102 Banks