Bank reconciliation problem: The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30,2015. On this date the balance of cash per books is P11,589.45. Additional information are provided below: Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 Dutstanding checks: No. 460-P1,502.70 No. 453-P3,000.00 No. 457-P1,401.30 Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount. However, he recorded the check as P1,262.00. Bank memoranda: Debit- NSF check from Pedro P425.60. Debit- Charge for printing company checks P30.00 Credit – Collection of note receivable for P1,000 plus interest earned of P50, less pank collection fee of P15.00.

Bank reconciliation problem: The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30,2015. On this date the balance of cash per books is P11,589.45. Additional information are provided below: Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 Dutstanding checks: No. 460-P1,502.70 No. 453-P3,000.00 No. 457-P1,401.30 Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount. However, he recorded the check as P1,262.00. Bank memoranda: Debit- NSF check from Pedro P425.60. Debit- Charge for printing company checks P30.00 Credit – Collection of note receivable for P1,000 plus interest earned of P50, less pank collection fee of P15.00.

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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The following information is available for the ABC Company for its March 31 bank reconciliation: From the March 31 bank statement: Previous Balance $9,908 Total Checks and Total Deposits and Debits $7,805 Current Balance Credits $11,905 $14,008 Checks and Debits Date 03/03 03/11 03/15 03/25 03/29 03/30 Deposits and Credits Daily Balance Date No. 2874 2906 2905 2909 2908 Amount 1,210 3,850 170 725 1,350 500 NSF Amount 4,340 7,270 Amount 9,908 14,248 1,038 9,188 9,018 8,293 15,563 14,213 Date 03/02 03/01 03/02 03/27 03/31 295 IN 03/03 03/11 03/15 03/25 03/27 03/29 03/30 03/31 NSF: A check from a customer, Booker Co. in payment of their account. 13,713 14,008 IN: Interest earned on the account. Check 2874 was outstanding at the end of last month. From the ABC Company's accounting records: Cash Receipts Deposited Cash Debit 4,340 7,270 2,090 13,700 Cash Payments Check No. Cash Credit 2905 2906 2907 2908 2909 2910 Date March 27 31 170 3,850 460 1,350 725 340 6,895 CashAcct. No. 101 Date…
Bank reconciliation problem: The bank statement for Juan Company shows a balance per bank of $15,907.45 on April 30, 2015. On this date, the balance cash per books is $11,589.45. Additional information: Deposits in transit: April 30 deposit (Received by the bank on May 1) $2,201.40 $3,000.00 $1,401.30 S1,502.70 Outstanding checks: No. 453 No. 457 No. 460 Errors: Juan wrote the check no. 443 for $1,226.00 and the bank correctly paid that amount. However, he recorded the check as $1,262.00. Bank memoranda: Debit – NSF check from Pedro $425.60 Debit – Charge for printing company checks $30.00 Credit – Collection of note receivable for $1,000 plus interest earned $50, less bank collection fee of $15.00. Required: Prepare a bank reconciliation statement using the adjusted method. 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.
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At August 31, Saladino Coffee has the following bank information: cash balance per bank Rp5.200.000, outstanding checks Rp1.462.000, deposits in transit Rp1.211.000, and a bank debit memo Rp110.000. Determine the adjusted cash balance per bank at July 31. Cash balance per bank Rp 5.200.000,00 Add : Deposits in Transit Rp 1.211.000,00 Rp 6.411.000,00 Less Outstanding Checks Rp 1.462.000,00 Adjusted cash balance per bank Rp 4.949.000,00 The information below relates to the Cash account in the ledger of Saladino Coffee Balance Rp 10.094.000 Rp 884.000 Collection of electronic funds transfer Interest earned on checking accounts NSF check: R. Doll Rp 26.000 Rp 245.000 Safety deposit box rent Rp 35.000 Cash balance per books Rp10.094.000 Add: *** ... Less NSF Check Rp245.000 Adjusted cash balance per books
Prepare a bank reconciliation from the following information:a. Balance per bank statement as of May 31, $17,755.44b. Balance per books as of May 31, $12,211.94c. Deposits in transit, $2,254.81d. Outstanding checks, $7,819.16e. Bank service charge, $20.85
The following information for the month of March is available from Butters Cookies, Inc.'s accounting records: Balance per bank statement, March 31, 2020 $12,100 Cash balance per books, March 31, 2020 15,295 Deposit made on February 28; recorded by bank on March 3 3,600 March 31, 2016, outstanding checks: #2346 438 #2348 231 #2355 107 Bank service charge for March (not recorded yet by Butters) 54 NSF check of customer returned by bank with March statement 832 A check drawn on Moore Company was erroneously charged to Butters 275 A $347 check to a supplier in payment of account was erroneously recorded on Batters' books as $437 ? Deposit made on March 31, recorded by bank on April 3 2,900 Required: a. Prepare a March 31, 2020, bank reconciliation. b. Prepare any related adjusting entries that are necessary on March 31, 2020.
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