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…
Prepare Bank Reconciliation as of July 31
DIRECTION: Prepare a proof of cash and answer the guide questions:Lazer Company had the following bank reconciliation on June 30, 2014: Balance per bank statement, June 30 3,000,000Deposit in transit 400,000Total 3,400,000Outstanding checks (900,000)Balance per book, June 30 2,500,000The bank statement for the month of July showed the following: Deposits (including P200,000 note collected for Lazer) 9,000,000Disbursements (including P 140,000 NSF check and P10,000 service charge) 7,000,000All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July31.Required:What is the cash balance per book on July 31?What is the amount of cash receipts per book in July?What is the amount of cash disbursements per book in July?
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.
The bank statement for the current account of sir George James Corp. showed a Dec. 31, 2013, balance of P585,284. Information that might be useful in preparing a bank reconciliation is as follows: a) Outstanding checks were P52,810.b) The Dec. 31, 2013, cash receipts of P23,000 were not deposited in the bank until Jan. 4, 2014.c) One check written in payment of rent P8,940 was correctly recorded by the bank but was recorded by sir George as a P9,840 disbursement.d) In accordance with prior authorization, the bank withdrew P18,000 directly from the current account as payment on a mortgage note payable. The interest portion of that payment was P14,000. Sir George has made no entry to record the automatic payment.e) Bank service charges of P740 were listed on the bank statement.f) A deposit of P35,000 was recorded by the bank on Dec. 13, but it did not belong to sir George James.g) The bank statement included a charge of P3,400 for an NSF check. Thecompany will seek payment from the…
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