Bank reconciliations are done during the first week of the succeeding month (e.g. January bank recon is done in February). Strength Weakness
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- The following bank reconciliation is presented for HRCA Company for the month of November 2020: Balance per bank statement, Nov 30 P 3,600,000 Add: Deposit in transit 800,000 4,400,000 Less: Outstanding checks P 1,200,000 Bank credit recorded in error 200,000 1,400.000 Balance per book statement, Nov 30 P 3,000,000 Data per bank statement for the month of December follow: December deposits (includes note collected of P1,000,000 for Char) 5,500,000 December disbursements (including NSF, P350,000 and service charge, P50,000) 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks amounting to P500,000 were outstanding and deposits of P700,000 were in transit on December 31. What is the amount of cash disbursements per book in December?Reconciliation Items per Bank - Deposits in Transit Question; What does it mean when it says to compare individual deposits on the bank statement with: 1) the deposits in transit from the preceding bank reconciliation. AND 2) the current month's deposits recorded in the company's books. Please explain e.g's would be helpful as well.R&L Company provided the following bank reconciliation on May:Balance per bank 2,100,000Deposit Outstanding 300,000Checks Outstanding ( 50,000)Correct Cash Balance 2,350,000 Balance per book 2,360,000Bank Service Charge ( 10,000)Correct Cash Balance 2,350,000 Data for the Month of JuneBank BookChecks Recorded 2,300,000 2,400,000Deposits Recorded 1,700,000 1,800,000Collection by bank, plus interest 550,000NSF Check returned with June 100,000Balance 1,950,000 1,750,000 What is the amount of checks Outstanding on June? * What is the amount of deposit in transit on June?
- Do not give answer in imageA table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation.AUDIT TASK Make sure that the cash balance per bank shown on the bank reconciliation is verified by the bank Analyze the gross profit percentage with respect to previous period(s) and industry data Verify that the client has deeds or other proof of ownership for land and other plant assets Compare checks written in the weeks following the end of the fiscal period to amounts in accounts payable at period-end Consider payroll cost and expenses (in total and as a percentage of sales) for this period compared to prior period(s) Test the sales journal to establish that sales transactions actually took place and are reported in the proper period Compare the number of days' sales in accounts receivable (average collection period) from this period to prior period(s) Obtain an aged schedule of accounts receivable from period-end and verify the aging of the balances RELEVANT ASSERTION(S) Existence / Occurrence Completeness Cutoff Valuation & Allocation Rights & Obligation AUDIT EVIDENCE Physical…
- Mazaya Company assembled the following information in completing its October bank reconciliation balance per bank R.O.15.280; outstanding checks R.O.3,100, deposits in transit R.O5,000, NSF check R.O 320, bank service charge RO 100, credit memo from bank R.O. 320, cash balance per books RO.17,600. As a result of this reconciliation, Mazaya will Select one: a. reduce its cash account by R.O.420. O b Reduce its cash account by R.O.100. c. Reduce its cash account by R.O.1,900. d. Increase its cash account by R.O.320.Bank Reconciliation Components ldentify the requested amount in each of the following situations: a. Howell Company's August 31 bank reconciliation shows deposits in transit of $3.400 The general ledger Cash in Bank account shows total cash receipts during September of $92.200. The September bank statement shows total cash deposits (and no credit memos) of $89.000. What amount of deposits in transit should appear in the September 30 bank reconciliation? b Wright Corporation's March 31 bank reconciliation shows deposits in transit of $2.600. The general ledger Cash in Bank account shows total cash receipts during April of S64 100. The April bank statement shows total cash deposits of S67200 (including $3,000. from the collection of a note: the note collection has not yet been recorded by Wright what amount of deposits in transit should appear in the April 30 bank reconciliation? Braddock Company's october 31 bank reconciliation shows outstanding checks of $3600.…Part 1: 1. Identify and list the deposits in transit at the end of December. 2. Identify and list the outstanding checks at the end of December. Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received from the bank. 2. Record the service charges of $130 deducted by the bank. 3. Record the return of the J. Left check of $280 due to insufficient funds 4. Record the checks outstanding at the end of the month. 5. Record the deposit in transit at the end of the month. Part 4: After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280, of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet?
- The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $23,300. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance # 301 #302 #303 # 304 Checks $ 12,000 8,000 600 23,300 9,000 11,000 8,000 Required: 1. Prepare a bank reconciliation for May. Cash (A) 22,800 BANK STATEMENT Deposits $9,000 5,600 11,000 12,000 8,000 600 5,600 2,300 Interest earned. NSF check Service charge Credit # 301 May 2 #302 May 4 Other # 303 May 11 # 304 May 23 # 305 May 29 $ 220 380 110 Balance $ 23 300 32,300 20,300 12,300 23,300 22,700 22,920 22,540 16,940 16,830 16,830Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,277.77. The bank statement shows an ending balance of $2,109.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, an noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a. An ATM withdrawal of $150.00 on November 18 by Lyle for personal use was not recorded on the books. b. A bank debit memo issued for an NSF check from a customer of $19.20. c. A bank credit memo issued for interest of $20.00 earned during the month. d. On November 30, a deposit of $1,186.00 was made, which is not shown on the bank statement. e. A bank debit memo issued for $16.80 for bank service charges. f. Checks No. 549, 561, and 562 for the anounts of $181.00, $24.00, and $9.50, respectively, were written during November but have not yet been received…A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. ItemBank BalanceBook BalanceDebit or Credit to Cash AccountShown or Not Shown on Reconciliation1. The company made a month-end accrual for expired insurance coverage. 2. Checks written and mailed to payees on October 2. 3. Night deposit made on September 30 after the bank closed. 4. Checks outstanding on August 31 that cleared the bank in September. 5. Bank service charge for September is not yet recorded by the company. 6. NSF check from a customer is shown on the bank statement but not yet recorded by the company. 7. Bank fees for check printing are not yet recorded by the…