Homework Help is Here – Start Your Trial Now!
Business
Accounting
BANK STATEMENT (from BDO) June 1-30, 2021 Details Debit Description Jun 1 Beginning balance 085 Jun 5 Cash deposit Jun 10 Encashment Date Ref Credit Balance 1,500,000.00 034 016 Check# 01001 120,000.00 1,620,000.00 22,500.00 1,597,500.00 Jun 12 Check Deposit o50 BDO Check 01098 81,200.00 1,678,700.00 Jun 12 Cash deposit 057 Deposit slip dtd Jun 12 2021 136,000.00 1,814,700.00 Jun 15 CM: Payment 017 XYZ Co. 110,700.00 1,925,400.00 Jun 24 Encashment 070 Ck 01003 82,300.00 1,843,100.00 Jun 25 Cash deposit Jun 25 Check Deposit 015 Deposit slip dtd Jun 25 2021 048 (BPI Ck#01067) 180,000.00 2,023,100.00 65,750.00 2,088,850.00 Jun 28 Check encashment 033 Payroll 106,300.00 1,982,550.00 Jun 29 DM: Autopayment 012 Globe Telecom Jun 30 NSF check 1,326.00 1,981,224.00 1,915,474.00 099 BPI Check 65750 65,750.00 Jun 30 CM: Interest income 012 2,054.80 1,917,528.80 Additional information: Assume that the bank does not commit any error in terms of recording check encashments and deposits. Assume that all checks drawn by Freedom are delivered to the payee on the day it was recorded. Freedom Corp. has an auto-debit arrangement with Gilobe Telecom on monthly mobile phone charges of its CEO. • Freedom Corp. has an existing arangement for BDO to collect payments from customers on behalf of the entity. 3. How much is the total amount of outstanding checks? 4. How much is the total amount of deposit in transit? 5. How much is the adjusted cash balance?

BANK STATEMENT (from BDO) June 1-30, 2021 Details Debit Description Jun 1 Beginning balance 085 Jun 5 Cash deposit Jun 10 Encashment Date Ref Credit Balance 1,500,000.00 034 016 Check# 01001 120,000.00 1,620,000.00 22,500.00 1,597,500.00 Jun 12 Check Deposit o50 BDO Check 01098 81,200.00 1,678,700.00 Jun 12 Cash deposit 057 Deposit slip dtd Jun 12 2021 136,000.00 1,814,700.00 Jun 15 CM: Payment 017 XYZ Co. 110,700.00 1,925,400.00 Jun 24 Encashment 070 Ck 01003 82,300.00 1,843,100.00 Jun 25 Cash deposit Jun 25 Check Deposit 015 Deposit slip dtd Jun 25 2021 048 (BPI Ck#01067) 180,000.00 2,023,100.00 65,750.00 2,088,850.00 Jun 28 Check encashment 033 Payroll 106,300.00 1,982,550.00 Jun 29 DM: Autopayment 012 Globe Telecom Jun 30 NSF check 1,326.00 1,981,224.00 1,915,474.00 099 BPI Check 65750 65,750.00 Jun 30 CM: Interest income 012 2,054.80 1,917,528.80 Additional information: Assume that the bank does not commit any error in terms of recording check encashments and deposits. Assume that all checks drawn by Freedom are delivered to the payee on the day it was recorded. Freedom Corp. has an auto-debit arrangement with Gilobe Telecom on monthly mobile phone charges of its CEO. • Freedom Corp. has an existing arangement for BDO to collect payments from customers on behalf of the entity. 3. How much is the total amount of outstanding checks? 4. How much is the total amount of deposit in transit? 5. How much is the adjusted cash balance?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
BANK STATEMENT (from BDO) June 1-30, 2021 Description Jun 1 Beginning balance 085 Jun 5 Cash deposit Date Ref Details Debit Credit Balance 1,500,000.00 034 016 Check# 01001 120,000.00 1,620,000.00 Jun 10 Encashment 22,500.00 1,597,500.00 Jun 12 Check Deposit 050 BDO Check H01098 81,200.00 1,678,700.00 Jun 12 Cash deposit 057 Deposit slip dtd Jun 12 2021 136,000.00 1,814,700.00 Jun 15 CM: Payment 017 XYZ Co. 110,700.00 1,925,400.00 Jun 24 Encashment 070 Ck# 01003 82,300.00 1,843,100.00 Jun 25 Cash deposit Jun 25 Check Deposit 015 Deposit slip dtd Jun 25 2021 048 (BPI CKHO1067) 180,000.00 2,023,100.00 65,750.00 2,088,850.00 Jun 28 Check encashment 033 Payroll 106,300.00 1,982,550.00 Jun 29 DM: Autopayment 012 Globe Telecom Jun 30 NSF check 1,326.00 1,981,224.00 1,915,474.00 099 BPI Check # 65750 65,750.00 Jun 30 CM: Interest income 012 2,054.80 1,917,528.80 Additional information: • Assume that the bank does not commit any error in terms of recording check encashments and deposits. • Assume that all checks drawn by Freedom are delivered to the payee on the day it was recorded. • Freedom Corp. has an auto-debit arangement with Globe Telecom on monthly mobile phone charges of its CEO. • Freedom Corp. has an existing arangement for BDO to collect payments from customers on behalf of the entity. 3. How much is the total amount of outstanding checks? 4. How much is the total amount of deposit in transit? 5. How much is the adjusted cash balance?
Transcribed Image Text:BANK STATEMENT (from BDO) June 1-30, 2021 Description Jun 1 Beginning balance 085 Jun 5 Cash deposit Date Ref Details Debit Credit Balance 1,500,000.00 034 016 Check# 01001 120,000.00 1,620,000.00 Jun 10 Encashment 22,500.00 1,597,500.00 Jun 12 Check Deposit 050 BDO Check H01098 81,200.00 1,678,700.00 Jun 12 Cash deposit 057 Deposit slip dtd Jun 12 2021 136,000.00 1,814,700.00 Jun 15 CM: Payment 017 XYZ Co. 110,700.00 1,925,400.00 Jun 24 Encashment 070 Ck# 01003 82,300.00 1,843,100.00 Jun 25 Cash deposit Jun 25 Check Deposit 015 Deposit slip dtd Jun 25 2021 048 (BPI CKHO1067) 180,000.00 2,023,100.00 65,750.00 2,088,850.00 Jun 28 Check encashment 033 Payroll 106,300.00 1,982,550.00 Jun 29 DM: Autopayment 012 Globe Telecom Jun 30 NSF check 1,326.00 1,981,224.00 1,915,474.00 099 BPI Check # 65750 65,750.00 Jun 30 CM: Interest income 012 2,054.80 1,917,528.80 Additional information: • Assume that the bank does not commit any error in terms of recording check encashments and deposits. • Assume that all checks drawn by Freedom are delivered to the payee on the day it was recorded. • Freedom Corp. has an auto-debit arangement with Globe Telecom on monthly mobile phone charges of its CEO. • Freedom Corp. has an existing arangement for BDO to collect payments from customers on behalf of the entity. 3. How much is the total amount of outstanding checks? 4. How much is the total amount of deposit in transit? 5. How much is the adjusted cash balance?
Use the following information for the next three questions: The following information were obtained from Freedom Corporation for the purpose of preparing the bank reconciliation for the month of June 2021: SUBSIDIARY LEDGER CASH IN BANK - BDO CURRENT ACCOUNT June 1-30, 2021 Description Jun 1 Bal. forwarded Jun 5 Cash Deposit - cash sales Jun 8 Check # 01001 Date Debit Credit Balance 1,500,000.00 120,000.00 1,620,000.00 22,500.00 1,597,500.00 Check deposit (BDO Check Jun 10 #01098)-Customer's check 81,200.00 1,678,700.00 Cash Deposit (per deposit slip Jun 12 dtd Jun 12 2021) 163,000.00 1,841,700.00 Check 01002 (payable to a Jun 15 supplier) 67,500.00 1,774,200.00 CM: Payment from XYZ Co. Jun 17 (customer) through BDO Adjustment: Jun 12 cash Jun 17 deposit erroneously recorded Jun 23 Check # 01003 (payable to a supplier) Check deposit (BPI CKWO1067)- 110,700.00 1,884,900.00 27,000.00 1,857,900.00 82,300.00 1,775,600.00 Jun 24 Customer's check 65,750.00 1,841,350.00 Cash deposit (per deposit slip Jun 25 dtd Jun 25 2021) Jun 28 Check 01004 (for employees' payroll) 18,000.00 1,859,350.00 106,300.00 1,753,050.00 Check #01005 dtd Jul 10 2021 Jun 30 as payment to a supplier Jun 30 Cash deposit 143,000.00 1,610,050.00 155,000.00 1,765,050.00
Transcribed Image Text:Use the following information for the next three questions: The following information were obtained from Freedom Corporation for the purpose of preparing the bank reconciliation for the month of June 2021: SUBSIDIARY LEDGER CASH IN BANK - BDO CURRENT ACCOUNT June 1-30, 2021 Description Jun 1 Bal. forwarded Jun 5 Cash Deposit - cash sales Jun 8 Check # 01001 Date Debit Credit Balance 1,500,000.00 120,000.00 1,620,000.00 22,500.00 1,597,500.00 Check deposit (BDO Check Jun 10 #01098)-Customer's check 81,200.00 1,678,700.00 Cash Deposit (per deposit slip Jun 12 dtd Jun 12 2021) 163,000.00 1,841,700.00 Check 01002 (payable to a Jun 15 supplier) 67,500.00 1,774,200.00 CM: Payment from XYZ Co. Jun 17 (customer) through BDO Adjustment: Jun 12 cash Jun 17 deposit erroneously recorded Jun 23 Check # 01003 (payable to a supplier) Check deposit (BPI CKWO1067)- 110,700.00 1,884,900.00 27,000.00 1,857,900.00 82,300.00 1,775,600.00 Jun 24 Customer's check 65,750.00 1,841,350.00 Cash deposit (per deposit slip Jun 25 dtd Jun 25 2021) Jun 28 Check 01004 (for employees' payroll) 18,000.00 1,859,350.00 106,300.00 1,753,050.00 Check #01005 dtd Jul 10 2021 Jun 30 as payment to a supplier Jun 30 Cash deposit 143,000.00 1,610,050.00 155,000.00 1,765,050.00
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS

Expert Answers to Latest Homework Questions

Q: Wilson electronics has a market solution general accounting question
Q: Need help with this financial accounting question
Q: Don't use ai given answer accounting questions
Q: Financial Accounting
Q: General Accounting
Q: Financial Accounting
Q: What is cost of equity on these financial accounting question?
Q: Quick answer of this accounting questions
Q: I want to this question answer general Accounting
Q: During the current year, the assets of Vitamin Water increased by $73,000, and the liabilities…
Q: Financial Accounting solve this problem
Q: Sterling company contribution margin ratio solve this accounting questions
Q: General accounting
Q: I need this question answer general Accounting
Q: Please given correct option general accounting
Q: Answer?? General Account
Q: None
Q: Please solve this question general accounting
Q: Paceheco Corporation uses the weighted-average method in its process costing system. The Molding…
Q: None
Q: General accounting