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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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?
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
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