Bramble Corp. has the following items at year-end: Cash in bank $32800 Petty cash 390 Short-term paper with maturity of 2 months Postdated checks 5000 1490 Bramble should report cash and cash equivalents of
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- What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DRQuestionSteinert Company has the following items at year-end:Cash in bank £52,500Petty cash 850Commercial paper with maturity of 2 months 7,200Postdated checks 3,100What amount Steinert should report as cash and cash equivalents?Steinert Company has the following items at year-end: Cash in bank $45k Petty Cash 500 Short-term paper with maturity of 2m 8200 Postdated checks 2100 Steinert should report cash and cash equivalents of: a.) 55800 b.) 45500 c.) 53700 d.) 45k
- Sheridan Company has the following items at year-end: Cash in bank $34700 Petty cash $290 Short-term paper with maturity of 2 months $5400 Postdated checks $1270 Sheridan should report cash and cash equivalents of: $40390. $34990. $41660. $34700.A Company provided the following information at year-end comprising the cash account: Cash in bank – demand deposit account 5,000,000 Money order 50,000 Cash on hand 400,000 Manager check 100,000 Postage stamps unused 5,000 Traveler check 1,000,000 Certificate of time deposit with 3-mo. Maturity 1,500,000 Post-dated customer check 500,000 What total amount should be reported as “cash” at year-end?Below is information about Adam Ltd’s cash position for the month of May 2020. The general ledger Cash at Bank account had a balance of $42,400 on 30 The cash receipts journal showed total cash receipts of $585,408 for The cash payments journal showed total cash payments of $530,148 for The June bank statement reported a bank balance of $82,368 on 30 Outstanding cheques at the end of May were: 221, $2896; no. 225, $308; and no. 230, $820. Cash receipts of $20,180 for 31 May were not included in the May bank A dishonoured cheque written by a client Jim Ltd, $272 A credit for an electronic transfer from a customer of $1,288 Interest earned, $88 Account and transaction fees, $240. Required: Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May. Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account. Prepare a bank reconciliation…
- Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31, 2019: Cash in Bank Acct. No. 101 Balance DR (CR) Date Description Folio Debit Credit Nov. 30 Balance (overdraft) 221,000 Dec. 1-31 Cash receipts CRJ10 813,000 1,034,000 Dec. 1-31 Cash Payments CDJ21 972,000 62,000 December deposits made and checks issued were as follows: Deposits Checks Date Amount No. Amount Dec. 5 30,000 232 110,000 7 210,000 233 83,000 9 85,000 234 25,000 12 32,000 235 59,000 15 26,000 236 590,000 21 420,000 237 17,000 24 16,000 238 28,000 26 51,000 239 77,000 28 21,000 31 15,000 $813,000 $972,000 The December bank statement showed: First Chartered Bank Gibson…At year-end, Mariz Company reported cash and cash equivalent comprising: cash on hand P 500,000, demand deposit P 4,000,000, certificate of deposit P 2,000,000, post dated customer’s check P 300,000, petty cash fund P 50,000, traveler’s check P 200,000, managers check P100,000 and money order P 150,000. What amount of cash should be reported at year-end?The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS CASH PAYMENTS Cash Debit Check No. Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 P 208,700 20,350 27,950 109,350 92,700 4113 4114 10 4115 16 4116 22 4117 29 53,000 16,850 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 92,700 4 9 12 17 22 23 543,750 Less: Checks and other debits: Apr. 7 13 P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 50,000 1,000 Service charge 14 15 18 21 26 30 30 335,300 P 304,000 Ending balance
- In reconciling the Cash in Bank of Cake Company with the bank statement balance for the month of November 2023, the following data are summarized: Book debits for November, including October CM for note collected, P75,000-P850,000 Book credits for November, including NSF of P20,000 and service charge of P600 for October- P620,000 Bank credits for November including CM for November for bank loan of P100,000 and October deposit in transit for P80,000-P700,000 Bank Debits for November including October outstanding checks of P200,720 and November service charge of P180- P650,000 What is the amount of outstanding checks for November?*The following information is available for Lemonaid Co. for June 30, 2020: The bank statement balance is $6,000The general ledger cash account balance is $4,715Outstanding checks totaled $1,000Deposits in transit are $500The bank service charge is $15Collection of a note by bank, $850 plus $50 in interest income.Error by bank in processing a check – overcharge to Acct 201’s account of $100, to be corrected July 2, 2020 Required: 1. Based on the previous information, prepare a bank reconciliation for Acct 201 Co. at June 30, 2019. 2. Based on the previous reconciliation, prepare any necessary adjusting journal entries. 3. List one example of internal controls over cashOn December 31, 2020, the cash account of Minerva Company has a debit balance of P906,000. An analysis if the cash account shows the following details: Undeposited collections 20,000 Cash in bank - PCIBchecking account 150,000 Cash in bank - PNB (overdraft) -12,000 Undeposited NSFcheck received from a customer, dated December 1, 2020 3,000 Undeposited check from a customer, dated January 15, 2021 7,000 Cash in bank - PCIB(fund for payroll) 40,000 Cash in bank - PCIB(savings deposit) 25,000 Cash in bank - PCIB(money market instrument, 90 days) 500,000 Cash in foreign bank (restricted) 25,000 IOUS from officers 8,000 Sinking fund cash 110,000 Listed stock held as temporary investment 30,000 Total 906,000 Cash and cash equivalents on Minerva's December 31, 2020 statement of financial position should be