I need help with problem Bud Gineery's cash in bank balance per book amounted toP100,000 after drawing an undelivered check payment of P25,000.The bank statement subsequently received reveals a credit memoof P20,000 for note collection, and a bank service charge of P100,but a P5,000 check from customer is marked NSF. As of the sameday, Bud collected accounts receivable amounting to P15,000. Thisamount was not included in the cash in bank balance per bookbecause it was not yet deposited.How much is the correct amount of cash balance?a. P100,000b. P125,000c. P140,000d. P155,000

To determine the correct amount of Bud Gineery's cash balance, we need to adjust the cash in bank…

Answered: Bud Gineery's cash in bank balance per…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 4PA

See similar textbooks

Similar questions

The bank statement contained two memoranda:1. A credit of $5,145 for the collection of a $5,000 note for Langer Company plus interestof $160 and less a collection fee of $15. Langer Company has not accrued any intereston the note.2. A debit of $572.80 for an NSF check written by L. Rees, a customer. At December 31,the check had not been redeposited in the bank.At December 31, the cash balance per books was $12,485.20, and the cash balance per thebank statement was $20,154.30. The bank did not make any errors, but two errors weremade by Langer Company.Instructions(a) Using the four steps in the reconciliation procedure, prepare a bank reconciliation atDecember 31.(b) Prepare the adjusting entries based on the reconciliation. (Hint: The correction of anyerrors pertaining to recording checks should be made to Accounts Payable. The correctionof any errors relating to recording cash receipts should be made to AccountsReceivable.)P8-5A Rodriguez Company maintains a checking account at the…
Additional data for the bank reconciliation include the following: The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance payment. The unauthorized signature check was received from Free Tiboy. The P68,400 bank collection of a note receivable on April 22 included P9,250 interest revenue. The correct amount of check number 4115, a payment on account, is P69,500. (Banyo De Orocan’s accountant mistakenly recorded the check for P96,500). REQUIRED: Prepare a bank reconciliation as of April 30, 2021. Prepare adjusting entries in the books of Banyo De Orocan Company.
On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20XO showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20X0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
The accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company's April 30 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company's computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items: a. The bank statement showed bank service fee of P800 b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250 was charged. c. Deposits in transit, P51,000. d. Checks outstanding on May 31, P79,100. e. The accountant found a check issued to Rhys Corp. for P4,50 that cleared the bank but was not in the cash ledger. Required: Prepare a Bank Reconciliation Statement
Need Answer please provide with Perfect Calculation
The Cash account of Ranger Corp. reported a balance of $2,480 at August 31. Included were outstanding cheques totaling s600 and an August 31 deposit of $380 that did not appear on the bank statement. The bank statement, which came from Turkay Bank, listed an August 31 balance of $3,297. Included in the bank balance was an August 30 collection of $624 on account from a customer who pays the bank directly. The bank statement also shows a $17 service charge, $20 of interest revenue that Ranger earned on its bank balance, and an NSF cheque for $30. Prepare a bank reconciliation to determine how much cash Ranger actually has at August 31. (Include the balances at August 31 in each of the addition subtotal calculations.) Ranger Corp. Bank Reconciliation August 31 Bank Books Balance, August 31 Balance, August 31 Add: Add: Subtotal Subtotal Less: Less: Choose from any list or enter any number in the input fields and then continue to the next question.
On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20X0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…
On 30 June 20x0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20x0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…
On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20X0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…
The following data have been gathered for Syncronics, Inc.: Thė July 31 bank balance was $4,000, b. The bank statement included $65 in servicę charges. There was an EFT deposit of $900 on the bank statement for the monthly rent from the tenant. а. с. d. Checks #541 and #543 for $205 and $320, respectively, were not among the can- celed checks returned with the statement. The July 31 deposit of $350 did not appear on the bank statement. f. The bookkeeper had erroneously recorded a $50 check as $500. The check was written to a vendor to pay off a debt. g.. Included with the canceled checks was a check written by Syncronize Corporation for $200 which was deducted from Syncronics' account, h. The bank statement also included an NSF check written by Multimedia, Inç. for a $460 payment on account. The cash account showed a balance of $3,200 on July 31. е. i. Required: 1. Prepare the July 31 bank reconciliation for Syncronics, Inc. 2. ADJUST The Co'r CASH BAIAN ce
The following data have been gathered for Syncronics, Inc.: Thė July 31 bank balance was $4,000, b. The bank statement included $65 in servicę charges. There was an EFT deposit of $900 on the bank statement for the monthly rent from the tenant. а. C. d. Checks #541 and #543 for $205 and $320, respectively, were not among the can- celed checks returned with the statement. The July 31 deposit of $350 did not appear on the bank statement. · f. The bookkeeper had erroneously recorded a $50 check as $500. The check was written to a vendor to pay off a debt. е. g. Included with the'canceled checks was a check written by Syncronize Corporation for $200 which was deducted from Syncronics' account. h. The bank statement also included an NSF check written by Multimedia, Inc. or a $460 payment on account. The cash account showed a balance of $3,200 on July 31. i. Required: 1. Prepare the July 31 bank reconciliation for Syncronics, Inc. 2. ADJUST The Co'r CASH BA/AN ce

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS