c) The followings are the cash book and the bank statement of Alison Baker for the month of November 2017: i) Date 2021 ii) Nov 16 G. Philip 21 J. Forker 31 S. O'Hare 31 Balance c/d Date 2021 Nov 1 8 16 20 21 31 REQUIRED: 31 31 Details Balance T. MacLeod Cheque W. Milne Cash book Bank 292 369 192 1,682 5,048 Cheque G. Frank: trader's credit Standing Order Bank Charges Date 2021 Bank statement Illustrate the cash book up to date. Nov 1 6 30 W. Milne 29 S. Porter Balance T. MacLeod Debit 184 160 32 19 292 369 88 Bank Credit Balance Illustrate a bank reconciliation statement as at 31 November 2021. 4,200 184 160 504 5,048 4,200 O/D 4,384 O/D 4,092 O/D 4,252 O/D 3,883 O/D 3,795 O/D 3,827 0/D 3,846 O/D

c) The followings are the cash book and the bank statement of Alison Baker for the month of November 2017: i) Date 2021 ii) Nov 16 G. Philip 21 J. Forker 31 S. O'Hare 31 Balance c/d Date 2021 Nov 1 8 16 20 21 31 REQUIRED: 31 31 Details Balance T. MacLeod Cheque W. Milne Cash book Bank 292 369 192 1,682 5,048 Cheque G. Frank: trader's credit Standing Order Bank Charges Date 2021 Bank statement Illustrate the cash book up to date. Nov 1 6 30 W. Milne 29 S. Porter Balance T. MacLeod Debit 184 160 32 19 292 369 88 Bank Credit Balance Illustrate a bank reconciliation statement as at 31 November 2021. 4,200 184 160 504 5,048 4,200 O/D 4,384 O/D 4,092 O/D 4,252 O/D 3,883 O/D 3,795 O/D 3,827 0/D 3,846 O/D

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Cash account of Silver Maple Art Gallery shows the following at April 30, 2014CashDate Item Jrnl. Ref. Debit Credit BalanceApril 1 Balance 13,911April 30 CR.6 10,672 24,583April 30 CR.11 10,924 13,659On April 30, 2014, Silver Maple Art Gallery received the following bank statement:Bank Statement for April 2014Beginning Balance $13,911Deposits & Other Credits:April 1 $ 300 EFTApril 4 4,174April 9 501April 12 559April 17 2,187April 22 1,300 BCApril 23 1,854 10,875Checks & Other Debits:April 7 (cheque no. 3113) $ 891April 13 (cheque no. 3115) 1,390April 14 900 USApril 15 (cheque no. 3114) 147April 18 (cheque no. 3116) 664April 21 200 EFTApril 26 (cheque no. 3117) 1,472April 30 (cheque no. 3118) 1,000April 30 20 SC (6,684)Ending Balance $18,102Explanations: EFT – electronic funds transfer; BC – bank collections; US – unauthorizedsignature; SC – service charge.Additional data for the bank reconciliation:a. The EFT deposit was a receipt of rent. The EFT debit was an…
The bank columns in the cash book for June 2019 and the bank statement for that month for Phillips Hardware Company Ltd are as follows:DrCash BookCr 2019 $2019 $ 1-JunBalance b/d4,2305-JunR.Red540 7-JunP. Ryan18612-JunJ. Rebus1,557 16-JunG. Grey22516-JunY.Yale123 28-JunJ. Jim67229-JunBlister Disco66 30-JunT. Fling1,74630-JunBalance c/d4,773 7,059 7,059 Bank Statement June 2019 DrCrBalance $$$ 1Balance b/d 4,230 7Cheque 1864,416 5R.Red540 3,876 16Cheque 2254,101 17J. Rebus1,557 2,544 18Y.Yale123 2,421 28Cheque 6723,093 29SLM standing order156 2,937 30G.Rice: trader's credit 1923,129 30Bank charges129 3,000 As the accountant, you have been asked to do the following: a) Prepare an updated cashbook for the month b) Prepare a bank reconciliation statement for the month c) Advise the directors of Phillips Hardware how they can use theinternal control measures listed below to mitigate against error and fraud in the business. 1: Physical Observation 2: Authorization and Approval 3:…
What is the adjusted cash in bank as of March 31 per bank and per books?
Use the information from the attached image to answer questions 10 – 14. This is Mason's monthly bank statement and check register. What is the ending balance on the statement? Answers A. $1,352.61 B. $1,257.23 C. $1,241.66 D. $747.61 Question11. What is the total of the outstanding deposits? Answers A. $20 B. $625 C. $605 D. $8 Question12. What is the total of the outstanding withdrawals? Answers A. $130.95 B. $87.38 C. $8.00 D. $43.57 Question13. What is the revised statement balance? Answers A. $1,241.66 B. $1,277.23 C. $1,233.66 D. $1,352.61 Question14. What is the revised balance of the check register? Answers A. $1,198.09 B. $1,257.23 C. $1,233.66 D. $1,291.66
The following extract from the cash book of Jon for the month of January shows thecompany’s bank transactions:RM RM01 Jan Balance b/f 600 18 Jan Ali 14513 Jan Uno 224 28 Jan PBA 7231 Jan Latif 186 30 Jan TNB 10931 Jan Balance c/f 6841,010 1,010…3/-3The company’s bank statement for the same period is as follows:Debit (RM) Credit (RM) Balance (RM)01 Jan Balance 63503 Jan Halim 35 60013 Jan Uno 224 82423 Jan Ali 145 67931 Jan Standing order 30 649Required:a. Prepare a corrected cash book using the information given above b. Draw up a bank reconciliation statement.
The following data pertaining to the cash transactions and bank account of ABC Company for May 2022 are available to you:Cash balance, per accounting records, May 31, 2022 - 51,582Cash balance, per bank statement, May 31, 2022 - 95,874Bank service charge for May - 327Outstanding checks, May 31, 2022 - 20,184Deposit of May 30 not recorded by bank until June 1 - 14,610Debit memo for the cost of printed checks delivered by the bank; the charge has not been recorded in the accounting records - 375Proceeds of bank loan on May 30, not recorded in the accounting records, net of interest of P900 - 17,100Proceeds from a customer’s promissory note; principal amount P24,000, collected by the bank, taken up in the books with interest - 24,300Check No. 1086 issued to a supplier entered in the accounting records as P6,300 but deducted in the bank statement at an erroneous amount of - 3,600Stolen check lacking an authorized signature, deducted from ABC’s account by the bank in error - 2,400Customer’s…
The following data pertaining to the cash transactions and bank account of ABC Company for May 2022 are available to you:Cash balance, per accounting records, May 31, 2022 - 51,582Cash balance, per bank statement, May 31, 2022 - 95,874Bank service charge for May - 327Outstanding checks, May 31, 2022 - 20,184Deposit of May 30 not recorded by bank until June 1 - 14,610Debit memo for the cost of printed checks delivered by the bank; the charge has not been recorded in the accounting records - 375Proceeds of bank loan on May 30, not recorded in the accounting records, net of interest of P900 - 17,100Proceeds from a customer’s promissory note; principal amount P24,000, collected by the bank, taken up in the books with interest - 24,300Check No. 1086 issued to a supplier entered in the accounting records as P6,300 but deducted in the bank statement at an erroneous amount of - 3,600Stolen check lacking an authorized signature, deducted from ABC’s account by the bank in error - 2,400Customer’s…
The adjusted cash balance as at November 30, 2017 is a. P49,178.22 b. P49,978.69 c. P50,189.60 d. P58,578.22
The bank column in the cash book for Mac 2020 and the bank statement for that monthfor Keris Enterprise are as follows: Cash Book (Bank Account only) 2020 RM 2020 RMMac 16 Param 292 Mac 1 Balance b/d 4,20021 Joseph 369 6 Maria 18431 Opie 192 30 Melati 16031 Balance c/d 4,195 30 Suria 5045,048 5,048 Bank Statement Date Items Debit Credit BalanceMac 1 Balance 4,2008 Maria 184 4,38416 Cheque 292 4,09220 Melati 160 4,25221 Cheque 369 3,88331 Gigih Enterp : Trader’s credit 88 3,79531 TYF: standing order 32 3,82731 Bank charges 19 3,846 Required: b) Prepare the bank reconciliation statement as at 31 Mac 2020.
At August 31, Saladino Coffee has the following bank information: cash balance per bank Rp5.200.000, outstanding checks Rp1.462.000, deposits in transit Rp1.211.000, and a bank debit memo Rp110.000. Determine the adjusted cash balance per bank at July 31. Cash balance per bank Add : ... Less : ... Adjusted cash balance per bank The information below relates to the Cash account in the ledger of Saladino Coffee Balance Rp10.094.000 Collection of electronic funds transfer Rp884.000 Interest earned on checking accounts Rp26.000 NSF check: R. Doll Rp245.000 Rp35.000 Safety deposit box rent Cash balance per books Add: *** *** Less *** Adjusted cash balance per books
The balance of the general ledger cash account as of December 31, 2017 is P7,120.00. On the other hand, the bank statement showed a December 31, 2017 balance of P6,580. You were tasked to prepare the bank reconciliation statement for the company’s bank account. Your analysis of the bank statement and the general ledger account revealed the following: Deposit in Transit P1,345 Credit memo for direct collection of a note receivable 755 Credit memo for interest income 65 Auto debit of cell phone bill 290 Customer NSF check 455 Outstanding Check 575 Debit memo for bank charges 25 A check received from a customer was recorded in the accounting books for P3,280. The bank statement revealed that the customer check cleared at the correct amount of P3,820. The bank deducted P360 from the account of KCLC for a check issued by Elvira Inc. Required: Prepare the bank reconciliation statement as of December 31,2020 for KCLC ‘s bank…
Below is information about Lisa Ltd's cash position for the month of June 2019. 1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. 2. The cash receipts journal showed total cash receipts of $292,704 for June. 3. The cash payments journal showed total cash payments of $265,074 for June. 4. The June bank statement reported a bank balance of $41,184 on 30 June. 5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410. 6. Cash receipts of $10,090 for 30 June were not included in the June bank statement. 7. Included on the bank statement were: • a dishonoured cheque written by a client James Ltd, $136 • a credit for an electronic transfer from a customer of $644 • interest earned, $44 • account and transaction fees, $120 need to be solve. a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate…