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Modos Company has deposited $4,180 in checks received from customers. It has written $1,530 in checks to its suppliers. The initial bank and book balance was $470. If $3,550 of its customers' checks have cleared, but only $430 of its own, calculate its float.
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- For the month of July, Adam Company had the following information: bank service charge for July, P16,500, “NSF” check, P40,000. Upon review of its records, Adam determined the following: deposit in transit P143,000, outstanding checks P110,000 and an unrecorded customer check of P38,500. If the cash in bank balance per ledger is P920,000, how much is the adjusted balance?ABC Corporation is preparing its bank reconciliation for the month of April. The bank statement showed and ending balance of P500,000, collection of a customer note by the bank of P100,000, bank service charge of P10,000, and an erroneous bank debit of P5,000 which it immediately corrected within the month. The cash in bank balance per ledger is P400,000. You determined that the entity recorded a P50,000 check payment as P5,000. W hat is the correct cash in bank balance?Using the following information, prepare a bank reconciliation for Sunland Company for July 31, 2022. The bank statement balance is $3,770. The cash account balance is $4,170. Outstanding checks totaled $1,360. a. b. C. d. e. f. Deposits in transit are $1,670. The bank service charge is $54. A check for $95 for supplies was recorded as $59 in the ledger.
- SThe 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.On October 31, 2021, the bank statement for a company shows a balance of $12,676, while the company's records show a balance of $8,436. Information that might be useful in preparing a bank reconciliation follows: --The company’s cash receipts for the month total $74,580, of which $71,360 has been deposited in the bank. --The company has written checks for $72,506, of which $71,216 has been processed by the bank. --Bank service fees of $280 are listed on the bank statement. --In accordance with prior authorization, the bank collected a note receivable of $6,300 and interest earned on the note of $970. --The bank made an automatic withdrawal in error of $820 that should have been charged to different customer’s account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) 2. Record the necessary entries to adjust the balance for…
- Minor Company had checks outstanding totaling $4,889 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,278. The May bank statement shows that $26,319 in checks cleared the bank in May. A check from one of Minor Company's customers of $451 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a. $67,597 b. $21,430 c. $19,848 d. $19,397Minor Company had checks outstanding totaling $5,722 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,711. The May bank statement shows that $25,332 in checks cleared the bank in May. A check of $467 from one of Minor Company's customers was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a.$22,101b.$21,634c.$19,610d.$67,043The Cash account of Rettell Corporation had a balance of $3,570 at October 31, 2021. Included were outstanding checks totaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement. The bank statement, which came from Parway State Bank, listed an October 31 balance of $5,540. Included in the bank balance was an October 30 collection of $529 on account from a customer who pays the bank directly. The bank statement also showed a $34 service charge, $15 of interest revenue that Rettell earned on its bank balance, and an NSF check for $40. Prepare a bank reconciliation to determine how much cash Rettell actually had at October 31.
- Please help me with this practice question?On October 31, 2024, Affleck Company's general ledger shows a cash account balance of $8,442. The company's cash receipts for the month total $74,620, of which $71,370 has been deposited in the bank. In addition, the company has written checks for $72,512, of which $71,252 has been processed by the bank. The bank statement reveals an ending balance of $12,822 and includes the following items not yet recorded by Affleck: bank service fees of $300, note receivable collected by the bank of $6,500, and interest earned on the note of $1,070. After closer inspection, Affleck realizes that the bank incorrectly charged the company's account $900 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2024. 2. Record the necessary entries to adjust the balance for cash.The following data maybe few of your considerations to determine the beginning balance of the outstanding checks: total checks issued by the company 1,900,000; total bank debits P1,790,500; bank service charge for the current month P2,500; NSF check returned by the bank for the current month P40,000; Outstanding check at the end of the period is P222,000. Compute the outstanding check beginning of the period.