cash and cash equivalents
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- Bonita Industries’s checkbook balance on December 31, 2020 was $84500. In addition, Bonita held the following items in its safe on December 31.(1) A check for $1880 from Carla Vista Co. received December 30, 2020, which was not included in the checkbook balance.(2) An NSF check from Martinez Corp. in the amount of $3400 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, 2021. The original deposit has been included in the December 31 checkbook balance.(3) Coin and currency on hand amounted to $5650.The proper amount to be reported on Bonita's balance sheet for cash at December 31, 2020 is $81830. $88630. $86900. $85230.Merry Company's checkbook balance at December 31, 2021 was P190,000. In addition, Merry Company held the following items in its safe on that date.*Check payable to Merry Company amounting to P65,000 dated January 2, 2022 in payment of a sale made in December 2021, was included in December 31 checkbook balance.*Check payable to Merry Company was deposited on December 15, but returned by the bank on December 22 stamped "DAIF." The check was redeposited by Merry Company on December 27, 2021. No entry was made in the books to record the return and the redeposit of this P20,000 check.*Check drawn on Merry Company's account, payable to a vendor, was dated and recorded on December 28. This check amounting to P15,000, however, was not yet mailed to the payee as of December 31, 2021.What is the correct amount shown as Cash on Merry Company's December 31, 2021 statement of financial position?Bank reconciliation and entriesThe cash account for Coastal Bike Co. at October 1, 2019, indicated abalance of $5,140. During October, the total cash deposited was $39,175,and checks written totaled $40,520. The bank statement indicated abalance of $8,980 on October 31, 2019. Comparing the bank statement,the canceled checks, and the accompanying memos with the recordsrevealed the following reconciling items: A. Checks outstanding totaled $5,560.B. A deposit of $1,050 representing receipts of October 31 had beenmade too late to appear on the bank statement.C. The bank had collected for Coastal Bike Co. $2, 120 on a note leftfor collection. The face of the note was $2,000. D. A check for $370 returned with the statement had beenincorrectly charged by the bank as $730.E. A check for $310 returned with the statement had been recordedby Coastal Bike Co. as $130. The check was for the payment of anobligation to Rack Pro Co. on account. F. Bank service charges for October amounted to $25.G. A…
- The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…Answer all of the following questions 1. On October 1, 2019, O Company establishes a petty cash fund by issuing a check for RO 500 to the petty cash fund. On October 31, 2019, the following paid petty cash receipts for replenishment of the petty cash fund were provided when there is RO 94 cash in the fund:Freight-Out RO 72Supplies Expense 102Entertainment of Clients 110Postage Expense 51InstructionsPrepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.Hotdog Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items in the safe:· Check payable to Hotdog, dated January 4, 2021, included in the December 31 checkbook balance- P3,000,000· Check payable to Hotdog, deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2022 and cleared January 3, 2022- P1,000,000· Check drawn on Hotdog's account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2022- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2021?
- The following information is available for Ashley Company for the month ending June 30, 2019. Balance as per the bank statement is $11,240. Balance as per books is $10,200. Check #506 for $1,200 and check #510 for $900 were not shown on the June 30 bank statement. A deposit in transit of $3,110 had not been received by the bank when the bank statement was generated. A bank debit memo indicated an NSF check for $85 written by Maddie Wolfe to Ashley Company on June 13. A bank credit memo indicated a note collected by the bank of $2,100 and interest revenue of $55 on June 20. The bank statement indicated service charges of $20. Prepare bank reconciliation for Ashley Company for June 30, 2019.Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows a $29,361 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit Outstanding checks Multiple Choice Additionally, a $49 check written and recorded by the company was incorrectly recorded by the bank as a $94 deduction. The adjusted cash balance per the bank records should be: O O $31,580 $31,535 $34,487 $31,625 3,650 1,431 $24.325 H Seved OWhat amount should be reported as cash on december 31, 2022 Huston’s company had a checkbook balance on December 31, 2022, of P820,000 and held back the following terms: I. Check payable to Huston dated January 4, 2023, included in the December 31 checkbook balance, P90,000.II. Check payable to Huston dated December 28, 2022, and included in the December 31 balance, it was returned by the bank on December on December 30 marked NSF. The check was redeposited on January 3, 2023 and is cleared January 5, 2023, P80,000. III. Check payable to Regina Mills, a supplier, dated January 3, 2023, was delivered on December 29, 2022, P65,000. This was excluded in the December 31 balance.
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