• Cash balance per accounting books, Feb. 28, 2023- P260,000 - Cash balance per bank statement, Feb. 28, 2023- P205,000 When investigating the difference, the accountant determined the following: a. A customer deposited P30,000 to Entity Cake's bank account as payment for an account receivable. This is not yet recorded in the books of accounts. b. A P102,500 check deposited by Entity Cake during the month is not yet credited to Entity Cake's account. c. A che drawn in the amount of P22,500 is not yet presented to the bank for payment. d. The bank returned a check deposit amounting to P5,000 because of insufficiency in the funds of the drawer. The check was received from a customer as payment for accounts

• Cash balance per accounting books, Feb. 28, 2023- P260,000 - Cash balance per bank statement, Feb. 28, 2023- P205,000 When investigating the difference, the accountant determined the following: a. A customer deposited P30,000 to Entity Cake's bank account as payment for an account receivable. This is not yet recorded in the books of accounts. b. A P102,500 check deposited by Entity Cake during the month is not yet credited to Entity Cake's account. c. A che drawn in the amount of P22,500 is not yet presented to the bank for payment. d. The bank returned a check deposit amounting to P5,000 because of insufficiency in the funds of the drawer. The check was received from a customer as payment for accounts

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 following details are found in the incomplete bank reconciliation statement of Phillip Company for the month ended September 30, 2021: Notes receivable of the customer collected and deposited in the bank- 250,000 Service Charge- 35,000 Interest Income on Deposits- 25,000 Deposits in Transit- 250,000 Outstanding Checks- 350,000 Balance per cash ledger- 725,000 Check of Phillip erroneously charge by the bank to Phillipa - 57,800 What is the reconciled cash to be reported by Phillip Company?
3) The information that follows is available from the general ledger and the bank statement of Bucks Company: Cash in bank, October 31, P939,000 Deposit in transit, October 31, P35,000; outstanding checks, October 31, P68,000 Credit memo, October P60,000; Debit memo, October P20,000. Included in the October bank receipts was a deposit of Bucks Company for P25,000, erroneously recorded by the bank to Ducks Company's account. Included in the October bank disbursements was check issued by Quacks Company for P10,000, erroneously recorded by the bank in Bucks Company's account. Included in the book receipts was a deposit for P45,000 which was recorded as P54,000. No correction was made yet by Bucks Company. • Included in the book disbursements was a check issued by Bucks Company for P42,000 was recorded as P24,000. The correct cash balance as of October 31, 2019 is A. 970,000 B. 952,000 C. 945,000 D. 927,000
Part A is complete. Would appreciate help with part b. thanks. A review of the March 30 bank statement and other data of Sheridan Aviation revealed a $18,484 balance at March 31 on the bank statement and $18,158 as the balance in the cash account in the company’s ledger. In addition, the following information was determined: 1. NSF Check from J. Beiber in payment of account $196 2. Collection of a customer electronic payment by the bank $2,508. 3. Deposits in transit at March 31 $3,322. 4. Outstanding checks at March 31 $1,987. 5. A check written by Sheridan to Copytronics for a copy machine repair on March 13 was recorded at $1,320 but correctly cleared the bank at $1,230. 6. A check drawn on the account of Halen Electronics for $741 was mistakenly charged against Sheridan’s account by the bank. (a) As of March 31, prepare the bank reconciliation for the month of March (omit heading). (List items that increase balance as per bank & books…
9. The August 31 bank statement of Kelvin Inc. showed a balance of P113,000. Deducted in arriving at this amount was a customer's NSF check for P2,400 that had been returned. Kelvin had received no prior notice concerning this check. In addition to the bank statement, other records showed there were deposits in transit totaling P17,200 and that outstanding checks totaled P10,800. What is the cash balance per books at August 31 (prior to adjustments)? a. P121,800 c. P117,000 d. P115,400 b. P119,400 (Adapted)
Problem 2-2 (IAA) Sensible Company provided the following ledger account of the cash in bank maintained with Second Bank: SECOND BANK Dec. 1 Balance 6 Deposit 12 Deposit 24 Deposit 31 Deposit 100,000 30,000 40,000 50,000 60,000 Dec. 1 Check No. 771. 20,000 5,000 35,000 15,000 30,000 25,000 40,000 772 773 774 775 4 6 10 14 18 24 776 777 The following bank statement was received from the Second Bank by Sensible Company. Date Checks Deposits Dec. 1 Balance Check No. Balance 130,000 768 10,000 20,000 5,000 35,000 15,000 52,000 8,000 10,000 5,000 1' 771 4 772 773 30,000 40,000 12 774 12 776 24 1042 50,000 45,000 СМ 28 NSF check · 28 Service charge CS
nstructions The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, S24,270. 2. Cash balance according to the bank statement at August 31, $32,278. 3. Checks outstanding, $14,668. 4. Deposit in transit not recorded by bank, $7,170. 5. A check for $58 in payment of an account was erroneously recorded in the check register as $580. 6. Bank debit memo for service charges, S12. Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.
The bank mistakenly recorded the collection of $385 on a customer account as $358 in the bank statement. The cheque was written in the correct amount and was correctly recorded in the company’s accounting system. The journal entry required to correct this error would be: Select one: a. debit Accounts Receivable, $385; credit Cash, $385 b. debit Cash, $27; credit Accounts Receivable, $27 c. debit Cash, $385; credit Accounts Receivable, $385 d. debit Accounts Receivable, $27; credit Cash, $27 e. no journal entry is required
The accountant for Beaume Corp. was preparing a bank reconciliation as of April 30. The following items were identified: Beaume's book balance $43,145 Outstanding cheques 900 Interest earned on chequing account 63 Customer's NSF cheque returned by the bank 375 In addition, Beaume made an error in recording a customer's cheque; the amount was recorded in cash receipts as $370; the bank recorded the amount correctly as $730. Required: What amount will Beaume report as its adjusted cash balance at April 30?
Vegas company's unadjusted cash balance at Oct 31 is $5,400. The following information is available for bank reconciliation: - outstanding checks, $600 - deposit in transit, $450 - bank service charges, $90 - bank had collected an account receivable for company, $1000 - bank statement included an NSF check written by one of company's customers for $600. What was the adjusted book balance at Oct 31? A, $5,400 B, $5,710 C, $6,910 D, $5,490
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9: Cash balance according to the company's records at August 31, $38,928. Cash balance according to the bank statement at August 31, $37,960. Checks outstanding, $15,080. Deposit in transit, not recorded by bank, $16,120. A check for $312 issued in payment of an account to a supplier was erroneously recorded by Wolfpack Bread Inc. as $123. Bank debit memo for service charges, $162. Record the effects on the accounts and financial statements of the company based upon the information above. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
Hunter Company bank statement indicated a cash balance of $9,610, while the cash 11. chut ledger account on that date shows a balance of $7,430 in July 31. Outstanding checks totaled $2,417. A $500 check mailed to the bank for deposit had not reached the bank at the statement date. The bank returned a customer's NSF check for $225 received as payment of an account receivable. 2016092 FAT 2019302296 The bank statement showed $30 interest earned on 201504 20130022 2019002295 the bank balance for the month of July. 7090022 2019002295 20120
1) The books of Son of Gun Inc. disclosed a cash balance of P45,700 on June 30. The bank statement as of June 30 showed a balance of P50,300. Additional information that might be useful in reconciling the two balances follows: Check payable to creditors for P3,000 was erroneously recorded on the books as P4,500. Outstanding checks totaled P9,800 including a certain check of P2,000 payable to supplier recorded on June 25 but not yet mailed as of June 30. There were bank service charges for June of P200 not yet recorded on the books. Son of Gun's account had been charged on June 26 for a customer's NSF check for P1,200. No entry has been made for the return of NSF check. Undeposited collections as of June 30 for P13,400 including post-dated check of P1,300 from customer recorded on June 29. A bank memo stated that a customer's note for P7,500 had been collected on June 27 but not yet recorded on the books. How much is the correct cash in bank balance as of June 30? А. 52,000 В. 53,300 C.…