Classroom6:16 PM45%A google.com Gcash in bank to be reported onJuly 31?Ravan Company prepared thefollowingbankreconciliation dated June 30 of the current year:Balance per bank9.800.000Deposit in transit400,000Outstanding checks(1,400.000)Balance per bookP8,800.000There were total deposits of P6,500,000 and charges fordisbursements of P9,000,000 for July per bank statement. Alloreconciliation items on June 30 were cleared by the bank onoJuly 31. Deposits in transit totaled P900,000 and checksoutstanding amounted to P1,000,000 on JulyYour answerSubmit

Bank reconciliation statement is prepared to check if there are any deviations between cash book and…

cash in bank to be reported on July 31? Ravan Company prepared the following bank reconciliation dated June 30 of the current year: O n00,000 Balance per bank Deposit in ransit Oubtanding checks Balance per book 400,000 (1.400.000) 8,800.000 There were total deposits of P6,500,000 and charges for disbursements of P9,000,000 for July per bank statement. All oreconciliation items on June 30 were cleared by the bank ono July 31. Deposits in transit totaled P900,000 and checks outstanding amounted to P1,000,000 on July

cash in bank to be reported on July 31? Ravan Company prepared the following bank reconciliation dated June 30 of the current year: O n00,000 Balance per bank Deposit in ransit Oubtanding checks Balance per book 400,000 (1.400.000) 8,800.000 There were total deposits of P6,500,000 and charges for disbursements of P9,000,000 for July per bank statement. All oreconciliation items on June 30 were cleared by the bank ono July 31. Deposits in transit totaled P900,000 and checks outstanding amounted to P1,000,000 on July

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 59BPSB

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Requlred Informetion [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 ৪9, 938 88,970 88,470 88,520 88,370 Date Other Dec. 1 $ 7,620 558 $28, 000 13,900 11 17 23 36, e00 26 960 30 NSF* $300 50 19, 200 19, e00 31 Interest earned 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, e00 Deposits Dec. 11 23 Checks written during December: 7,620 28, 800 36, ee0 19,e00 13,e00 550 30 13,900 960 31 150 19,200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. Requlred: 1. Identify and list the deposits in transit at the end of December. (Select all that apply.) $28,000 $36,000 $19,000 $13,000 2. [dentify and list the outstanding checks at the end of December (Select all that apply.) $7,620 $550 $13,900 $880 $150 $19,200 $4,500 OOUI
Information on ABC Co. is shown below: note 30-Jul 132,200 me Aug. 31JARA 180,000 60,000 Book balance R Book debits O Book credits Bank balance 3TAG 100,600 169,000 O Bank debits R Bank creditsuis1 oep orl bnstensbrnu bnb6aA .2z6D .pnime9 Notes collected by bank 20,600 10,000 35,000 Debit memOS 7,800 8,900 100 Understatement of book receipts 2,800 1odrme no Deposit in transit Outstanding checks 43,800 Stbelsb noits1o 3,900 45,000 11,200 000,5 OS rodmep90 beficogsb.noitse 3. How much is the adjusted receipts in August? Tण - 88,700 Bc d. 87,800 a. 78,800 jud sonsle C. b. 80,700 T.nsl benssbne 4. How much is the adjusted disbursements in August? a. 13,300 b. 17,800 C. 16,200 d. 14,300 000, 5. How much is the adjusted balance of cash on August? a. 136,200 C. 132,600 d. 208,900 008.89 b. 134,400 formation ir availahle for Reagan Company:
cam - Intermediate Accounting 1.docx Open with Google Docs For Nos. 26- 27 Tron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank recondliation: Deposit in transit Outstanding checks P6,800 15,600 April 2019 data: Per Bank Per Book Balance, March 31 Deposits reflected 296,560 190,400 287,760 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) 319,680 Balance, April 30 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. 26. How much is Iron's deposits in transit at April 30? a. P12,400 b. P18,000 C. P1,200 d. P5,600 27. How much is Iron's outstanding checks at April 30? P27,600 b. a. P34,400 P18,800 d. P24,800 C. For Nos. 28-30 Page 4 / 5 The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these ac
2. DETAILS rise BRECMBC9 4.11.TB.011. On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. O $29.95 O $943.80 O $1,003.70 $1,108.88
PREPARE BRS? Bank Balance = $4,487 Book Balance = S$5,899 Interest income = $35 Deposit in transit = $1,590 NSF check = $586 %3D Outstanding checks = $729
6. A portion of your bank statement is shown. Your previous balance was $228.73. What is your present balance Date Checks and Other Charges Number 13-Oct 18-Oct 143 27-Oct 144 31-Oct ATM AT-Phone Service Charge >>> Amount $43.60 112.76 10.64 50.00 5.14 Date Deposits and Credits Amount $146.90 188.42 135.65 5-Oct 12-Oct 19-Oct [ATM] Present Balance
At November 30, Mazaya Company has the following bank information: cash balance per book R 04,600; outstanding checks R.O 28o; deposits in transit R.O 550, credit memo for interest R.O10, bank service charge RO.20 What is Mazaya's adjusted cash balance on November 30? Select one: a. RO4.590 b. R.O.4.320 CRO4.870 d. RO.4.870
MOBK 10 DO: Egad Company provided the following information for October and November: lo alsoo hs Checks and charges recorded by Bank in November d bio Including a November service charge of P8,000 and And NSF check of P40,000 1,100,000 Service Charge made by bank in October and recorded by Depositor in November Total credits to cash in all journals during November Customer NSF check returned in October and redeposited 4,000 1,240,000 In November (no entry made by depositor in either October Or November 80,000 Outstanding checks on October 31 that cleared in November 560,000 Couno 27. How much are the checks paid by bank in November? 28. What is the amount of outstanding checks on November 30? Ent tering orovid ed th e fell
Epto Ergo’s bank statement from Crypto Bank at July 31, 2020, gives thefollowing information.Balance, July 1 $18,400 Bank debit memorandum:August deposits 71,000 Safety deposit box fee $ 25Checks cleared in July 68,678 Service charge 50Bank credit memorandum: Balance, July 31 20,692Interest earned 45A summary of the Cash account in the ledger for July shows the following:balance, July 1, $18,700; receipts $74,000; disbursements $73,570;and balance, July 31, $19,130.Analysis reveals that the only reconciling items on the June 30 bank reconciliation were adeposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine thatthere was an error involving a company check drawn in July: A check for $400 to a creditor onaccount that cleared the bank in July was journalized and posted for $40.Instructionsa) Determine deposits in transit.b) Determine outstanding checks. (Hint: You need to correct disbursements for thecheck error.)c) Prepare a bank reconciliation at July…
Preparing a bank reconciliation and journal entries. Net Solutions' checkbook lists the following: Date Check Item No. Nov. 1 4 622 90 13 623 14 624 18 625 26 626 28 627 30 Quick Mailing Service Revenue® Photo Supplies Utilities Cash Office Supplies Upstate Reality Co. Service Revenue Check Deposit Balance P P $15. 55+ 75 60 85 265 P P P P $540, 525 655 600 525- 465 380 115 1,210 1,325- $130- 12
PA11. LO 8.6Inner Resources Company received the following bank statement. Using the information from Exercise 8.5 and Exercise 8.6, prepare the bank reconciliation. 8.5 Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. The owners invested $8,500 from their personal account to the business account. Paid rent $650 with check #101. Initiated a petty cash fund $550 check #102. Received $750 cash for services rendered. Purchased office supplies for $180 with check #103. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. Received $1,200 cash for services rendered. Paid wages $560, check #105. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. Increased Petty Cash by $100, check #107.
[The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance $ 48,000 40, 380 67,830 53,930 ৪9,938 ৪৪, 978 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 11 17 23 36, 800 26 960 NSF Interest earned 30 19, eee $300 5e 19, 200 31 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 48, e00 28,e00 36, e00 19,e09 13, еев Checks written during December: 7,620 550 13,900 960 23 30 31 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $300 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the…