PREPARE A BOOK TO BANK STATEMENT bank to the account of Alpha CompanyDeposit of December 27 omitted from bank statementmonth of December:5,000,0005,500,000Cash balance per ledgerCash balance per bank statementProceeds of bank loan discounted onDecember 1 for one year at 14%Undeposited collections on December 31516,000300,000Check of Omega Company had beenincorrectly deducted by bank fromAlpha Company account50,000Check of Alpha Company in payment ofan account payable had been recordedby the depositor as P20,000. The correctamount is200,000The ledger account for cash was the onlycash account kept by the entity.It included a petty cash accountcomprised of the following items:Currency and coinSuppliesTransportationPostage4,0002,0003,0001,000Deposit of Omega Company credited by10,000130,000150,000544,000Outstanding checksRequired:

Bank reconciliation statement: The bank reconciliation statement (BRS) is prepared to reconcile the…

Answered: Deposit of December 27 omitted from…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 3CE

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JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: Sept. 15 Borrowed 7,000 cash from the bank, giving a 60-day non- interest- bearing note. The note is discounted 8 % by the bank. Nov. 14 Paid the 7,000 note, recognizing the discount as interest expense.
the following was included in the bank reconciliation of Celine Company on December 31 of the current year Total company receipts for December P850,000Total credits per bank in December 800,000Credit memo for November recorded in December 60,000Credit memo for December not yet recorded 80,000Deposit in transit, December 31 100,000Erroneous receipts by the company during December, no correction was made until the following year 10,000 What is the amount of…
Alpha company provided the followinginformation for the month of December: Cash balance per ledger 5,000,000 Cash balance per bank statement 5,500,000 Proceeds of bank loan discounted on December 1 for one year at 14% 516,000 Undeposited collections on December 31300,000 Check of Omega Company had been incorrectly deducted by bank from Alpha Company account 50,000 Check of Alpha Company in payment ofan account payable had been recorded by the depositor as P20,000. The correctamount is 200,000 The ledger account for cash was the only cash account kept by the entity.It included a petty cash account comprised of the following items: Currency and coin 4,000 Supplies 2,000 Transportation 3,000 Postage1,000 Deposit of Omega Company credited by bank to the account of Alpha Company 130,000 Deposit of December 27 omitted from bankstatement 150,000 Outstanding checks 544,000 Requirement: (1) Prepare a bank reconciliation using theadjusted balance approach.(2) Prepare…
8. Lazer Company had following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total 3,000,000 400,000 3,400,000 |( 900,000) 2,500,000 Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: Deposits, including P200,000 note collected for Lazer 9,000,000 Disbursements, including P140,000 NSF customer check and P10,000 service charge 7,000,00 All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31. 1. What is the adjusted cash in bank on July 31? a. 2,500,000 b. 5,400,000 c. 2,900,000 d. 5,000,000 2. What is the cash balance per book on July 31? a. 5,400,000 b. 5,350,000 c. 5,550,000 d. 4,500,000 5. What is the amount of cash receipts per book in July? a. 9,400,000 b. 9,600,000 c. 8,600,000 17 | P age SAINT COLUMBAN COLLEGE Corner V. Cerilles - Sagun Streets, San Francisco District,…
Information pertaining to 67 company appears belowBalance per ledger, July 31 P 650,000Balance per bank statement July 31 1.240.000Deposit in transit 280,000debit memo - service charges 10,000credit memo collection of notes receivables by bank of 67 company 300,000Oustanding checks ?check for purchase supplies was drawn for P60,000 but was recorded as 90,000 what is the amount of outstanding checks on July 31?
Bank Reconciliation Javinal Corporation's bank statement for October reports an ending balance of $22,381, whereas Javinal's cash account shows a balance of $22,025 on October 31. The following additional information is available: An $855 deposit made on October 31 was not recorded by the bank until November. At the end of October, outstanding cheques total $1,222. The bank statement shows bank service charges of $125 not yet recorded by the company. The company erroneously recorded as $973 a cheque that it had actually written for $379. It was correctly processed by the bank. A $480 cheque from a customer, deposited by the company on October 29, was returned with the bank statement for lack of funds. Required: 1. Prepare the October bank reconciliation for Javinal Corporation. 2. What amount will be reported as cash on the October 31 statement of financial position?
Bank Reconciliation The following bank reconciliation was prepared as of June 30, 20Y7: Poway Co. Bank Reconciliation For the Month Ended June 30, 20Y7 Cash balance according to bank statement $16,020 Add: Outstanding Check No. 1067 $590 Outstanding Check No.1106 480 Outstanding Check No.1110 1,000 Outstanding Check No.1113 950 Total additions 3,020 Deduct: Deposit of June 30 not recorded by bank (6,700) Adjusted balance $12,340 Cash balance according to company’s records $9,020 Add: Proceeds of note collected by bank: Face value $5,000 Proceeds of note collected by bank: Interest 250 Service charges 10 Total additions 5,260 Deduct: Check returned because of insufficient funds $860 Error in recording June 17 deposit of $8,150 as $1,850…
Bank Reconciliation (Partial) The cash account for Feldman Company contains the following information for April: Cash balance, 3/31 $14,685 Cash received during April 55,680 70,365 Cash disbursements during April: Cheque 7164 $33,500 Cheque 7165 11,250 Cheque 7166 18,750 Cheque 7167 900 64,400 Cash balance, 4/30 $5,965 The bank statement for April contains the following information: Bank balance, 3/31 $25,285 Add: Deposits during April 55,680 80,965 Less: Cheques paid during April: Cheque 7162 $8,900 Cheque 7163 1,700 Cheque 7164 33,500 Cheque 7165 11,250 55,350 Bank balance, 4/30 $25,615 Required: Assuming there were no deposits in transit at March 31 and that all outstanding cheques at March 31 cleared during April, do the following: 1. Identify the outstanding cheques at April 30. 2. Prepare the reconciliation of the bank and cash account balances at April…
The following June 30 bank reconciliation was prepared for Poway Co. Poway Co. Bank Reconciliation For the Month Ended June 30 Cash balance according to bank statement... Add outstanding checks: $16,185 $ 575 No. 1067.... 1106... 470 1110.... 1,050 1113. 910 3,005 $19,190 Deduct deposit of June 30, not recorded by bank.. Adjusted balance.... Cash balance according to company's records . Add: Proceeds of note collected by bank: 6,600 $12,590 $ 8,985 Principal...... $6,000 $6,300 300 Interest... Service charges 15 6,315 $15,300 Deduct: Check returned because of insufficient funds..... Error in recording June 17 deposit of $7,150 as $1,750 $ 890 5,400 6,290 $ 9,010 Adjusted balance.... a. Identify the errors in the following bank reconciliation: b. Prepare a new bank reconciliation for Poway Co., using the format shown in the illustrative problem.
Turner Excavation maintains a checking account and has decided to open a petty cash fund. The following petty cash fund transactions occurred during July: July 2 Established a petty cash fund by issuing Check No. 301 for $100. Paid $25 from the petty cash fund for postage. Voucher No. 1. 7 Paid $30 from the petty cash fund for delivery of flowers (Miscellaneous Expense). Voucher No. 2. 8. Paid $20 from the petty cash fund to repair a tire on the company truck. Voucher No. 3. 12 Paid $22 from the petty cash fund for a newspaper advertisement. Voucher No. 4. 13 Issued Check No. 303 to replenish the petty cash fund. (Total and rule the petty cash payments record. Record the balance and the amount needed to replenish the fund in the Description column of the petty cash payments record.) 20 Paid $26 from the petty cash fund to reimburse an employee for expenses incurred to repair the company truck. Voucher No. 5. 24 Paid $12.50 from the petty cash fund for phone calls made from a phone…
Anthony Company had the following bank reconciliation on March 31 of the current year: Balance per bank statement, March 31 4,650,000Deposits in transit 1,000,000Total 5,650,000Outstanding checks 1,250,000Balance per book, March 31 4,400,000Data per bank statement for the month of April follow:Deposits 6,000,000Disbursements 5,000,000 All reconciliation items on March 31 cleared through the bank in April. Outstanding checks on April 30 totaled P750,000 and deposits in transit amounted to P1,500,000. The amount of cash receipts per book in April 30 is __________.
Bank Reconciliation Jerico, Inc. received the May bank statement with an ending balance of $30,000. The company general ledger stated an ending cash balance of $35,973. Jerico, Inc. Bank Reconciliation The following items were the discrepancies: 1 A note receivable deposited into the bank through a wire transfer for $200 2 Deposits in transit of $4,500 3 Bank fee $18 4 EFT- monthly car payment $400 5 NSF – customer check that did not clear the bank $1,500 6 Bank fee on the customer bounced check $25 7 Outstanding checks were as follows: May 31, 2020 Page 1 Balance per bank Balance per books Add: Add: Check # 105 $230 Deduct: Deduct: Check # 117 $15 8 A check was mistakenly recorded by the accountant as $50 but accurately cleared the bank as it was written for $55. 9 Bank interest $30

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