e bank reconciliation
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Q: On a bank reconciliation. Deposit in transit is.....?
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Q: PART 3 - Prepare the bank reconciliation and the necessary journal entries based on the information…
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A: The Reconciliation Statement of Bank is represented as below:
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Q: Part ii. Prepare the journal entries resulting from the bank reconciliation
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Q: Bank reconcilation
A: The bank reconciliation statement helps to determine the corrected cash balance.
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- On May 31, 2017, Reber Company had a cash balance per books of $7,051.50. The bank statement from New York State Bank on that date showed a balance of $6,674.60. A comparison of the statement with the cash account revealed the following facts. 1. The statement included a debit memo of $50.00 for the printing of additional company checks. 2. Cash sales of $632.00 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $682.00. The bank credited Reber Company for the correct amount. 3. Outstanding checks at May 31 totaled $882.25. Deposits in transit were $2,686.15. 4. On May 18, the company issued check No. 1181 for $692 to Lynda Carsen on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Reber Company for $629. 5. A $3,270.00 note receivable was collected by the bank for Reber Company on May 31 plus $90.00 interest. The bank charged a collection fee of $30.00. No…Kingbird, Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information. Balance, August 1 August deposits Checks cleared in August Bank credit memorandum: $18,770 Bank debit memorandum: 71,370 Safety deposit box fee $ 105 68,598 Service charge Balance, August 31 125 130 21,432 Interest earned A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,070; receipts $74,370; disbursements $73,49o; and balance, August 31, $19,950. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,880 and outstanding checks of $4,580. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was journalized and posted for $40. Determine deposits in transit. Deposits in transit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS Determine outstanding…1. The summary of the bank column in the cash book of APINO Ltd. for the month ended October 31, 2012 is presented to you below; CASH BOOK Bal. b/d 11,000 Total Payments 54,000 Receipts 79,000 Bal. c/d 36,000 90,000 90,000 When the bank statement of the company was received on 31st October 2012, it showed a balance of GHC 21,560 which differed from that of the cash book. Your investigation of the accounting records for the period reveals the following information. Bank charges of GH¢320 appear in the bank statement on 30th October 2012 but have not been recorded in the cash book. Cheques from a customer Papa Kay totaling GH¢2,890 entered in the cash book on 29th October, 2012 were credited by the bank on 2nd November, 2012. A cheque for GH¢ 1000 entered in the cash book was yet to be submitted for payment by the payee. A cheque for GH¢12, 900 drawn by APINO Ltd. to pay for a new item of plant had been…
- The following information is for Dylex Corporation: a Balance per the bank statement dated July 31, 2014 is $29,050. b. Balance of the Cash account on the company books as of July 31, 2014 is $15,555. c. Bank service charges for the month amount to $30. d. Included with the bank statement was a $25 credit memorandum for interest eamed on the bank account during the month. e. Bank deposit on July 31, 2014 for $1,400 does not appear on the bank statement 1. Cheque #391, for office supplies in the amount of $924, was recorded in the Cash Disbursements Journal incorrectly as $9.924 g. Included with the bank statement was an NSF cheque for $700 that had been received from a customer in payment of his account h. Cheques written that had not cleared the bank by July 31, 2014 were #412: $1,400 #401 $1,450 # 402 $1,200 #400 $1,350 #415 $1,200 Prepare a bank reconciliation statement as of July 31, 2014, as well as the necessary adjusting journal entries. Enter the transaction letter as the…Marin Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information. Balance, August 1 $18,685 Bank debit memorandum: August deposits 71,285 Safety deposit box fee $ 100 Checks cleared in August 68,603 Service charge 125 Bank credit memorandum: Balance, August 31 21,262 Interest earned 120 A summary of the Cash account for August shows the following: balance, August 1, $18,985; receipts $74,285; disbursements $73,495; and balance, August 31, $19,775. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,875 and outstanding checks of $4,575. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was recorded for $40. Determine deposits in transit. Deposits in transit $4 7875 Determine outstanding checks. (Hint: You need to correct disbursements for the check error.) Outstanding…Miller Corporation’s December 31, 2016, bank statement showed a $2,054.25 balance. On this date, Miller’s Cash account reflected a $326.60 overdraft. In reconciling these amounts, the following information is discovered: 1. Cash on hand for undeposited sales receipts, December 31, $133.25. 2. Customer NSF check returned with bank statement, $424.20. 3. Cash sales of $627.25 for the week ended December 18 were recorded on the books. The cashier reports this amount missing, and it was not deposited in the bank. 4. Note receivable of $2,300.00 and interest of $23 collected by the bank and not recorded on the books. 5. Deposit in transit December 31, $340.00. 6. A customer check for $380.30 in payment of its account was recorded on the books at $830.30. 7. Outstanding checks, $2,032.55. Includes a duplicate check of $65.85 to C. Brown, who notified Miller that the original was lost. Miller stopped payment on the original check and has already adjusted the cash account…
- The trial balance as of December 31, 2015 of Maki Corp. has a Cash in bank balance of P80,000. The company received the bank statement for December. Deposit in transit at year-end is P15,000 and outstanding checks totaled P35,000. The bank statement showed and ending balance of P100,000. What is the correct Cash in Bank balance of the company at year-end?Miller Corporation's December 31, 2016, bank statement showed a $2,054.25 balance. On this date, Miller's Cash account reflected a $326.60 overdraft. In reconciling these amounts, the following information is discovered: 1. Cash on hand for undeposited sales receipts, December 31, $133.25. 2. Customer NSF check returned with bank statement, $424.20. Cash sales of $627.25 for the week ended December 18 were recorded on the books. The cashier reports this amount missing, and it was not deposited in the bank. 4. Note receivable of $2,300.00 and interest of $23 collected by the bank and not recorded on the books. 5. Deposit in transit December 31, $340.00. 6. A customer check for $380.30 in payment of its account was recorded on the books at $830.30. Outstanding checks, $2,032.55. Includes a duplicate check of $65.85 to C. Brown, who notified Miller 7. that the original was lost. Miller stopped payment on the original check and has already adjusted the cash account in the accounting…In reconciling the Cash in Bank of Inner Company with the bank statement balance for the month of November 2018, thefollowing data were summarized: Book debits for November, including October CM for note collected, P60,000 P800,000 Book credits for November, including NSF of P20,000 and service charge of P800 for October P620,000 Bank credits for November, including CM for November for bank loan of P100,000 andOctober deposit in transit for P80,000. P700,000 Bank debits for November including October outstanding checks of P170,800 and Novemberservice charge of P200 P600,000what is the amount for outstanding checks for november?
- Below is information about Adam Ltd’s cash position for the month of May 2020. The general ledger Cash at Bank account had a balance of $42,400 on 30 The cash receipts journal showed total cash receipts of $585,408 for The cash payments journal showed total cash payments of $530,148 for The June bank statement reported a bank balance of $82,368 on 30 Outstanding cheques at the end of May were: 221, $2896; no. 225, $308; and no. 230, $820. Cash receipts of $20,180 for 31 May were not included in the May bank A dishonoured cheque written by a client Jim Ltd, $272 A credit for an electronic transfer from a customer of $1,288 Interest earned, $88 Account and transaction fees, $240. Required: Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May. Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account. Prepare a bank reconciliation…Intermediate accounting 1 (Tutorial #2) 1) On May 31, 2014, ABC Company had a cash balance per books of $6,781.50. The bank statement from New York Bank on that date showed a balance of $6,404.60. A comparison of the statement with the Cash account revealed the following facts. a) The statement included a debit of $40 for the printing of additional company checks. b) Cash sales of $836.15 on May 12 were deposited in the bank. The cash receipts journal entry was incorrectly made for $886.15. The bank credited ABC Company for the correct amount. c) Outstanding checks at May 31 totaled $576.25. Deposits in transit were $2,416.15. d) On May 18, the company issued a check for $685 to Jeff on account. The check, which cleared the bank in May, was incorrectly journalized and posted by ABC Company for $658. e) A $3,000 note receivable was collected by the bank for ABC Company on May 31 plus $80 interest. The bank charged a collection fee of $20. On May 31, the bank statement showed an NSF…Discussion question: Street Cellular Company recently received its bank statement for the month of February, 2012 from Mona Commercial Bank. The book balance as stated in the cash account differs from the balance that appears on the bank statement. A comparison of the bank statement with the cash account revealed the following: i) The ledger account for Cash showed a balance at February 28 of $29,250 ii) The February bank statement showed a closing balance of $54,600. iii) The bank statement included bank charges of $300. iv) There was an EFT deposit of $18,000 on the bank statement for the monthly rent due from a tenant. v) Examination of the paid cheques revealed that cheques #541 and #543 for $2,050 and $4,200, respectively, were not amongst the cancelled cheques returned with the statement. vi) During the evening of February 28, a deposit of $38,000 was placed in the night deposit box at the bank after closing hours; this is not shown on the bank statement. vii)…
