Egad Company provided the following information for October and November:Checks and charges recorded by Bank in NovemberIncluding a November service charge of P8,000 andAnd NSF check of P40,0001,100,000Service Charge made by bank in October and recorded byDepositor in November4,0001,240,000Total credits to cash in all journals during NovemberCustomer NSF check returned in October and redepositedIn November (no entry made by depositor in either OctoberOr November80,000Outstanding checks on October 31 that cleared in November560,00027. How much are the checks paid by bank in November?28. What is the amount of outstanding checks on November 30?Enterina Company provided the following bank reconciliation on May 31:Balance per bank statementDeposits OutstandingChecks Outstanding2,100.000300,00030,000)2.370.000Correct Cash BalanceBalance per bookBank Service ChargeCorrect Cash Balance2,372,000| 2,000)2.370,000Data for the month of June:BankВook2,300,0001.620,000420,00010,0001,830,0002,360,0001,800,000Checks recordedDeposits recordedCollection by Bank (P400,000 note plus interest)NSF Check returned with June 30 statementBalances1,810,00029. What is the amount of checks outstanding on June 30?30. What is the amount of deposits in transit on June 30?31. What is the adjusted cash in bank on June 30?

1) Outstanding checks are those that have been written and recorded in the bank column of the…

Enterina Company provided the following bank reconciliation on May 31: Balance per bank statement Deposits Outstanding Checks Outstanding 2,100.000 300,000 (30,000) 2.370.000 Correct Cash Balance Balance per book Bank Service Charge Correct Cash Balance 2,372,000 2,000) 2.370.000 Data for the month of June: Bank Book 2,300,000 2,360,000 1,800,000 Checks recorded Deposits recorded Collection by Bank (P400,000 note plus interest) NSF Check returned with June 30 statement 1,620,000 420,000 10,000 1,830,000 Balances 1,810,000 29. What is the amount of checks outstanding on June 30? 30. What is the amount of deposits in transit on June 30? 31. What is the adjusted cash in bank on June 30?

Enterina Company provided the following bank reconciliation on May 31: Balance per bank statement Deposits Outstanding Checks Outstanding 2,100.000 300,000 (30,000) 2.370.000 Correct Cash Balance Balance per book Bank Service Charge Correct Cash Balance 2,372,000 2,000) 2.370.000 Data for the month of June: Bank Book 2,300,000 2,360,000 1,800,000 Checks recorded Deposits recorded Collection by Bank (P400,000 note plus interest) NSF Check returned with June 30 statement 1,620,000 420,000 10,000 1,830,000 Balances 1,810,000 29. What is the amount of checks outstanding on June 30? 30. What is the amount of deposits in transit on June 30? 31. What is the adjusted cash in bank on June 30?

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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Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Determine the adjusted balance on May 31. Cash balance per company records, May 31 $4,119 Deposits in transit 157 Notes receivable and interest collected by bank 840 Bank charge for check printing 27 Outstanding checks 1,081 NSF check 188 a.$3,847 b.$4,744 c.$997 d.$3,195
Using the following information: The bank statement balance is $4,690. The cash account balance is $5,080. Outstanding checks amounted to $715. Deposits in transit are $1,020. The bank service charge is $40. A check for $72 for supplies was recorded as $27 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co.Bank ReconciliationAugust 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: Deposits in transit not recorded by bank $fill in the blank 3 Outstanding checks fill in the blank 5 Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $fill in the blank 10 fill in the blank 12 Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $5.750. The bank reconciliation for the month contained the following items: Deposits in transit Outstanding checks Interest earned NSF check returned to bank Bank service charge Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice $4,980. O $5,300. $ 770 495 20 120 20 $5,630.
Beverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…
Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation: Cash balance per company's records, May 31 Deposits in transit Note receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check $4,461 213 855 38 1,599 164 Determine the adjusted balance that would appear in the company section of the bank reconciliation on May 31. Oa. $3,075 Ob. $5,114 Oc. $1,068 Od. $3,766
Using the following information: a. The bank statement balance is $3,106. b. The cash account balance is $3,320. c. Outstanding checks amounted to $655. d. Deposits in transit are $714. e. The bank service charge is $146. f. A check for $59 for supplies was recorded as $50 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance
Sharon Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the c records. June 30 Bank Reconciliation Balance per bank Add: Deposits in transit Deduct: Outstanding checks Balance per books $35,000 7,700 (10,000) $32,700 Month of July Results Balance July 31 July deposits July checks July note collected (not included in July deposits) July bank service charge July NSF check from a customer, returned by the bank (recorded by bank as a charge) Per Bank Per Books $43,250 22,500 20,000 7,500 75 1,675 $46,250 29,050 15,500 | I
Bank reconciliation and entriesThe cash account for Stone Systems at July 31, 20Y5, indicated a balanceof $17,750. The bank statement indicated a balance of $33,650 on July 31,20Y5. Comparing the bank statement and the accompanying canceledchecks and memos with the records reveals the following reconcilingitems: A. Checks outstanding totaled $17,865.B. A deposit of $9,150, representing receipts of July 31, had beenmade too late to appear on the bank statement.C. The bank had collected $6,095 on a note left for collection. Theface of the note was $5,750.D. A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as $930. The check was forthe payment of an obligation to Holland Co. for the purchase ofoffice supplies on account.E. A check drawn for $1,810 had been incorrectly charged by thebank as $1,180.F. Bank service charges for July amounted to $80. Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries.3. If a balance sheet…
Blue Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $37,800 Add: Deposits in transit 8,316 Deduct: Outstanding checks (10,800 ) Balance per books $35,316 Month of July Results Per Bank Per Books Balance July 31 $46,710 $49,950 July deposits 27,000 31,374 July checks 21,600 16,740 July note collected (not included in July deposits) 5,400 July bank service charge 81 July NSF check from a customer, returned by the bank (recorded by bank as a charge) 1,809 Prepare a bank reconciliation going from the balance per bank and balance per book to correct cash balance.
The following bank reconciliation was prepared as of June 30, 20Y7: Line Item Description Amount Amount Cash balance according to bank statement $15,915 Add: Outstanding Check No. 1067 $565 Outstanding Check No. 1106 450 Outstanding Check No. 1110 1,090 Outstanding Check No. 1113 950 Total additions 3,055 Deduct: Deposit of June 30 not recorded by bank (6,900) Adjusted balance $12,070 Cash balance according to company’s records $8,070 Add: Proceeds of note collected by bank: Face value $6,000 Proceeds of note collected by bank: Interest 300 Service charges 10 Total additions 6,310 Deduct: Check returned because of insufficient funds $900 Error in recording June 17 deposit of $8,150 as $1,850 6,300 Total deductions (7,200) Adjusted balance $7,180 b. Prepare a corrected bank reconciliation.…
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30:1. Balance per Cash account, June 30, $15,875.55.2. Balance per bank statement, June 30, $16,425.56.3. Deposits not reflected on bank statement, $1,631.25.4. Outstanding checks, June 30, $2,836.01.5. Service charge on bank statement not recorded in books, $24.75.6. Error by bank—Yertel Company check charged on Young Company’s bank statement, $1,237.50.7. Check for advertising expense, $562.50, incorrectly recorded in books as $1,170.00.
Exercise 9-2 (Static) Activity Variances [LO9-2] Flight Café prepares in-flight meals for airlines and its planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (9) Revenue ($4.50q) Expenses: Raw materials ($2.409) Wages and salaries ($5,200 + $0.309) Utilities ($2,400 + $0.059) Facility rent ($4,300) Insurance ($2,300) Miscellaneous ($680 + $0.109) Total expenses Net operating income In July, 17,800 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.50g) Expenses: Raw materials ($2.40q) Wages and salaries ($5,200 + $0.309) Utilities ($2,400 + $0.059) Facility rent ($4,300) Insurance ($2,300) Miscellaneous ($680 + $0.109) Total expenses Net operating income 18,000 $ 81,000 43,200 10,600 3,300 4,300 2,300 2,480 66,180 $ 14,820 17,800 $ 80,100 42,720 10,540 3,290 4,300 2,300 2,460 65,610 $ 14,490…