Question CompletionMoving to another question will save this response.Question 6AMA Company's bank statement for 31st December 2021 showed a cash balance of $2750. The company's Cash account in its general ledger showed a$2000 debit balance. The following information was also available as of December 31sta. A $900 NSF check from a customer, J. Steel is shown on the bank statement but not yet recorded by the company.b. The December 31st cash receipts, $3,250, were placed in the bank's night depository after banking hours and this amount did not appear on theDecember 31st bank statement.c. A $59 debit memorandum for checks Book deducted by the bank.d. Outstanding checks amounted to $2,339.e. A customer's note for $2,790 was collected by the bank. A collection fee of $20 was deducted by the bank and the difference was deposited in theaccount.f. The bank erroneously deducts a check for $150 by mistake.Required: Prepare a bank reconciliation as of December 31stformat:W

1. NSF Checks are not sufficient funds checks which are recorded in books of accounts but was not…

Answered: f. The bank erroneously Required:…

Business

Accounting

f. The bank erroneously Required: Prepare a bank reconciliation as of December 31st

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…