For the next two questions:The bank statement of ABC Company hadan ending balance of P 3,375,000 at theend of the month. The following are theonly reconciling items to be considered:The bank erroneously credited ABCCo. for P 21,000 loan proceeds●as service charge●The bank charged ABC Co. P 15,000103,000●Deposit in transit amounted to POutstanding checks totaled P 302,000A note was collected by the bank forABC Co. in the amount of P 76,000- The adjusted bank balance at the end ofthe month was●O P 3,155,000P 3,536,000OP 3,557,000O (none of these)

Ideally cash balance as per books must reconcile with bank balance as per bank statement. In case,…

For the next two questions: The bank statement of ABC Company had an ending balance of P 3,375,000 at the end of the month. The following are the only reconciling items to be considered: The bank erroneously credited ABC Co. for P 21,000 loan proceeds The bank charged ABC Co. P 15,000 as service charge Deposit in transit amounted to P ● ● 103,000 Outstanding checks totaled P 302,000 A note was collected by the bank for ABC Co. in the amount of P 76,000 ● ● - The adjusted bank balance at the end of the month was P 3,155,000 OP 3,536,000 O P 3,557,000

For the next two questions: The bank statement of ABC Company had an ending balance of P 3,375,000 at the end of the month. The following are the only reconciling items to be considered: The bank erroneously credited ABC Co. for P 21,000 loan proceeds The bank charged ABC Co. P 15,000 as service charge Deposit in transit amounted to P ● ● 103,000 Outstanding checks totaled P 302,000 A note was collected by the bank for ABC Co. in the amount of P 76,000 ● ● - The adjusted bank balance at the end of the month was P 3,155,000 OP 3,536,000 O P 3,557,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

5. Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381, whereas Johnson's cash account shows a balance of $22,025 on October 31. The following additional information is available: 6. A $855 deposit made on October 31 was not recorded by the bank until November. 7. At the end of October, outstanding checks total $1,222. 8. The bank statement shows bank service charges of $125 not yet recorded by the company. 9. The company erroneously recorded as $973 a check that it had actually written for $379. It was correctly processed by the bank. 10. A $480 check 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 Johnson Corporation.
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
The following details are found in the incomplete bank reconciliation statement of Phillip Company for the month ended September 30, 2021: Notes receivable of the customer collected and deposited in the bank- 250,000 Service Charge- 35,000 Interest Income on Deposits- 25,000 Deposits in Transit- 250,000 Outstanding Checks- 350,000 Balance per cash ledger- 725,000 Check of Phillip erroneously charge by the bank to Phillipa - 57,800 What is the reconciled cash to be reported by Phillip Company?
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
On December 31st, the cheque book balance of Bob's Burgers Ltd. was $1,301.31. The bank statement balance was $1,670.26. Cheques outstanding were $3,152.88. The statement revealed a deposit in transit of $2,815.35 as well as a bank service charge of $112.88. The company earned interest income of $44.30. Complete a bank reconciliation for Bob's Burgers Ltd. $1,332.73 $1,968.23 $1.514.04 $1,345.61 $1,414.19 $1,896.66 $1.269.89 $2.454.19
The bank statement for Jonzac Inc. showed a balance of $900, and the checkbook balance indicated $1,420. The total amount of outstanding cheques is $35. A $5 cheque printing charge and a $50 NSF were reported on the bank statement. There was a $500 deposit in transit. What is the reconciled balance? a. $1,095 b. $1,045 O c. $1,040 d. $1,365 P Type here to search ASUS
Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: 3. The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the general ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 in deposits were received during the month. 4. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of September, the Company books show that $11,670 of cheques were issued, yet the bank statement showed that $10,500 of cheques cleared the bank in September. There were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 11) What were the deposits in transit at September 30? f) $2,260 g) $2,150 h) $1,960 i) $2,650 j) None of the above 12) What were the outstanding cheques at September 30? f) $2,020 g) $2,120 h) $1,170 i) $1,980 j) None of the above FlDage 13) Which of the following is are the…
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $146,035. The bank statement indicated a balance of $181,965 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $16,445. B. A deposit of $9,900, representing receipts of June 30, had been made too late to appear on the bank statement. C. The bank collected $31,800 on a $30,000 note, including interest of $1,800. D. A check for $2,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $200. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. E. A check drawn for $170 had been erroneously charged by the bank as $710. F. Bank service charges for June amounted to $75. 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer…
Mc Graw Hill Nolan Company's cash account shows a $24,659 debit balance and its bank statement shows $23,918 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,619. b. The June 30 bank statement lists $22 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $80 check written by the company was mistakenly recorded in the company's books as $89. d. June 30 cash receipts of $3,373 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $26 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information. Bank statement balance. Add: Deduct: Adjusted bank balance NOLAN COMPANY Bank Reconciliation June 30 $ 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0 0
1
Sunland's Sweet Shop's August 31 bank balance was $11,127. The company's cash balance at August 31 was $10,805. Other information follows: Outstanding cheques were #421 for $157, #485 for $257, #492 for $167, and #494 for $1,157. Cheque #421 was also outstanding on July 31 and was included on July's bank reconciliation. 1. Included with the statement were EFT deposits totalling $1,727 during August in payment of accounts receivable. These deposits have not been recorded by the company. 2. Cheque #490 was correctly written and paid by the bank for $206. The cheque had been issued to pay accounts payable and the company had recorded it as $266. 3. 4. The bank statement showed a cheque #4832 for $787, which did not appear on the company's books. Investigation revealed that the cheque was actually issued by Wally's Water Works and was charged to Sunland's Sweet Shop's account in error. 5. The bank returned an NSF cheque from a customer for $377. The bank statement showed two debit…
Minor Company had checks outstanding totaling $5,145 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,287. The May bank statement shows that $26,372 in checks cleared the bank in May. A check from one of Minor Company's customers of $354 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a.$20,060 b.$67,659 c.$19,706 d.$21,227