G. From the following particulars, you are required to find out the errors in cash book and bank statement by preparing Bank Reconciliation Statement as on March 31, 2021, ABC Corporation. (i) Bank balance overdraft as per cash book (ii) Check recorded for collection but not sent to the bank (iii) Credit side of the cash book cast short (iv) Premium on proprietor's Life Insurance Policy (LIP) paid on standing order. (v) Bank Charges recorded twice in the cash book. (vi) Customer's check returned by the bank as dishonored (vii) Bill Receivable collected by the bank directly on the behalf of company (viii) Check received entered twice in the cash book (ix) Check issued but dishonored on technical grounds (x) A checks deposited into the bank of worth P 45,000 but check was not collected by bank 80,000 10,000 1,000 ..5,000 100 4,000 .20,000 ....6,000 ..3,000 P 8,000

G. From the following particulars, you are required to find out the errors in cash book and bank statement by preparing Bank Reconciliation Statement as on March 31, 2021, ABC Corporation. (i) Bank balance overdraft as per cash book (ii) Check recorded for collection but not sent to the bank (iii) Credit side of the cash book cast short (iv) Premium on proprietor's Life Insurance Policy (LIP) paid on standing order. (v) Bank Charges recorded twice in the cash book. (vi) Customer's check returned by the bank as dishonored (vii) Bill Receivable collected by the bank directly on the behalf of company (viii) Check received entered twice in the cash book (ix) Check issued but dishonored on technical grounds (x) A checks deposited into the bank of worth P 45,000 but check was not collected by bank 80,000 10,000 1,000 ..5,000 100 4,000 .20,000 ....6,000 ..3,000 P 8,000

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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Which of the following items will not appear on the Books side of the reconciliation? A a non-sufficient funds check of $75 was returned to the bank and deduct it from the bank balance. Be a deposit was in transit in not yet deposited in the bank. See the bank charge a service fee of $20 on the bank statement. D the bank collected in notes receivable of $1000 for the business
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In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Erroneous charge (deduction) made by bank Outstanding checks Collection from customer by bank The 8/31 unadjusted cash balance per books is: Select one: a. $19,250 b. $18,550 c. $18,050 d. $19,050 e. $17,850 $ 18,050 3,250 100 2,750 600
If deposits per the cash ledger are $2,200, deposits per the bank ledger are $1,800, and the bank erroneously recorded a $400 deposit as $40, an adjustment of $360 for deposits in transit will be recorded on the bank reconciliation. O True O False
! Required information [The following information applies to the questions displayed below.] The bookkeeper at Washington Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The May 31, Current Year, bank statement and the May ledger account for cash showed the following (summarized): BANK STATEMENT Balance, May 1, Current Year Deposits during May Interest collected Checks cleared during May NSF check-B. C. Wong Bank service charges Balance, May 31, Current Year May 1 Debit Balance May Deposits Cash (A) Checks * Required: 1. Complete the following bank reconciliation. $ 47,400 360 110 Deposits $ 38,800 1,840 Credit 26,700 May Checks written 44,400 Balance $ 33,800 72,600 74,440 27,040 26,680 26,570 26,570 43,700 A comparison of checks written before and during May with the checks cleared through the bank showed outstanding checks at the end of May…
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
Bank Reconciliation Garrison Corporation was closing its books on May 31. Garrison's accountant prepared a bank reconcillation as of May 31 and has found the following possible reconciling items between its book balance and its cash balance per the bank: Garrison's book balance Outstanding checks Customer's NSF check returned by the bank Interest earned on checking account In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer's check: the amount was recorded in cash receipts as $350; the bank recorded the amount correctly as $530. Required: What amount will Garrison report as its adjusted cash balance at May 31? $15,870 960 190 120
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If a check correctly written and paid by the bank for $512 is incorrectly recorded in the company's books for $443, how should this error be treated on the bank reconciliation?
Question: The following errors were found when the controller at Mountain Motel was doing the June 30 bank reconciliation. On June 25, the bank posted a cheque in the amount of $825 to Mountain’s bank account. The cheque had been written by another company, Mountainside Company. For each of these errors, (a) indicate if and how it would be shown on the bank reconciliation, and (b) prepare the journal entry for Mountain if required. Please explain for the answer.