Preparation of Corrected Bank ReconciliationThe Grandioso Company had poor internal control over its cash transactions. Facts about its cash position atNovember 30, 2020 were as follows:The cash book showed a balance of P 189,016.20, which included undeposited receipts. A credit of P 1,000on the bank's records did not appear on the books of the company. The balance per bank statement was P155,500. Outstanding checks were: # 62 for P 1,162.50, #183 for P 1,500, #284 for P 2,532.50, #8621 for P1,907.10, #8623 for P 2,068, and #8632 for P 1,452.80.The cashier abstracted all undeposited receipts in excess of P 37,944.10 and prepared the followingreconciliations:189,016.20Balance per books, November 30, 2020Add: Outstanding ChecksNo.83211,907.1086232,068.001,452.80No.No.86324,427.90Total193,444.10Less: Undeposited ReceiptsBalance per bank, November 30, 202037,944.10155,500.00Less:Unrecorded credit1,000.00154,500.00True cash, November 30, 2020Required:Prepare a supporting schedule showing how much the cashier abstracted. SOLUTION:GRANDIOSO CCOMPANYBank ReconciliationAs of November 30, 2020BankBookBalances, unadjustedAdjustments:Deposit in TransitOutstanding Checks:AmountNo.No.No.No.No.No.Unrecorded creditsTotal balances0.000.00Discrepancy (Shortage)Balance per bank, adjusted0.000.000.00

A bank reconciliation statement is a summary of banking and business activity that reconciles an…

he Grandioso Company had poor internal control over its cash transactions. Facts about its cash position at lovember 30, 2020 were as follows: he cash book showed a balance of P 189,016.20, which included undeposited receipts. A credit of P 1,000 n the bank's records did not appear on the books of the company. The balance per bank statement was P 55,500. Outstanding checks were: # 62 for P 1,162.50, #183 for P 1,500, #284 for P 2,532.50, #8621 for P ,907.10, #8623 for P 2,068, and #8632 for P 1,452.80. he cashier abstracted all undeposited receipts in excess of P 37,944.10 and prepared the following econciliations:

he Grandioso Company had poor internal control over its cash transactions. Facts about its cash position at lovember 30, 2020 were as follows: he cash book showed a balance of P 189,016.20, which included undeposited receipts. A credit of P 1,000 n the bank's records did not appear on the books of the company. The balance per bank statement was P 55,500. Outstanding checks were: # 62 for P 1,162.50, #183 for P 1,500, #284 for P 2,532.50, #8621 for P ,907.10, #8623 for P 2,068, and #8632 for P 1,452.80. he cashier abstracted all undeposited receipts in excess of P 37,944.10 and prepared the following econciliations:

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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VKS Company has the following selected accounts with unadjusted balances:· Cash on petty cash fund (including unreplenished expenses with supporting receipts of P12,000)- P75,000· Cash in bank (net of P21,000 account with BPI which has a credit balance due to overdrawn checks)- P245,000· Checks issued (post-dated as of year-end)- P155,000· Checks prepared, recorded but was not delivered to vendor- P120,000 Assuming no other cash items are on hand nor pending clearing and that the post-dated check was not deposit until it was ready for credit with the bank, how much should be included as cash and cash equivalent in the statement of financial position to be presented as of year end?
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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.
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
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The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.
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