Jane Company provided the following information at month-end: Cash in bank per bank statement Deposit in transit Outstanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including 8,000,000 1,200,000 1,500,000 150,000 interest of P100,000 1,100,000 Service charge for the current month NSF checks of customers returned by bank Error in recording the check in the book. The correct amount 20,000 500,000 as paid by the bank is P100,000 instead of P200,000 as recorded in the book 100,000 Saving deposit in other bank closed by BSP Currency and coins on hand 1,000,000 900,000

Jane Company provided the following information at month-end: Cash in bank per bank statement Deposit in transit Outstanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including 8,000,000 1,200,000 1,500,000 150,000 interest of P100,000 1,100,000 Service charge for the current month NSF checks of customers returned by bank Error in recording the check in the book. The correct amount 20,000 500,000 as paid by the bank is P100,000 instead of P200,000 as recorded in the book 100,000 Saving deposit in other bank closed by BSP Currency and coins on hand 1,000,000 900,000

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

Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 Book balance: $8,923 Deposits in transit: $1,875 Outstanding checks: $569 and $1,423 Bank service charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $123 but posted in the accounting records as $213. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 • Book balance: $8,866 • Deposits in transit: $1,832 Outstanding checks: $589 and $1,623 • Bank service charges: $50 • Bank incorrectly charged the account $50. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense. If an amount box does not require an entry, leave it blank.
Karen 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 $25,200 Add: Deposits in transit 5,544 Deduct: Outstanding checks (7,200 ) Balance per books $23,544 Month of July Results Per Bank Per Books Balance July 31 $31,140 $33,300 July deposits 16,200 20,916 July checks 14,400 11,160 July note collected (not included in July deposits) 5,400 July bank service charge 54 July NSF check from a customer, returned by the bank (recorded by bank as a charge) 1,206 (a) Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
Jerome Company provided the following information for the month of December 2022: Balance per bank statement Balance per ledger Outstanding checks Deposit in transit Service Charge Proceeds of bank loan Customer's check charged back by the bank due to absence of signature Deposit of P100,000 incorrectly recorded by bank as NSF Check Note collected by the bank Erroneous debit memo of December 28, 4,000,000 2,700,000 600,000 475,000 10,000 940,000 Prepare bank reconciliation statement. 50,000 10,000 150,000 435,000 to charge company's account 200,000 Deposit from supplier made after bank's cutoff 300,000
Peterson Company's general ledger shows a cash balance of $7,720 on May 31. May cash receipts of $1,340, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check for $190 and a service fee of $60. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,710. The bank statement shows a balance of $7,840 on May 31. Prepare a bank reconciliation to calculate the correct ending balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Before reconciliation After reconciliation PETERSON COMPANY Bank Reconciliation May 31 SA Company's Cash Balance Before reconciliation 0 After reconciliation SA 0
The bank erroneously charged tropical services account for dollar 45050 for a check that was correctly
Please do not give image format
If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month end, and a check for $500 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is $27,500. $28,500. $20,500. $43,500.
Instructions The cash account for Norwegian Medical Co. at April 30 indicated a balance of $82,726. The bank statement indicated a balance of $128,040 on April 30. Comparing the bank statement and the accompa canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $34,090. A deposit of $18,430, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $31,779 on a $29,700 note, including interest of $2,079. A check for $1,900 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $190. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. A check drawn for $370 had been erroneously charged by the bank as $730. Bank service charges for April amounted to $55. Required Prepare a bank reconciliation. Be sure to complete the statement heading. Refer to the Labels and Amount…
Enterina Company provided the following bank reconciliation on May 31: Balance per bank statement Deposits Outstanding Checks Outstanding Correct Cash Balance benibni bnatomb 2,100,000 300,000 130,000) 2.370.000 to ext Balance per book Bank Service Charge Correct Cash Balance 2,372,000 | 2,000) 2.370,000 pA p sug Eubok Data for the month of June: Bank Book Checks recorded 2,300,000 1,620,000 420,000 10,000 1,830,000 Deposits recorded Collection by Bank (P400,000 note plus interest) 2,360,000 1,800,000 NSF Check returned with June 30 statement Balances 1,810,000 29. What is the amount of checks outstanding on June 302 30. What is the amount of deposits in transit on June 30? 31. What is the adjusted cash in bank on June 302 m nouss melasineadA eeyolgm3 TARRAM
Need help
I want Solution please provide it