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 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 Note collected by the bank Erroneous debit memo of December 28, to charge company's account 200,000 Deposit from supplier made after bank's cutoff 300,000

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 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 Note collected by the bank Erroneous debit memo of December 28, to charge company's account 200,000 Deposit from supplier made after bank's cutoff 300,000

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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Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Cash balance per company records, September 30 $2,607 Deposits in transit 474 816 21 Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check Determine the adjusted balance on September 30. a. $2,156 b. $1,501 Oc. $3,262 Od. $2,296 1,580 140
Iron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank reconciliation: Deposit in transit P6,800 Outstanding checks 15,600 April 2019 data: Per Bank Per Book Balance, March 31 296,560 287,760 Deposits reflected 190,400 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) Balance, April 30 319,680 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. How much is Iron’s deposits in transit at April 30? P12,400 P18,000 P1,200 P5,600 How much is Iron’s outstanding checks at April 30? P27,600 P34,400 P18,800 P24,800
Barotil Company provided the following information for the month of December: Balance per bank statement Balance per cash book Outstanding Checks Deposit in Transit Service Charge Proceeds of bank loan, December 1, discounted for 4,000,000 2,700,000 600,000 475,000 10,000 6 months at 12% not recorded on company books 940,000 Customer's check charged back by bank for absence of Counter signature 50,000 Deposit of P100,000 incorrectly recorded by bank as Check of Buendia Company charged by bank against Barotil 10,000 Company Account 150,000 Customer's Note collected by bank in favor of Barotil Company Face 400,000 40.000 440,000 5,000 Interest Total Collection Fee 435,000 Erroneous debit memo of December 28, to charge company's Account with settlement of bank loan 200,000 300,000 Deposit of Buendia Company credited to Barotil Company 6. What is the adjusted cash in bank on December 31?
Hh1. Prepare the bank reconciliation and corresponding journal entries. ONE SIDE BANK BALANCE AND OTHER SIDE BALANCE PER GENERAL LEDGER(BOOK BALANCE)
The following items may appear on a bank statement: 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service charge Using the following format, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the bal- ance of the company's account: Appears on the Bank Statement as Increases or Decreases the Balance of the Company's Bank Account a Debit or Credit Memo Item No.
Cool Company prepared the following bank reconciliation for the month of November:Balance per bank statement, November 30 3,600,000Add: Deposit in transit 800,000 4,400,000Less: Outstanding checks 1,200,000Bank credit recorded in error 200,000 1,400,000Balance per book, November 30 3,000,000 Data per bank statement for the month of December: December deposits, including note receivablecollected of P 1,000,000 for Cool Company 5,500,000December disbursements, including NSF checkP350,000 and service charge P50,000 4,400,000 All items that were outstanding on November 30 cleared through the bank in December,including the bank credit. In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on December 31. 1.…
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At August 31, Saladino Coffee has the following bank information: cash balance per bank Rp5.200.000, outstanding checks Rp1.462.000, deposits in transit Rp1.211.000, and a bank debit memo Rp110.000. Determine the adjusted cash balance per bank at July 31. Cash balance per bank Rp 5.200.000,00 Add : Deposits in Transit Rp 1.211.000,00 Rp 6.411.000,00 Less Outstanding Checks Rp 1.462.000,00 Adjusted cash balance per bank Rp 4.949.000,00 The information below relates to the Cash account in the ledger of Saladino Coffee Balance Rp 10.094.000 Rp 884.000 Collection of electronic funds transfer Interest earned on checking accounts NSF check: R. Doll Rp 26.000 Rp 245.000 Safety deposit box rent Rp 35.000 Cash balance per books Rp10.094.000 Add: *** ... Less NSF Check Rp245.000 Adjusted cash balance per books
Please prepare a bank reconciliation and journal entries for the month ended April 30th for Bannon Co. 1) Balance per bank statement $ 9,915 2) Balance per cash general ledger account (books) $ 8,954 3) April 30th deposit of $ 2,600 is not on the bank statement (Deposit in Transit) 4) Check numbers #219 for $ 1000 and # 222 for $ 1,100 written in April do not appear on the April bank statement (Outstanding Checks) 5) Debit memo for a $ 20 service charge appeared on the bank statement 6) The bank incorrectly deducted $ 400 from Bannon's checking account 7) The bank collected a note on behalf of the company in April, a credit memo for net proceeds of $ 2,000 included the principal of $1,900, interest of $ 150, less a collection fee of $ 50 accompanied the bank statement 8) A check from Apple Co. for $ 150 was returned by the bank marked NSF 9) The bank added $40 of interest earned directly to the checking account balance 10) A Cash Sale in the amount of $ 297 was erroneously journalvized…
2. Frivolous Company provided the following information for the bank reconciliation: Checks and charges returned by bank in June incuding June service charge of P50,000 8,000,000.00 Service charge made by bank in May and recorded on book in June 100,000.00 Tota credits to cash in all journals during June Customer's NSF check returned as a bank charge in 9,000,000.00 June (no entry made on book) Customer's NSF check returned in May and redeposited 1,000,000.00 in June (no entry made on book in either May or June) 500,000.00 Outstanding Checks at June 30 4,950,000.00 What is the amount of outstanding checks on May 31?
PROBLEM Corona Company's bank statement for the month of March 2021, included the following information : Ending balance, March 31, P 280,460 Bank service charge for March, P 1.300 Interest paid by bank to Corona for March, 1,070 In comparing the bank statement to its own cash records , Corona found the following : Deposits made but not yet recorded by the bank, P 36,890 Checks written and mailed but not yet recorded by the bank, 47,860 In addition Corona discovered that it had erroneously recorded a check for P 460 that should have been recorded for P 640. QUESTION What is Corona's correct cash balance at March 31 2020 ?
From the following particulars of Trident boutique, prepare a bank reconciliation statement as on 31st March, 2018. a) Debit balance as per cash book of 10,500 b) Cheque deposited into bank amounting to 5,500 credited by bank, but entered twice in the cash book c) Cheques issued and presented for payment amounting to 7,000 omitted in the cash book d) Cheque book charges debited by the bank 200 not recorded in the cash book. e) Cash of 1,000 deposited by a customer of the business in cash deposit machine not recorded in the cash book.