Joey Co just completed it's bank reconciliation for the year-ended December 31, 20x1. The following adjustments were used as part of the bank reconciliation: Outstanding cheques Bank service charges Non-sufficient fund cheques from customers removed from bank account Deposits in transit A cheque from a customer was incorrectly recorded as $500 when it should have been recorded as $2,500. $2,100 300 200 1,700 What is the total adjustment required to cash in the general ledger?

Joey Co just completed it's bank reconciliation for the year-ended December 31, 20x1. The following adjustments were used as part of the bank reconciliation: Outstanding cheques Bank service charges Non-sufficient fund cheques from customers removed from bank account Deposits in transit A cheque from a customer was incorrectly recorded as $500 when it should have been recorded as $2,500. $2,100 300 200 1,700 What is the total adjustment required to cash in the general ledger?

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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Verification of Outstanding Checks from Corrected Bank Reconciliation In connection with your audit of the Morayta Corporation at December 31, 2020, you were given a bank reconciliation by a company employee which shows: Balance per bank Add: Deposit in Transit Total Less: Check Outstanding Balance per books 152,670 189,280 341,950 213,780 128,170 As part of your verification, you obtain the bank statement and cancelled checks from the bank on January 15, 2021. Checks issued from January 1 to 15, 2021 per books were P 112,410. Checks returned by the bank on January 15 amounted to P 292,190 (Checks paid by bank from January 1 to 15). Of the checks outstanding December 31, 2020, P 48,000 were not returned by the bank with the January 15th statement, and of those issued per books in January, 2021. P 36,000 were not returned. Required: Prepare a schedule showing the above data in proper form.
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the December bank statement has a balance of $5,300 before reconciliation. after reconciliation the adjust balance is 4100. if one deposit in transit amounted to 800 what was the total of the outstanding checks, assuming no other adjustments would be made to the bank statement
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