Littlestown Corporation reports the following information: Balance in National Bank checking account Certificates of deposit Petty cash Cash on hand Employees' IOUS Balance in Society Bank checking account Customer's postdated check Balance in Peoples Savings and Loan savings account $15,155 5,600 425 4,325 225 (300) 175 9,500 Required: Compute the correct amount of cash that will appear as a current asset on Littlestown Corporation's balance she

Littlestown Corporation reports the following information: Balance in National Bank checking account Certificates of deposit Petty cash Cash on hand Employees' IOUS Balance in Society Bank checking account Customer's postdated check Balance in Peoples Savings and Loan savings account $15,155 5,600 425 4,325 225 (300) 175 9,500 Required: Compute the correct amount of cash that will appear as a current asset on Littlestown Corporation's balance she

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter7: Internal Control And Cash

Section: Chapter Questions

Problem 3BE

See similar textbooks

Similar questions

Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.
Hajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.
Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bank
Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transit
Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.
Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
a. Why would a business use a Petty Cash Fund? b. Describe the entry needed to establish a 50 Petty Cash Fund and an entry to reimburse the fund.
When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?
Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the following information: (The attached picture) Additional Information:a. The payments of P2,000 and P50,000 shown on the bank statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for interest of P8,000. b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable. Requirements:1. Prepare the bank reconciliation.2. Prepare the journal entries to record the adjusting entries on the books of Entity A.
Se.111.
A
Which of the following items is subtracted from the “cash balance from bank statement” on a bank reconciliation? interest earned on the bank account outstanding cheques deposits in transit bank service charges