Lovable Company prepared the following bank reconciliation on June 30:Balance per bank statement, June 30Deposit in transit3,000,000400,0003,400,000Total( 900,000)Outstanding checksThe bank statement for the month of July showed the following:Deposits, including P200,000 note collected for lovableDisbursements, including P140,000 NSF check9,000,000and P10,000 service charge7,000,000All reconciling items on June 30 cleared through the bank in July.The outstanding checks totaled P600,000 and the deposit in transit amounted toP1,000,000 on July 31.What is the amount of cash disbursement per book in July?A.6,550,000B.6,700,000C.7,300,000O D.6,850,000

Disbursements -: Disbursement is an act of providing the money for getting the fund. Which…

Lovable Company prepared the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total 3,000,000 400,000 3,400,000 ( 900,000) Outstanding checks The bank statement for the month of July showed the following:

Lovable Company prepared the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total 3,000,000 400,000 3,400,000 ( 900,000) Outstanding checks The bank statement for the month of July showed the following:

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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Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,300. During May, the total cash deposited was $71,330 and checks written totaled $66,230. The bank statement indicated a balance of $24,180 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $10,770. A deposit of $8,770, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,640 on a note left for collection. The face of the note was $4,280. A check for $270 returned with the statement had been incorrectly charged by the bank as $720. A check for $630 returned with the statement had been recorded by Brentwood Bike Co. as $360. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $70. A check for $1,070 from Jennings…
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2. The June 30 bank reconciliation also reported outstanding checks of $680. During the month of July, Dawes Company's books show that $17,200 of checks were issued. The bank statement showed that $16,400 of checks cleared the bank in July (b) In situation (2), what were the outstanding checks at July 31? Outstanding checks at July 31
Refer to the information given below: a. The August 31 balance shown on the bank statement is $9,050. b. There is a deposit in transit of $1,300 at August 31. c. Outstanding checks at August 31 totaled $1,620. d. Interest credited to the account during August but not recorded on the company's books amounted to $68. e. A bank charge of $44 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived. f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $142 had been recorded as a disbursement of $412. g. The August 31 balance in the general ledger Cash account, before reconciliation, is $8,436. Required: a-1. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on August 31. (Use amounts with + for increases and amounts with for decreases.) Cash Assets…
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Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,370. During May, the total cash deposited was $71,780 and checks written totaled $66,650. The bank statement indicated a balance of $24,330 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $10,840. A deposit of $8,830, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,670 on a note left for collection. The face of the note was $4,310. A check for $490 returned with the statement had been incorrectly charged by the bank as $940. A check for $520 returned with the statement had been recorded by Brentwood Bike Co. as $250. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $50. A check for $1,080 from Jennings…
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