MAY JUNE Cash in Bank balance 250,000 Bank statement balance. 412,500 Book credits 900,000 Book debits 1,000,000 Bank credits 875,000 Bank debits 662,500 Note collected by bank 75,000 125,000 Bank service charge 10,000 2,500 NSF Check 25,000 37,500 100,000 275,000 Deposit in Transit 222,500 465,000 Outstanding checks

MAY JUNE Cash in Bank balance 250,000 Bank statement balance. 412,500 Book credits 900,000 Book debits 1,000,000 Bank credits 875,000 Bank debits 662,500 Note collected by bank 75,000 125,000 Bank service charge 10,000 2,500 NSF Check 25,000 37,500 100,000 275,000 Deposit in Transit 222,500 465,000 Outstanding checks

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter23: Statement Of Cash Flows

Section: Chapter Questions

Problem 5CE

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Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35
Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.
Record the following transactions: A. Started a petty cash fund in the amount of $200. B. Replenished petty cash fund using the following expenses: Auto $15, Office Expenses $20, Postage Expense $81, Miscellaneous Expenses $66. Cash on hand is $10. C. Increased petty cash by $75.
SENSIBLE COMPANY provided the following ledger account of the Cash in Bank maintained with Second Bank SECOND BANK 100,000.00 DEC 30,000.00 771 20,000.00 772 DEC 1 BALANCE 1 CK# 6 DEPOSIT 5,000.00 773 35,000.00 774 15,000.00 775 30,000.00 776 25,000.00 777 40,000.00 4 12 DEPOSIT 40,000.00 6 24 DEPOSIT 50,000.00 10 31 DEPOSIT 60,000.00 14 18 24 The following bank statement was received from the Second Bank by Sensible Company Sensible Company Date Check No. Withdrawal Deposits Balance 130,000.00 120,000.00 100,000.00 95,000.00 90,000.00 115,000.00 1 768 10,000.00 771 20,000.00 4 772 5,000.00 6 773 35,000.00 30,000.00 12 774 15,000.00 40,000.00 12 776 52,000.00 63,000.00 8,000.00 50,000.00 10,000.00 45,000.00 CM 5,000.00 24 1042 105,000.00 28 NSF CHECK 140,000.00 28 SERVICE CHARGE 135,000.00 Other Information: 1. Sensible Company reconciled its bank balance on November 30 with 2 checks, No, 768 for Php 10,000.00 and No. 770 for Php 20,000.00 outstanding. 2. Check No. 1042 was drawn by…
Reconciliation of Heaven Company’s bank account atMay 31 is:Balance per bank statement 2,100,000Deposits in transit 300,000Checks outstanding ( 30,000)Correct cash balance 2,370,000Balance per book 2,372,000Bank service charge ( 2,000)Correct cash balance 2,370,000June data are as follows:BankTotal credits P1,620,000Total debits 2,300,000Collection by bank (P400,000Note plus interest)420,000NSF check 10,000Balance 1,420,000BooksDeposits recorded 1,800,000Checks recorded 2,360,000Balance 1,810,000 The deposits in transit on June 30 amount toa. P120,000 c. P900,000b. P480,000 d. P 0
What is the correct cash balance?
A company has P1,922,000 balance per books, P311,000 deposit in transit, P253,000 outstanding checks, P118,000 credit memo and P65,000 NSF check. What is the adjusted cash balance? A. P1,585,000B. P1,787,000C. P1,975,000D. P1,722,000
Presented below are the amount entered in the cash receipts book and cash payments book respectively Cash Receipts Cash Payments May 3 225,000 Chk No. 0901 56,250 May 7 168,750 Chk No. 0902 94,500 May 8 146,250 Chk No. 0903 208,125 May 31 54,000 Chk No. 0904 72,000 Chk No. 0905 29,250 Note: In the bank statement, the P19,500 credit on Mar. 30 is a deposit of Hades Company erroneously recorded by the bank under the account of Sparta Company. Beginning cash balance per general ledger is P20,625. Required: 1. Prepare a bank reconciliation 2. Prepare the necessary adjusting journal entries.
What is the unadjusted cash in bank per bank statement?