MDB Company provided the following data pertaining to the cash transactions and bank account for the month of May: Cash balance per accounting record Cash balance per bank statement Bank service charge Bank Debit Memo Outstanding checks Deposits made on May 30 and not yet reflected in the bank statement Collections made by the bank from a customer promissory note, the principal amount of Php800,000 with interest Check No. 1234 issued to a supplier entered in the accounting record as P210,000 but deducted in the bank statement at an erroneous amount of Customer check returned by the bank marked as NSF. No entry has been made to record the returned check Php 1,719,000 3,195,000 10,000 5,000 685,000 500,000 810,000 21,000 77,000 What is the adjusted cash in bank?

MDB Company provided the following data pertaining to the cash transactions and bank account for the month of May: Cash balance per accounting record Cash balance per bank statement Bank service charge Bank Debit Memo Outstanding checks Deposits made on May 30 and not yet reflected in the bank statement Collections made by the bank from a customer promissory note, the principal amount of Php800,000 with interest Check No. 1234 issued to a supplier entered in the accounting record as P210,000 but deducted in the bank statement at an erroneous amount of Customer check returned by the bank marked as NSF. No entry has been made to record the returned check Php 1,719,000 3,195,000 10,000 5,000 685,000 500,000 810,000 21,000 77,000 What is the adjusted cash in bank?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $14,720. Cash balance according to the bank statement at July 31, $15,730. Checks outstanding, $2,990. Deposit in transit, not recorded by bank, $2,400. A check for $270 in payment of an account was erroneously recorded in the check register as $720. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company’s records at July 31, $49,910. 2. Cash balance according to the bank statement at July 31, $48,250. 3. Checks outstanding, $4,460. 4. Deposit in transit, not recorded by bank, $6,450. 5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30. Required: Journalize the entry or entries that should be made by the company. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTSNakajima Co.General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes…
An examination of the records of St. Isidore Company's for the month of December included the following information: Bank statement December 31 balance 1,500,000 Bank service charge for December Interest paid by bank to St. Isidore Company for December Check issued to a supplier withdrawn from the bank at P35,000 but recorded as P53,000 for a difference of 10,000 15,000 18,000 Deposits made but not yet recorded by the bank Deposit of San Isidro credited by the bank to St. Isidore's account Checks written and mailed but not yet recorded by the bank 150,000 40,000 350,000 Petty cash fund 10,000 What is the cash in bank balance per ledger on December 31? A. 1,237,000 B. 1,260,000 C. 1,273,000 D. 1,500,000
The books of Spaghetti Company disclosed a cash balance of P691,720 on June 30. The bank statem ent as of June 30 showed a balance of P556,800. Additional information that might be useful in reconciling the two balances follows: * Check No. 128 for P13,000 was erroneously recorded in the check register as P30,000. * A customer's note dated March 31 was discounted on April 12. The note was dishonored on June 29 (maturity date). The bank charged Spaghetti's account for P142,650, which includes a protest fee of P420. The deposit of June 24 was recorded on the books as P28,950 but it was actually a deposit of P29,850. Outstanding checks totaled P98,850 as of June 30. * There were bank service charges for June of P2,100 not yet recorded on the books. * Spaghetti's account had been charged on June 26 for a customer's NSF check for P12,960. * Spaghetti properly deposited P6,000 on June 30 that was not recorded by the bank. Receipts of June 30 for P134,250 were recorded by the bank on July 2.…
Kindly answer with solutions in good accounting form, thanks.
The records of Parker Company indicate a July 31 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is $10,575. This balance includes a note of $2,250 plus $150 interest collected by the bank but not recorded in the journal. Checks outstanding on July 31 were as follows: No. 2670, $1,050; No. 3679, $675; No. 3690, $1,650; No. 5148, $225; No. 5149, $750; and No. 5151, $800. On July 25, the cashier resigned, effective at the end of the month. Before leaving on July 31, the cashier prepared the following bank reconciliation: Subsequently, the owner of Parker Company discovered that the cashier had stolen an unknown amount of undeposited receipts, leaving only $1,500 to be deposited on July 31. The owner, a close family friend, has asked for your help in determining the amount that the former cashier stole. Determine the amount the cashier stole from Parker Company. Show your computations in…
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $49,910. Cash balance according to the bank statement at July 31, $48,250. Checks outstanding, $4,460. Deposit in transit, not recorded by bank, $6,450. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Question Content Area a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co.Bank ReconciliationJuly 31 Cash balance according to bank statement $fill in the blank 8740c9ff3f91023_1 - Select - - Select - Adjusted balance $fill in the blank 8740c9ff3f91023_6 Cash balance according to company's records $fill in the blank 8740c9ff3f91023_7 - Select - - Select - Adjusted balance $fill in the blank 8740c9ff3f91023_12 Question Content Area b. If the…
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $188,438. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $19,427. b. A deposit of S12,300, representing receipts of June 30, had been made too late to appear on the bank statement. c. The bank collected $28,500 on a $25,000 note, including interest of $1,500. d. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account. e. A check drawn for $195 had been erroneously charged by the bank as $915. f. Bank service charges for June amounted to $55 1. Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.…
MDB Company provided the following data pertaining to the cash transactions and bank account for the month of May: Cash balance per accounting record Cash balance per bank statement Bank service charge Bank Debit Memo Php 1,719,000 3,195,000 10,000 5,000 685,000 500,000 810,000 Outstanding checks Deposits made on May 30 and not yet reflected in the bank statement Collections made by the bank from a customer promissory note, the principal amount of Php800,000 with interest Check No. 1234 issued to a supplier entered in the accounting record as P210,000 but deducted in the bank statement at an erroneous amount of Customer check returned by the bank marked as NSF. No entry has been made to record the returned check 21,000 77,000 What is the adjusted cash in bank?
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $18,670. Cash balance according to the bank statement at August 31, $19,920. Checks outstanding, $3,790. Deposit in transit not recorded by bank, $3,040. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. If an amount box does not require an entry, leave it blank. DateAccount Debit Credit a. 20Y6 August 31 Cash Accounts Payable b. August 31 Miscellaneous Expense Cash
Little Corporation's bank statement for the month of April included the following information: Bank service charge for April - P130 Check deposited by Little during April was not collectible and has been marked "NSF" by the bank and returned - 400 In comparing the bank statement to its own cash records, Little found: Deposits made but not yet recorded by the bank - P1,324 Checks written and mailed but not yet recorded by the bank - 987 All the deposits in transit and outstanding checks have been properly recorded in Little's books. Little also found a check for P350, payable to Little Corporation, that had not yet been deposited and had not been recorded in Little's books. Little's books show a bank account balance of P9,213 (before any adjustments or corrections). What is Little Corporation's correct Cash balance at April 30? a. P 8,683 b. P 9,213 c. P 8,333 d. P 9,033
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…