Mercury Company’s unadjusted book balance at September 30 is $701. If the company's accountant mistakenly recorded a $18 check as $81. After correcting the mistake, Mercury Company would show a cash balance of $______
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Mercury Company’s unadjusted book balance at September 30 is $701. If the company's accountant mistakenly recorded a $18 check as $81. After correcting the mistake, Mercury Company would show a cash balance of $______
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- The June disbursements of Lovely Company shows a total of P2,566,400. The following errors, however, were discovered relating to two checks issued by the company and cleared by the bank during the month of June.*Check #12345 was drawn for P32,300 but was erroneously recorded as P23,300.*Check #12543 was drawn for P20,000 but was erroneously recorded as P2,000. How much is the correct disbursements per books?The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.The following information is from Madison Corporation's accounting records for May. Check #3269 was returned as a double payment and voided. Checks that have not cleared the bank include #3252, #3260, and series #3275-3278. Check # Amount Check # Amount 3247 $ 32.64 3263 $ 24.87 3248 400.00 3264 45.00 3249 309.22 3265 33.78 3250 256.00 3266 756.77 3251 3,212.17 3267 84.34 3252 56.89 3268 789.00 3253 98.02 3269 48.90 3254 47.55 3270 34.41 3255 1,124.77 3271 872.00 3256 250.00 3272 22.00 3257 68.00 3273 562.38 3258 215.56 3274 512.00 3259 38.55 3275 603.50 3260 92.65 3276 67.00 3261 44.61 3277 301.61 3262 72.96 3278 47.88 In addition to the above list of the checks, Madison had check #2264 for $32.98 and check #2655 for $45.99 outstanding previously that have not cleared.
- Wright Company's cash account shows a $30,500 debit balance and its bank statement shows $28,800 on deposit at the close of business on May 31. The May 31 bank statement lists $250 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $7,100. May 31 cash receipts of $7,700 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $550 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $300 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. August 31 cash receipts of $3,140 were placed in the bank’s night depository after banking hours and were not recorded on the August 31 bank statement. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. Outstanding checks as of August 31 total $3,020. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food’s account. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. Prepare any necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation.JW Company’s cash balance at the end of the month was $4,500. After comparing the company’s records with the monthly bank statement, JW’s accountant identified the following reconciling items: outstanding checks, $800; deposits in transit, $700; bank service charge, $30; NSF check, $200. The cash receipt of the NSF check was previously wrongly recorded by the JW company as $250. What is the adjusted bank balance? (Assumption, no fraud in this case)
- 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 $27,900. Cash balance according to the bank statement at July 31, $29,040. Checks outstanding, $5,660. Deposit in transit, not recorded by bank, $4,550. A check for $340 in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $60. a. Prepare a bank reconciliation, using the format shown in Exhibit 14.The June 30 cash balance in the general ledger is $785. The June 30 balance shown on the bank statement is $288. Checks issued but not returned with the bank statement were Number 712 for $13 and Number 723 for $44. A deposit made late on June 30 for $472 is included in the general ledger balance but not in the bank statement balance. Returned with the bank statement was a notice that a customer's check for $73 that was deposited on June 24 had been returned because the customer's account was overdrawn. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30. Prepare the adjusting journal entry that should be…Multi Data Inc. received its bank statement for the period ended 31st December, 2006.This did not agree with the balance shown in the cash book of $10,400 in the company's favor.An examination of the cash book and bank statement disclosed the following:(i) A customer of the company who received a cash discount of 5% of his account of$10,000 paid the company by check on December 10. The cashier, in error, entered thegross amount in the bank column of the cash book.(ii) A deposit of $20,450 paid in on 28th December had not been credited by the bankuntil January 2nd, 2007.(iii) Checks issued amounting to $10,780 has not been presented to the bank forpayment until after 31st December 2006.(iv) Bank charges amounting to $230 has not been entered in the cash book.(v) A check of $10,900 paid into the bank has been entered twice in the cash book.(Vi) A debit of $20,870 appeared on the bank statement for an unpaid check which hasbeen retured marked out of date. The check has been re-dated by…
- A company recorded its August 15 receipts on its books as P142,000. However, the receipts were actually P124,000. The deposit slip for the bank was prepared correctly as P124,000. What adjustment is needed to the Cash balance per books? Choices: Increase by P18,000 Decrease by P18,000 Erase the wrong amount No adjustment neededThe cash account shows a balance of $41500 before reconciliation. The bank statement does not include a deposit of $9600 made on the last day of the month. The bank statement shows a collection by the bank of $3950 and a customer's check for $1350 was returned because it was NSF. A customer's check for $1320 was recorded on the books as $1960, and a check written for $323 was recorded as $389. The correct balance in the cash account was O $44674. O $43394. O $43526. O $53126.help me