MICkey current year: Bank statement balance, March 31 Credit memo for interest credited by bank for the month of March Note collected by bank, including interest of P3,500 not yet taken up on the books NSF check returned with the bank statement P176,600 200 52,200 25,280 Bank service charges for March Proceeds from the loan borrowed 1,580 25,000 78,450 Outstanding checks as of March 31

Q: How would I figure out the adjusted trial balance sheet?  cash accounts receivable  equipment  etc

A: Explanation: The Ending Balances of all T-Accounts Transfer to Adjusted Trial Balance.

Q: Define the Note Issued for Cash.

A: Promissory Note:   A promissory note is a legal and financial tool that contains a written promise…

Q: Discuss the conversion from cash to accrual basis of an increase in accounts or notes receivable

A: In cash basis accounting the transactions are recorded when the cash related to them is issued or…

Q: How do I prepare the journal entry to establish the petty cash fund?

A: Dear student, kindly check the answer in the explanation box below.Explanation:To prepare the…

Q: What are the considerations for recording and recognizing cash discounts received?

A: Cash discounts, also known as sales discounts or prompt payment discounts, are reductions in the…

Q: Which ones have a credit balance? Bills in arrears Promissory notes receivable in advance

A: The different accounts in the business have normal Debit and credit balance. The assets and expenses…

Q: How is the account Cash Short and Over used?

A: An account that records the shortage overage of the cash is referred to as Cash Short and Over…

Q: Which of the following items on a cash reconciliation would require a journal entry by the company?…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

Q: a. The October 31 cash balance in the general ledger is $796. b. The October 31 balance shown on the…

A: Introduction: Bank Reconciliation statement: To reconcile the difference between the Pass book and…

Q: The total cash receipts have to be put in the final part?

A: The cash receipts means the amount of money received either through cash mode or bank.

Q: What does the days’ sales in receivables indicate, and how is it calculated?

A: Day's Sales: Day's sales refer to the average number of days for which a receivable remain…

Q: Based on the audit findings, answer the following: 1. What is the unadjusted book receipts in…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Why shouldn't the person in charge of cash receipts also be in charge of keeping track of accounts…

A: Internal Check -  An internal check is the accounting process where accounting transactions are…

Q: In what accounts should the following be classified: U.S. Treasury bills (45 days to maturity) — NSF…

A: Petty cash: Petty cash is also called an imprest cash account. The accountant or cashier of an…

Q: Why should cash receipts be deposited on the same day they are received?

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: how to adjust a cash book and prepare a bank reconciliation

A: Lets understand the basics. Bank reconciliation statement is a statement which matches the balance…

Q: hello may i ask how much is the net adjustment to the cash account? including debit or credit thank…

A: Assets have debit balance and Liabilities have credit balance. Cash account is current asset with a…

Q: So the cash shortage of $61 should be recorded in cash short and over?

A: The account of cash short and over is the account in the general ledger (GL) and this account…

Q: What is the adjusted balance on the bank reconciliation? (See image of additional info)

A: Cash balance as per bank statement 12,175 Add: Deposits in transit 1800   13,975 Less:…

Q: The Outstanding checks as of September 30 is?

A: Outstanding Checks- Outstanding check are those checks that are deposited in the bank but are yet to…

Q: How do businesses control cash receipts by mail?

A: Cash Receipts by Mail: Cash receipts are those payments that customer receives from the sales made.…

Q: how to calculate the year-end adjustment for Allowance for Uncollectible Accounts with a debit…

A: Uncollectible amounts from client accounts are referred to as bad debts. Accounts receivable suffers…

Q: The following are supporting schedules, except: * Summary of adjusting entries Cash count sheet…

A: Solution: The following are supporting schedules, except "Summary of adjusting entries".

Q: Write a note on cash discounts.

A:

Q: What are the common internal controls over cash receipts and cash disbursements?

A: Introduction: Internal control relates to a company's policies and plans, as well as extra efforts…

Q: How do you calculate Accounts Receivable (AR) Turnover and the Number of Days' Sales in Receivables?…

A:

Q: Outstanding checks for current period shall:

A: Outstanding checks are the check which are issued but not yet presented by other or cleared by bank.…

Q: Which adjustments need to be recorded in the accounting records? Those that affected the bank…

A: Introduction: All the paperwork and books used to create financial statements or records necessary…

Q: What adjustment is required when a check written in a prior month appears on the bank statement for…

A: A bank statement is just a monthly document sent by a bank to its customers that lists the…

Q: Why are cash receipts required to be deposited the same day they are received?

A: Cash receipts represent the revenue received for the sale of goods or services.

Q: debit memo on a bank statement

A: Banks need to communicate every debits and credits in the accounts of the customers. Debit memo is a…

Q: your view, what would cause the cash book of an enterprise to disagree with the bank statement at…

A: Disagreement between bank statement and books reasons 1. Outstanding checks- Depositor credits his…

Q: why is there generally a difference between the balance in a cash account on the company's books and…

A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…

Q: For number 13 how do i post that in a cash receipts journal?

A: The cash receipt journal is prepared to record all cash receipts. It records cash receipt…

Q: What was the 10/31 balance in Accounts Receivable?

A: Calculation of Total Sales for the Oct. Month(Amount in $) Total units to be sold in Oct(a) = 3000…

Q: Which of the following items must be deducted to the balance per ledger in preparing a bank…

A: Service charges: Banks debited the charges for maintain of account with bank and for the transaction…

Q: For VAT and Percentage transactions, state when will be the deadline for the remittances

A: VAT is value added tax and it is indirect tax which means tax is paid by consumer of goods or…

Q: can you cash a check from an equity reserve account

A: Equity reserve Equity reserve means the amount of money you can access in the future if you…

Q: H7. What specific information would you need to begin a cash receipts forecast? Identify three…

A: Cash budget is a tool used by businesses to forecast their cash receipts and cash payments for…

Q: How did you calculate the deposits and checks outstanding

A: The deposit which are deposited by  company on last date of month may not be reflected the in bank…

Q: When transferring money from the regular checking account to a special purpose payroll account which…

A: A checking account, also known as a transactional or demand account, is a type of bank account that…