On June 1, 2018, Sheffield Inc. reported a cash balance of $12,900. During June, Sheffield made deposits of $4,980 and made disbursements totaling $14,900. What is the cash balance at the end of June? a. $17,880 debit balance b. $2,980 credit balance c. $2,000 credit balance d. $2,980 debit balance
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- Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?Kingbird, Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information. Balance, August 1 August deposits Checks cleared in August Bank credit memorandum: $18,770 Bank debit memorandum: 71,370 Safety deposit box fee $ 105 68,598 Service charge Balance, August 31 125 130 21,432 Interest earned A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,070; receipts $74,370; disbursements $73,49o; and balance, August 31, $19,950. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,880 and outstanding checks of $4,580. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was journalized and posted for $40. Determine deposits in transit. Deposits in transit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS Determine outstanding…The following information is for Dylex Corporation: a Balance per the bank statement dated July 31, 2014 is $29,050. b. Balance of the Cash account on the company books as of July 31, 2014 is $15,555. c. Bank service charges for the month amount to $30. d. Included with the bank statement was a $25 credit memorandum for interest eamed on the bank account during the month. e. Bank deposit on July 31, 2014 for $1,400 does not appear on the bank statement 1. Cheque #391, for office supplies in the amount of $924, was recorded in the Cash Disbursements Journal incorrectly as $9.924 g. Included with the bank statement was an NSF cheque for $700 that had been received from a customer in payment of his account h. Cheques written that had not cleared the bank by July 31, 2014 were #412: $1,400 #401 $1,450 # 402 $1,200 #400 $1,350 #415 $1,200 Prepare a bank reconciliation statement as of July 31, 2014, as well as the necessary adjusting journal entries. Enter the transaction letter as the…
- Shan Enterprises received a bank statement listing its May 31, 2018, bank balance as $47,582. Shan determinedthat as of May 31 it had cash receipts of $2,500 that were not yet deposited and checks outstanding of $7,224.Calculate Shan’s correct May 31, 2018, cash balance.The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank statement as of that date showed a balance of $7,470. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. 3. 4. 5. 6. 7. (a) There were bank service charges for June of $45. A bank memo stated that Bao Dai's note for $2,160 and interest of $64.80 had been collected on June 29, and the bank had made a charge of $9.90 on the collection. (No entry had been made on Sheffield's books when Bao Dai's note was sent to the bank for collection.) Receipts for June 30 for $6,102 were not deposited until July 2. Checks outstanding on June 30 totaled $3,844.89. The bank had charged the Sheffield Co.'s account for a customer's uncollectible check amounting to $455.76 on June 29. A customer's check for $162 (as payment on the customer's Accounts Receivable) had been entered as $108 in the cash receipts journal by Sheffield on June 15. Check no. 742 in the amount…The following information is produced by comparing the cash deposits and withdrawals recorded by the M&N Windows Ltd for the month with their most recent bank statement received at 30 June 2019:a. M&N Windows Ltd’ cash at bank ledger at 30 June 2019 is: $75,864b. Credit balance as per bank statement as at 30 June 2019 is: $101,160c. Bank statement shows an electronic transfer from a customer of $3,864d. Deposits in transit, $12,540e. Interest earned on bank account, $75f. Unpresented cheques, $37,407g. Service charge included in bank statement, $150h. Cheque for insurance expense, $5,370 incorrectly recorded in books as $5,910i. A dishonoured cheque written by a client Jim Smith, $3,900The entity doesn’t use special journals for record keeping. The entity prepares bank reconciliation statement at the end of each month.Required:a) Prepare a bank reconciliation statement for M&N Windows Ltd at 30 June 2019. b) Discuss why a bank reconciliation is still necessary even most of…
- In reconciling the Cash in Bank of Inner Company with the bank statement balance for the month of November 2018, thefollowing data were summarized: Book debits for November, including October CM for note collected, P60,000 P800,000 Book credits for November, including NSF of P20,000 and service charge of P800 for October P620,000 Bank credits for November, including CM for November for bank loan of P100,000 andOctober deposit in transit for P80,000. P700,000 Bank debits for November including October outstanding checks of P170,800 and Novemberservice charge of P200 P600,000what is the amount for outstanding checks for november?On August 31, 2024, Cullumber Company had a cash balance per its books of $26,480. The bank statement on that date showed a balance of $17,260. A comparison of the bank statement with the Cash account revealed the following. 1. 2. 3. 4. 5. 6. (a) The August 31 deposit of $17,150 was not included on the August bank statement. The bank statement shows that Cullumber received EFT deposits from customers on account totalling $2,230 in August. Cullumber has not recorded any of these amounts. Cheque # 673 for $1,470 was outstanding on July 31. It did not clear the bank account in August. All of the cheques written in August have cleared the bank by August 31, except for cheque #710 for $2,340, and #712 for $2,650. The bank statement showed on August 29 an NSF charge of $688 for a cheque issued by R. King, a customer, in payment of their account. This amount included an $9 service charge by Cullumber's bank. The company's policy is to pass on all NSF service charges to the customer. Bank…At November 17, Icon Company has this bank information: cash balance per bank $6,950; outstanding checks $762; deposits in transit $1,700; and a bank service charge $20. Determine the adjusted cash balance per bank at August 31, 2010.
- Ming Company presented you the following information regarding its Cash in bank account for the monthof May of the current year:a) Balances per bank statements: April 30, P1,250,000 and May 31, P1,350,000b) Balances of cash in bank account in company’s books: April 30, P1,251,000 and May 31, 1,051,000c) Total charges in the bank statement during May were P1,300,000d) Undeposited receipts were: April 30, P200,000 and May 31, P153,000e) Outstanding checks as of April 30, P150,000f) Erroneous bank credits: April 30, P45,000 and May 31, P17,000g) Erroneous bank charge: April 30, P20,000 and May 31, P30,000h) Collection by the bank not yet recorded in the books were: April 30, P125,000 and P150,000 inMayi) NSF not entered in the books were: April 30, P110,000 and P75,000 in Mayj) Customer’s check deposited in April amounting to P21,000 was erroneously entered in the booksas P12,000. Assumed this was corrected in May.REQUIRED:a) How much were the cash disbursements per books in May and…You obtained the following information on the current account of Par Company during your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P 306,000 . Among the bank credits in November was customer’s noted for P 100,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were costs of checkbooks amounting to P 1,200 and a P 40,000 check which was charged by the bank in error against Par Company account. Also in November, you ascertained that there were deposits in transit amounting to P 80,000 and outstanding checks totaling P 170,000. The bank statement for the month of December showed total credits of P 416,000 and total charges of P 204,000. The company’s books for December showed total debits of P 735,600 , total credits of P 407,200 and a balance of P485,600. Bank debit memos for December were: No. 121 for service…What is the accounts receivable balance on November 30 2023 of this general accounting question?
