On March 1, 2023, Pinnacle Corp. reported a cash balance of $24,800. During March, Pinnacle made deposits of $9,350 and made disbursements totaling $22,600. What is the cash balance at the end of March? a. $33,850 debit balance b. $11,550 credit balance c. $11,550 debit balance d. $2,200 credit 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)?South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 timesOn July 31, 2025, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. (a) The bank service charge for July was $20.00. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. The July 31 receipts of $1,308.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349.00. Checks outstanding on July 31 totaled $1,979.10. On July 31, the bank statement showed an NSF charge of $685.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (List…
- Below is information about Adam Ltd’s cash position for the month of May 2020. The general ledger Cash at Bank account had a balance of $42,400 on 30 April. The cash receipts journal showed total cash receipts of $585,408 for May. The cash payments journal showed total cash payments of $530,148 for May. The June bank statement reported a bank balance of $82,368 on 30 May. Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820. Cash receipts of $20,180 for 31 May were not included in the May bank statement. A dishonoured cheque written by a client Jim Ltd, $272 A credit for an electronic transfer from a customer of $1,288 Interest earned, $88 Account and transaction fees, $24 Required: Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May. Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account.…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 cash account of Waterway Co. showed a ledger balance of $18,781.68 on June 30, 2025. The bank statement as of that date showed a balance of $19,920. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. There were bank service charges for June of $120. A bank memo stated that Bao Dai's note for $5,760 and interest of $172.80 had been collected on June 29, and the bank had made a charge of $26.40 on the collection. (No entry had been made on Waterway's books when Bao Dai's note was sent to the bank for collection.) 3. Receipts for June 30 for $16,272 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $10,253.04. 5. 6. The bank had charged the Waterway Co.'s account for a customer's uncollectible check amounting to $1,215.36 on June 29. A customer's check for $432 (as payment on the customer's Accounts Receivable) had been entered as $288 in the cash receipts journal by Waterway on June 15. 7. Check no. 742 in the amount…
- 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…The following information relates to Halloran Company's accounts receivable for 2024: Accounts receivable balance, 1/1/2024 $ 841,000 Credit sales for 2024 3,450,000 Accounts receivable written off during 2024 51,000 Collections from customers during 2024 2,960,000 Allowance for uncollectible accounts balance, 12/31/2024 218,000 What amount should Halloran report for accounts receivable, before allowances, at December 31, 2024?please solve this question
- 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…Marlon, Inc. reported a balance of $143 ub uts cash account at the end of the month. There were $120 of deposits in transit and $115 of checks outstanding. The bank statement showed a balance of $150, service charges of $6, and the collection of a note plus interest. The note had a face value of $15. How much interest did the bank collect for the company? a. $18 b. $3 c. $24 d. $12Do not give answer in image
