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- For each of the following, indicate if the statement reflects an input component, output component, or storage component of the accounting information system for a bank. A. Online customer check ordering system. B. Approved loan applications. C. Report of customers with savings accounts over $5,000. D. Desktop hard drive on computer used by bank presidents administrative assistant. E. List of the amount of money withdrawn from all of the banks ATMs on a given day.Scenario: Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 28 Aug The owner took $5000 out of the bank for his personal use. 28 Aug Provided services for cash 12 small motorbike engines $350.00 per engine 6 medium size motorbike engines $550.00 per engine 4 medium size motor bike engines $800.00 per engine 29 Aug…ABC company are involved with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug 3 Aug 5 Aug 7 Aug 10 Aug 10 Aug 11 Aug 12 Aug Started business with $150, 000 in the bank Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe 24 Boxes Disc Pads Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (full service) 8 medium size motorbike engines (full service) Paid Rent by cheque Paid Wages by cheque Bought Fixtures from CT Limited paying by cash Provided services on credit to Auto Care. 24 small motorbike engines 8 large motor bike engines (partial service) 12 medium size motorbike engine (partial service)…
- following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 4/9 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.00 per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited $3,500.00 paying by cash 11 Aug Provided services on credit to…PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. 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 P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…You have been asked to help out a small Landscaping company by preparing their month-end bank reconciliation for February, 2022. You have gathered the following information: Balance per the bank statement, February 28, 2022 $5,033 Unadjusted balance per books (G/L), February 28, 2022 $1,950 A deposit made on February 28th not yet recorded by the bank $6,375 Outstanding cheques (total) as of February 28, 2022 $4,928 You found the following items on the bank statement that were either not included in the books (G/L) or were entered incorrectly: Bank Service Charges $35 NSF cheque from R. Bounce was returned by the bank $685 (this was for an outstanding account receivable) Note and interest collected by the bank on behalf of the company $5,250 ($5,000 is for the note and $250 is interest that was collected) Required – а. Prepare the adjusting entries required for the cash account. Calculate the adjusted balance per books. b. Prepare a bank reconciliation as at February 28.
- Read and understand the transaction. Prepare a Bank Reconciliation Statement using the following methods: a. Adjusted Method b. Book-to-bank Method c. Bank-to-book Method Use the space provided for each method for you answer. Moonlight Company maintains cash in ODB Bank. The following information was made available for the month of October 2021: • The bank statement at the of the month shows P10,000. • Deposits not yet reflected in the bank statement, P84,000. • Checks issued but not yet encashed by the payees, P65,000. The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, P4,000. • The ledger shows a cash-in-bank balance of P12,000. Notes receivable collected by the bank for Moonlight Company amounted to P16,000. • Interest earned by Moonlight Company from keeping their cash at ODB Bank is P5,000. • ODB Bank charged Moonlight Company P1,000 service charges directly debited to their account as seen in the bank statement. •…The bookkeeper for Blossom Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bank reconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bank statement showed the following: Date May 1 3 5 15 19 21 25 25 27 28 31 BLOSSOM MANUFACTURING LTD. Bank Statement May 31 NSF fee Description Deposit Cheque, No. 001 Cheque, No. 002 Deposit Cheque, No. 004 Cheque, No. 006 Returned cheque-NSF, S. Gillis Cheque, No. 009 Cheque, No. 010 Bank service charges Amounts Deducted from Account (Debits) 1.648 7,277 8,457 1,016 1,377 31 2,173 2,005 43 Amounts Added to Account (Credits) 25,500 4,743 Balance 25,500 23,852 16,575 21,318 12,861 11,845 10,468 10,437 8,264 6,259 6,216 Blossom's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following:Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019: He provides you with the following information: Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751…
- Given this book and bank statement information, create an October bank reconciliation for Arrowhead company. And the journal entries required for the book side. BOOK INFO: Cash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck 10102 Accounts Payable 1,374.12 6,885.74 10/2/2020 Ck 10103 Rent 3,420.00 3,465.74 10/2/2020 Ck 10104 Utilities 689.00 2,776.74 10/4/2020 Deposit 3,743.10 6,519.84 10/4/2020 Ck 10105 Advertising 344.21 6,175.63 10/4/2020 Ck 10106 Subscription 102.84 6,072.79 10/9/2020 Ck 10107 Internet 74.97 5,997.82 10/9/2020 Deposit 4,859.47 10,857.29 10/9/2020 Ck 10108 Telephone 221.00 10,636.29 10/9/2020 Deposit 11,339.64 21,975.93 10/12/2020 Ck 10109 Accounts Payable 1,680.00 20,295.93 10/13/2020 Ck 10110 Wages…Using the following information, prepare a bank reconciliation for Kingbird Beauty Supply Company for May 31, 2025. a. b. C. d. e. f. The bank statement balance is $8,280. The cash account balance is $6,600. Outstanding checks totaled $1,900. Deposits in transit are $600. The bank service charge is $20. Collection of note by the bank, $400. Kingbird Beauty Supply Company Bank Reconciliation $ $ $ $Determine the following: d. Adjusted bank balance on May 31, 2021 PROBLEM 2: The following data are gathered by the account of CHOPPER TECH. 4/30/2021 5/31/2021 Cash account balance 53,000 87,400 Bank statement balance 260,000 340,000 Deposits in transit 20,500 32,200 Outstanding checks 69,000 75,000 Bank service charges 1,500 1,300 NSF checks 20,600* Company's note receivable collected by bank 160,000 211,100 * Redeposited and recorded in the same month. The bank statement and the company's cash records show the following totals: Cancelled checks and debit memos per bank statement P 540,000 Cash receipts per cash book 400,000 Checks written per cash book 524,100 Deposits and credit memos per bank statement 620,000