Prepare bank reconciliation statement on November 30showing adjusted balances and the journal entries onNovember 30.Flamboyant Company prepared the following bankreconciliation on October 31:990,000Cash account balanceLess: Bank service chargeDeposit outstandingCheck erroneously charged by5,00045,000bank against entity's account10,00060,000930,000BalanceAdd: Checks outstanding125,00045,000Unrecorded collections170,000Bank statement balance1,100,000990,0001,200,000710,000October 31 balance per bookBook creditsBook debitsOctober 31 balance per bank statementBank credits1,100,000500,0001,000,000Bank debitsDebit memo for service charge in NovemberDebit memo for a customer's NSF check in November10,00050,000During the month of November, the bank corrected theP10,000 error committed in prior month.The entity recorded as cash receipt a customer notereceivable of P100,000 placed with the bank for collectionon November 30. The note was not collected until thesubsequent month.Your answer

A bank reconciliation statement is a statement that is prepared to reconcile the bank balance as per…

Prepare bank reconciliation statement on November 30 showing adjusted balances and the journal entries on November 30. * Flamboyant Company prepared the following bank reconciliation on October 31: 990,000 Cash account balance Less: Bank service charge Deposit outstanding Check erroneously charged by 5,000 45,000 bank against entity's account 10,000 60,000 Balance 930,000 125,000 45,000 Add: Checks outstanding Unrecorded collections 170,000 Bank statement balance 1,100,000 October 31 balance per book Book credits Book debits 990,000 1,200,000 710,000 October 31 balance per bank statement Bank credits 1,100,000 500,000 1,000,000 Bank debits Debit memo for service charge in November Debit memo for a customer's NSF check in November 10,000 50,000 During the month of November, the bank corrected the P10,000 error committed in prior month. The entity recorded as cash receipt a customer note receivable of P100,000 placed with the bank for collection on November 30. The note was not collected until the subsequent month.

Prepare bank reconciliation statement on November 30 showing adjusted balances and the journal entries on November 30. * Flamboyant Company prepared the following bank reconciliation on October 31: 990,000 Cash account balance Less: Bank service charge Deposit outstanding Check erroneously charged by 5,000 45,000 bank against entity's account 10,000 60,000 Balance 930,000 125,000 45,000 Add: Checks outstanding Unrecorded collections 170,000 Bank statement balance 1,100,000 October 31 balance per book Book credits Book debits 990,000 1,200,000 710,000 October 31 balance per bank statement Bank credits 1,100,000 500,000 1,000,000 Bank debits Debit memo for service charge in November Debit memo for a customer's NSF check in November 10,000 50,000 During the month of November, the bank corrected the P10,000 error committed in prior month. The entity recorded as cash receipt a customer note receivable of P100,000 placed with the bank for collection on November 30. The note was not collected until the subsequent month.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

esc QUESTIONS On May 31, Money Corporation's Cash account showed a balance of $12,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items: Checks outstanding Deposits outstanding NSF check from a customer Service fees Error: Money Corporation wrote a check for $65 but recorded it incorrectly for $650. What is the amount of cash that should be reported in the company's balance sheet as of May 31? O $10,915 O $12,215 O $11,630 O $12.850 None of the above Click Save and Submit to save and submit. Click Save All Answers to save all answers. ! 1 9 F1 Q A 1 N NO @ 2 39 F2 W S #3 X H aption command 20 F3 E D $ 4 Q F4 C R F 07 dº % 5 e F5 T V MacBook Air ^ 6 G F6 Y B & 7 8 H F7 U * 00 8 N $ 1,450 2,300 240 130 DII F8 J ( 1 9 DD K M ) 0 0 Save All F10 E
The following data were gathered to use in reconciling the bank account of Reddan Company: $ 17,900 10,300 Balance per bank Balance per company records Bank service charges 40 Deposit in transit Note collected by bank with $170 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 3,400 4,900 6,140 b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $6,580 Adjustments: Outstanding checks $3,160 Error by Chesner Co. in recording Check No. 1056 as $940 instead of $490 450 Note for $10,300 collected by bank, including interest 10,710 Deposit in transit on July 31 (6,700) Bank service charges (40) Total adjustments 7,580 Cash balance according to bank statement $14,160 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to bank statement $fill in the blank b5a44b06801801d_1 Adjustments: Deposit in transit on July 31 $fill in the blank b5a44b06801801d_3 Outstanding checks…
Instructions The following data were gathered to use in reconciling the bank account of Donovan Company: Balance per bank $14,385 Balance per company records 11,200 Bank service charges 60 Deposit in transit 2,125 NSF check 1,480 Outstanding checks 6,850 Required: a. What is the adjusted balance on the bank reconciliation? b. On March 1, journalize any necessary entries for Donovan Company based on the bank reconciliation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journal b. On March 1, journalize any necessary entries for Donovan Company based on the bank reconciliation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line…
Please prepare a bank reconciliation and journal entries for the month ended April 30th for Bannon Co. 1) Balance per bank statement $ 9,915 2) Balance per cash general ledger account (books) $ 8,954 3) April 30th deposit of $ 2,600 is not on the bank statement (Deposit in Transit) 4) Check numbers #219 for $ 1000 and # 222 for $ 1,100 written in April do not appear on the April bank statement (Outstanding Checks) 5) Debit memo for a $ 20 service charge appeared on the bank statement 6) The bank incorrectly deducted $ 400 from Bannon's checking account 7) The bank collected a note on behalf of the company in April, a credit memo for net proceeds of $ 2,000 included the principal of $1,900, interest of $ 150, less a collection fee of $ 50 accompanied the bank statement 8) A check from Apple Co. for $ 150 was returned by the bank marked NSF 9) The bank added $40 of interest earned directly to the checking account balance 10) A Cash Sale in the amount of $ 297 was erroneously journalvized…
Get the Solution
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $6,070 Adjustments: Outstanding checks $2,910 Error by Chesner Co. in recording Check No. 1056 as $710 instead of $170 540 Note for $9,500 collected by bank, including interest 9,880 Deposit in transit on July 31 (6,180) Bank service charges (50) Total adjustments 7,100 Cash balance according to bank statement $13,170 a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., use the format shown in the Let’s Review section. For those boxes in which you must enter subtracted or negative numbers use a minus sign. b. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?$fill in the blank
Entries for Bank Reconciliation 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, $22,240. Cash balance according to the bank statement at July 31, $23,450. Checks outstanding, $4,510. Deposit in transit, not recorded by bank, $3,630. A check for $590 in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 b. July 31
Need help
Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000.b. Balance according to the ledger at December 31, $245,410.c. Checks outstanding at December 31, $68,540.d. Deposit in transit, not recorded by bank, $29,500.e. Bank debit memo for service charges, $750.f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. Kornett CompanyBank ReconciliationDecember 31, 20Y8 choices: Bank svc chg; Cash balance according to bank stmt; Cash balance according to company's stmt; Cash; Petty cash $ choices: Add error in recording check; Add deposit in transit-not recorded by bank; Deduct error in recording check; Deduct deposit in transit-not recv'd by bank; Deduct bank svc chg choices: Add error in recording check; Add outstanding checks; Add bank svc chg; Deduct bank svc chg; Deduct outstanding checks Adjusted balance $…
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
Do not give answer in image