Required:a. Prepare proof of cash using the adjusted balance method?b. What is the adjusted bank disbursement in December? 2.Data for CPA Company are shown below:Nov 30Dec 31Cash account balancePhp 20,340Php 48,540Bank statement balance107,060137,820Deposits in transitOutstanding checksBank service charges for the month,Not shown on company books8,20012,88027,70030,100720б00NSF checks returned by bank, not shown on company booksBank collections from company customers, not shown on company books8,24080,9004,30072,240Additional information:a. Deposits and credit memos per bank statementb. Canceled checks and debit memos per bank statementCash receipts per cash bookd. Checks written per cash bookPhp 249,100218,340с.172,880211,900

Bank Reconciliation Statement The purpose of preparing the bank reconciliation statement to tally…

Answered: Prepare proof of cash using the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Indicate whether each transaction would require an adjustment to the bank balance or the book balance when reconciling cash. Interest earned on the cash balance per the bank Choose. statement Minimum balance bank fee charged on the bank Choose. statement Collecton on a note from a customer as indicated on the Choose. bank statement NSF check received from a customer as revealed on the Choose. bank statement Outstanding checks Choose. Bank service charge on the bank statement Choose.
Match each item to a bank statement adjustment, a company books adjustment, or either. Question 8 options: NSF check Bank charges Outstanding checks Error in recording a check Interest revenue Deposit in transit Note collected by the bank 1. bank statement adjustment 2. company books adjustment 3. either
Required:1. Prepare a bank reconciliation as of February 28.2. Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation.3. What is the amount of cash that should be reported on the February 28 balance sheet?
7) Adjusting entries are made: A) For the differences between the bank statement cash balance and adjusted cash balance on the bank reconciliation. B) For the difference between the book (financial statement) cash balance and the adjusted cash balance on the bank reconciliation. C) Both A and B are true. D) Neither A, nor B, is true.
Are 1 year certificates of deposit recorded on bank reconciliation?
The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying instead, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, current year, bank statement and the April ledger accounts for cash showed the following (summarized): Balance, March 31, current year Deposits during April Notes collected for company (including $83 interest) Cheques cleared during April NSF cheque-A. B. Wright Bank service charges Balance, April 30, current year Mar. 31 Balance Apr. Deposits Bank Statement Apr. 30 Balance Cash in Bank 24,800 43,450 Apr. Cheques written Cash on Hand 230 Cheques Deposits Balance $33,600 71,000 72,310 26,510 26,337 26, 254 26,254 $45,800 173 83 $ 37,400 1,310 42,400 A comparison of cheques written before and during April with the cheques cleared through the bank showed that cheques of $5,400 are still outstanding at April 30. No deposits in transit were carried over…
a.Prepare the updated cashbook. b.Prepare the bank reconciliation statement as at 31 December 2020.

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Prepare proof of cash using the adjusted balance method? b. What is the adjusted bank disbursement in December?