Prepare the bank account in the general ledger on 31 May 2021. BANKB5DATEDETAILSFOLAMOUNTDATEDETAILSFOLAMOUNT Interest of R480 received from the bank was not recorded in the cashbook.ou have been provided with the following information from the books of Zebra Traders:Information from the Bank Reconciliation Statements on the 30th April 2021The following entries appeared in the cashbooks of Zebra Traders and not in the May BankStatement:Balance as per bank statement (Favourable)17 200Outstanding deposits:Add: Outstanding deposits:10 April 2021R17 300 on the 17th May00s 8400 on the 31" May30 April 202100S 87Less: Outstanding cheques2001: Dated 10 October 2020Cheques not yet presented for payment:(2 220)2651: Dated 27 April 2021(4 150)2785 for R6 500 dated 12th May 20212691: Dated 10 May 2021(11330)2805 for R7 770 dated 25th June 2021Bálance as per bank account (Favourable)36 500The bank statement balance as at 31st May 2021 is R20 815 favourable.Cheque 2651 appeared on the bank statement for May 2021.The totals of the cashbooks before any adjustments:Deposit on the 30h April appeared on the May 2021 bank statement.Cheque 2001 has to be cancelled as the charity organisation that it was given to no longerCashbook receipts R8 500exists.Cashbook payments R4 500The outstanding deposit of R8 500 was in respect of cash received from an outstandingdebtor. This deposit has not appeared on the May 2021 bank statement and it has beendiscovered that this amount was recorded but it was never deposited. The owner hasauthorised that this amount be written off as a loss to the business. The owner has alsoundertaken to investigate who is responsible for this theft.A comparison of the May 2021 bank statement and the May 2021 cashbooks revealed thefollowing:Bank charges of R530 were not recorded in the cashbooks.Cheque number 2712 issued to creditor Mr. L lon, appeared correctly in the bankstatement as R5 630 but was incorrectly recorded in the Cashbook Payments asR6 530.A monthly stop order of R1 800 for insurance needs to be recorded in thecashbook.A dishonoured cheque for R2 355 appeared on the bank statement. This chequewas received from Miss H Yena, a debtor in settlement of her account of R2 400.

General ledger transactions are a summary of journal entries to sub-ledger accounts. It encompasses…

Answered: Prepare the bank account in the general…

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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The following information was taken from the books of Zia Traders on 30 June 2019: 1. The items appearing on the bank reconciliation statement of Zia Traders as at 31 May 2019. Details Amount (R) Balance as per bank statement (unfavourable) 25400 Oustanding deposit 5700 Outstanding cheques: CHQ116 1430 CHQ135 2780 Correction of incorrect cheque(see note 2.5 below) 570 Balance as per bank account ? A comparison of the cashbooks for June, the above bank reconciliation statement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June: -Cashbook Receipts R 113 200 -Cashbook Payments R 96 000 2.2 The outstanding deposit at the end of May for R5 700 appeared on the bank statement on 5 June 2019. 2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bank statement amount was correct. 2.4…
Can you add the information to the table below. Accounts Receivable Beginning balance Ending Balance 0 What is the net increase or decrease in the Cash account for year 2021?
When transferring money from the regular checking account to a special purpose payroll account which of the following accounts would be debited? Cash Wage expense Payroll Cash Net Pay
Grace Corporation shows the following account balances in their financial records as of December 31, 2020. Undeposited cash collections Cashier's checks Bank drafts Demand deposit Petty cash fund Cash fund set aside for payroll purposes Check from customer dated January 5, 2020 Traveler's check O P304,350 P554,350 O P566,350 P 23,850 O P504,350 45,500 50,000 105,000 10,000 How much 'Cash' balance is reported in the statement of financial position as of December 31, 2020? 250,000 12,000 70,000
When a drawee bank certifies a check, it charges the drawer's account. with the amount of the check and transfers those funds to its own certified check account. within a business day immediately within 48 hours whenever the drawer requests
An adjusting entry is required for: Select one© a. Deposit în transit.O b. Outstanding checksO c. Bank errorsO d. Collection of a note by the bank
Prepare bank reconciliation at June 30 2020.
The following information was taken from the books of Zia Traders on 30 June 2019: The items appearing on the bank reconciliation statement of Zia Traders as at 31 May 2019. Details Amount (R) Balance as per bank statement (unfavourable) 25400 Oustanding deposit 5700 Oustanding cheques: CHQ116 1430 CH135 2780 Correction of incorrect cheque (see note 2.5 below) 570 Balance as per bank account ? A comparison of the cashbooks for June, the above bank reconciliation statement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June: -Cashbook Receipts R 113 200 -Cashbook Payments R 96 000 2.2 The outstanding deposit at the end of May for R5 700 appeared on the bank statement on 5 June 2019. 2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bank…
III. Direction: Fill in the blank. Use the word given in the box to fill the blank.Assume today is September 15, 2021.1. A check written today and dated November 1, 2021 is a _____________.2. A check written today and dated June 15, 2021 is a _________________.3. A check received today from customer dated February 15, 2021 is a ____________.4. A check written today and dated September 15, 2021 is a ___________________.5. A check that is payable to “Cash” is a _______________.6. The institution in which the depositor’s bank account is maintained is the __________.7. The owner of bank account whose signature appears on check is the ________.8. The person entitled to the payment of check is the _________________.9. A check with two parallel lines at the left corner of the check is ___________.10. A check payable to individual whose name appears on check is a ____________
Using general GL codes (expense, receivable, revenue, etc.), write out the JE necessary to post each of these bank transactions: Account Activity Transaction Date 07/01/2022 07/01/2022 07/01/2022 07/01/2022 07/01/2022 Description Beginning Balance FX 157510619000001 EUR 17145 R ATE: 1.03944INV3318 INV3307 BRAINTREE FUNDING 6XDJXT LONGTAILVIDEO WIRE IN 220701B1Q8021C018706 202218219086;ORG AMAGI MEDIA L ABS PRIVATE LIMITED;OBI S1023 ADP 401K ADP 401k 94YL7 063026V01 LONGTAIL AD SOLUTIONS Debits -$17,821.20 $0.00 $0.00 -$54,337,80 Credits $0.00 $55,477.13 $8,175.00 $0.00 B
Firebird Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for February 2019 indicated the following: The correct amount of check #7853 is $797. It was recorded as a cash disbursement of $779 bymistake. The check was issued to pay for merchandise purchases. The check appeared on thebank statement correctly.Required:1. Prepare a bank reconciliation schedule at February 28, 2019, in proper form.2. What is the amount of cash that should be reported on the February 28, 2019 balance sheet?

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