Prepare the bank reconciliation on June 30 and July 31,and adjusting journal entries on July 31 *Sassy Company provided the following data for the month ofJuly:Cash in bankBalance June 30Book debits for July including June CMfor note collected, P300,000Book credits for July including June NSFof P100,000 and service charge of P4,0001,000,0004,000,0003,600,000Bank statement for July1,650,000Balance June 30Bank debits for July including servicecharge of P1,000 and June outstandingchecks of P854,000Bank credits for July including CM forbank loan of P50,000 and June deposit intransit of P400,0002,500,0003,500,000Your answer

July 31 Cash Book balance: 1,000,000 + 4,000,000 - 3,600,000 = 1,400,000 July 31, Bank statement…

Prepare the bank reconciliation on June 30 and July 31, and adjusting journal entries on July 31 * Sassy Company provided the following data for the month of July: Cash in bank 1,000,000 Balance June 30 Book debits for July including June CM for note collected, P300,000 Book credits for July including June NSF of P100,000 and service charge of P4,000 4,000,000 3,600,000 Bank statement for July 1,650,000 Balance June 30 Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 Bank credits for July including CM for bank loan ofP50,000 and June deposit in transit of P400,000 2,500,000 3,500,000

Prepare the bank reconciliation on June 30 and July 31, and adjusting journal entries on July 31 * Sassy Company provided the following data for the month of July: Cash in bank 1,000,000 Balance June 30 Book debits for July including June CM for note collected, P300,000 Book credits for July including June NSF of P100,000 and service charge of P4,000 4,000,000 3,600,000 Bank statement for July 1,650,000 Balance June 30 Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 Bank credits for July including CM for bank loan ofP50,000 and June deposit in transit of P400,000 2,500,000 3,500,000

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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At August 31, Saladino Coffee has the following bank information: cash balance per bank Rp5.200.000, outstanding checks Rp1.462.000, deposits in transit Rp1.211.000, and a bank debit memo Rp110.000. Determine the adjusted cash balance per bank at July 31. Cash balance per bank Rp 5.200.000,00 Add : Deposits in Transit Rp 1.211.000,00 Rp 6.411.000,00 Less Outstanding Checks Rp 1.462.000,00 Adjusted cash balance per bank Rp 4.949.000,00 The information below relates to the Cash account in the ledger of Saladino Coffee Balance Rp 10.094.000 Rp 884.000 Collection of electronic funds transfer Interest earned on checking accounts NSF check: R. Doll Rp 26.000 Rp 245.000 Safety deposit box rent Rp 35.000 Cash balance per books Rp10.094.000 Add: *** ... Less NSF Check Rp245.000 Adjusted cash balance per books
Prepare a bank reconcilation going from balance per bank and balance per book to correct cash balance. Outstanding checks from the June reconcilation cleared the bank in July.
Choose the letter of the correct answer: Sassy Company provided the following data for the month of July: Cash in bank: *Balance June 30 - 1,000,000; *Book debits for July including June CM for note collected, P300,000 - 4,000,000; *Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000. Bank statement for July: *Balance June 30 - 1,650,000; *Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000; *Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000. Compute for the deposit in transit on July 31: a.1,100,000b.1,800,000c.2,800,000d.1,600,000
Singleako Company has the following data for the Month of December. November 30 December 31 Cash in bank Account Statement 2,032,000 3,160,000 Bank Statement 1,890,000 2,900,000 Bank Debits 1,080,000 Bank Credits ? Book Debits ? Book Credits 1,440,000 Outstanding Checks Deposit in Transit Check erroneously charged by the bank against Entity's account (corrected in subsequent month) Bank service charge Note recorded as cash receipt by the entity when Placed with bank for collection 180,000 592,000 80,000 498,000 40,000 50,000 2,000 4,000 (Note is actually collected by the bank in subsequent Month and credited by bank to entity's account in same Month) 200,000 300,000 Required: Prepare four-column reconciliation showing the adjusted balances. Prepare adjusting entry/ies.
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What is the amount of cash receipts per book in December? Chris Company presented the following bank reconciliation for the month of November: Balance per bank statement, November 30 Add: Deposit in Transit Less: Outstanding checks Bank credit recorded in error Balance per book, November 30 1,200,000 200,000 Data per bank statement for the month of December follow: December deposits, including note collected of 1,000,000 for Chris December disbursements, including NSF customer check 350,000 & service charge 50,000 3,600,000 800,000 4,400,000 1,400,000 3,000,000 5,500,000 4,400,000 1 point All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks amounting to 500,000 were outstanding and deposits of 700,000 were in transit on December 31.
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Required information [The following information applies to the questions displayed below.] As of June 30, Year 1, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available: 1. Deposit in transit: $2,400. 2. Credit memo in bank statement for interest earned in June: $30. 3. Outstanding check: $6,690. 4. Debit memo for service charge: $20. b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information: Cash balance per company books on April 30 Deposits in transit at month-end Outstanding checks at month-end Bank charge Note collected by bank on Donahue's behalf A check paid to Donahue during the month by a customer is returned by the bank as NSF The adjusted cash balance per the books on April 30 is: $6,275 $1,300 $ 620 $ 45 $770 $ 480
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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.
Alexa Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 - 3,000,000; Deposit in transit - 400,000; Outstanding checks - 900,000. The bank statement for the month of July showed the following: Deposits, including 200,000 note collected for Alexa - 9,000,000; Disbursements, including 140,000 NSF customer check and 10,000 service charge - 7,000,000. All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled 600,000 and the deposit in transit amounted to 1,000,000 on July 31. What is the adjusted cash in bank on July 31?