Balance perok, March 31Cash receipts for AprilCash disbursements for AprilNo. 1331No. 1332No. 1333No. 1334No. 1335Outstanding checks as of April 30 ofwhich No. 1333 had been certified:ollowing information:800,0004,100,0003,800,000April debit memos were:For NSF checkFor bank service chargeApril credit memo for note collectedUndeposited collectionsby bank in the name of Zodiac CompanyBalance per bank, April 30Required:to bank approach and prepare adjusting entries.Prepare a bank reconciliation on April 30 following the bookProblem 2-6 (IAA)Galaxy S21+ 5G40,00030,00050,00060,00010,000595,00025,000January:Virgo Company provided the following data for the month of60,000270,0001,000,000Balance per book, January 31Balance per bank statement, January 31Collections on January 31 but undepositedNSF check received from a customerreturned by the bank on February 5with the January bank statementChecks outstanding on January 31Bank debit memo for safety deposit boxrental not recorded by depositorA creditor's check for P30,000 was incorrectlyrecorded in the depositor's book asA customer's check for P200,000 wasrecorded by the depositor asThe depositor neglected to make an entry inits books for a check drawn in paymentof an account payableRequired:adjusting entries.Prepare a bank reconciliation on January 31 and prepare3,130,0003,500,000550,00050,000650,0005,000300,00020,000125,000.

Note: We’ll answer the first question since Problem 2-6 (IAA) is highlighted so I solved this…

Problem 2-6 (IAA) January: Virgo Company provided the following data for the month of Balance per book, January 31 Balance per bank statement, January 31 NSF check received from a customer Collections on January 31 but undeposited returned by the bank on February 5 with the January bank statement Checks outstanding on January 31 Bank debit memo for safety deposit box rental not recorded by depositor A creditor's check for P30,000 was incorrectly recorded in the depositor's book as A customer's check for P200,000 was recorded by the depositor as The depositor neglected to make an entry in its books for a check drawn in payment of an account payable 3,130,000 3,500,000 550,000 59 50,000 650,000 5,000 300,000 20,000 125,000 Required: adjusting entries. Prepare a bank reconciliation on January 31 and prepare

Problem 2-6 (IAA) January: Virgo Company provided the following data for the month of Balance per book, January 31 Balance per bank statement, January 31 NSF check received from a customer Collections on January 31 but undeposited returned by the bank on February 5 with the January bank statement Checks outstanding on January 31 Bank debit memo for safety deposit box rental not recorded by depositor A creditor's check for P30,000 was incorrectly recorded in the depositor's book as A customer's check for P200,000 was recorded by the depositor as The depositor neglected to make an entry in its books for a check drawn in payment of an account payable 3,130,000 3,500,000 550,000 59 50,000 650,000 5,000 300,000 20,000 125,000 Required: adjusting entries. Prepare a bank reconciliation on January 31 and prepare

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

Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $25,010. Cash balance according to the bank statement at July 31, $26,060. Checks outstanding, $5,080. Deposit in transit, not recorded by bank, $4,080. A check for $340 issued in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company, part (a) Error and part (b) Service Charge. If an amount box does not require an entry, leave it blank. a. July 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. July 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
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
7
Hills Company's June 30 bank statement and the June ledger account for cash BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance E5-5 (Static) Part 1 $ 19,100 Cash (A) 6,800 19,000 6,400 Deposits $ 18,000 Credit 19,400 Checks written Other $ 30 June Balance $ 7,200 25,200 6,100 6,070 6,070 Required: 1. Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June
Help with Correct Answer
From the give Problem 2, What is the adjusted cash in bank on December 31?
Data for the company are assembled as follows: Nov 30 December 31 Cash Account Balance P 1,017 P 2,427 Bank statement balance 5353 6891 Undeposited collections 410 644 Checks outstanding 1385 1505 Bank service charges for the month, not shown on the company books 36 30 Bank charges for NSF checks, not shown on the company books 215 412 Collections by bank from the company customers, not shown on the Company books 3612 4,045 Tapes for bank and company cash data offer the following totals: Deposit and credit memos per bank statement, P 12,455 Cancelled checks and debit memos per bank statement, P 10,917 Cash receipts per cash book P 8,644 Checks written per cash book P 10,595 How much is the adjusted Cash Balance on November 30?
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.
Blanksheet entries for bank reconciliation
Beverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…
Thailand Company provided the following data relating to the cash transactions and bank account for July: Cash balance per ledger ??? Cash balance per bank statement ??? Debit memo for July service charge P3,500 Deposit of July 31 not recorded by the bank until August is P298,500 Outstanding checks (including certified check amounting to P25,000) P180,500 A customer note collected by the bank amounting to P120,600 A check issued to the supplier had been entered in the book as P86,500 and was erroneously deducted by the bank at P85,600. A Book error on a check issued by the company and recorded at P97,600 was cleared by the bank at an amount of P79,600. A customer check was returned by the bank marked as NSF P50,000. The…
Hi please use the excel template