Probly1. A bProblem 2-19 (AICPA Adapted)a.Pearl Company maintains a checking account at the Cb.550,0001,800,0001,400,00030,000120,000100,000statement included the following information:с.Balance, July 1DepositsChecks processedService chargeNSF checkMonthly loan payment deducted by bank from accountd.Deposits outstanding totaled P100,000 and all checks writtenby the depositor were processed by the bank except for checkof P150,000.2. WbaienA P200,000 July deposit from a credit customer was recordedas P20,000 debit cash and credit accounts receivable.a.b.A check correctly recorded by the entity as P30,000disbursement was incorrectly processed by the bank asP300,000 disbursement.с.d.1. What is the balance per bank on July 31?3. Wa. 700,000b. 550,000c. 800,000d. 950,000aс.b2. What amount should be reported as cash in bank onJuly 31?a. 650,000 0b. 920,000c. 380,000d. 970,0004.3. What is the cash in bank balance per ledger on July 31a. 1,350,000b. 1,170,000с.990,000d.890,00074

The bank reconciliation statement is prepared to adjust the bank balance and cash balance to make…

Problem 2- Pearl Company maintains a ch statement included the following information: Balance, July 1 Deposits Checks processed Service charge NSF check Monthly loan payment deducted by bank from account 550,000 1,800,000 1,400,000 30,000 120,000 100,000 Deposits outstanding totaled P100,000 and all checks written by the depositor were processed by the bank except for check

Problem 2- Pearl Company maintains a ch statement included the following information: Balance, July 1 Deposits Checks processed Service charge NSF check Monthly loan payment deducted by bank from account 550,000 1,800,000 1,400,000 30,000 120,000 100,000 Deposits outstanding totaled P100,000 and all checks written by the depositor were processed by the bank except for check

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

Blanksheet entries for bank reconciliation
Part 1: 1. Identify and list the deposits in transit at the end of December. 2. Identify and list the outstanding checks at the end of December. Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received from the bank. 2. Record the service charges of $130 deducted by the bank. 3. Record the return of the J. Left check of $280 due to insufficient funds 4. Record the checks outstanding at the end of the month. 5. Record the deposit in transit at the end of the month. Part 4: After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280, of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet?
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
1
journalize any necessary entries for photo op based on bank recon
Using the following information: a. The bank statement balance is $3,106. b. The cash account balance is $3,320. c. Outstanding checks amounted to $655. d. Deposits in transit are $714. e. The bank service charge is $146. f. A check for $59 for supplies was recorded as $50 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance
The Leo Company cash account had a balance of $962 on August 31. This included a bank deposit of $87 that was in transit on the 31st. The August 31 bank statement contained the following information: NSF Check Bank statement balance $ 1,089 $ 16 $ 7 $ 68 Bank service charge Collection of notes receivable Leo also had checks outstanding of $169. What is Leo's reconciled balance? a. $920 b. $962 c. $1,007 d. $1,089
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $25,940. 2. Cash balance according to the bank statement at August 31, $27,390. 3. Checks outstanding, $5,270. 4. Deposit in transit not recorded by bank, $4,230. 5. A check for $270 in payment of an account was erroneously recorded in the check register as $720. 6. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. a. 20Y6 Aug. 31 b. Aug. 31