Problem 3-13 (AICPA Adapted) Opaque Company prepared the following bank reconciliation on March 31: Balance per bank statement, March 31 Deposit in transit 4,650,000 1,000,000 Total Outstanding checks Balance per book, March 31 5,650,000 (1,250,000) 4,400,000 Data per bank statement for the month of April follow: Deposits Disbursements 6,000,000 5,000,000 All reconciliation items on March 31 cleared through the bank in April. Outstanding checks on April 30 totaled P750,000 and deposits in transit amounted to P1,500,000. 1. What is the adjusted cash in bank on April 30? a. 5,650,000 b. 7,150,000 c. 4,650,000 d. 6,400,000 2. What is the cash balance per ledger on April 30? а. 6,400,000 b. 5,650,000 c. 4,900,000 d. 4,650,000 3 What is the amount of cash receipts per book in April? а. 5,000,000 b. 6,500,000 c. 7,500,000 d. 5,500,000 4. 'What is the amount of cash disbursements per book in April? a. 5.000,000

Problem 3-13 (AICPA Adapted) Opaque Company prepared the following bank reconciliation on March 31: Balance per bank statement, March 31 Deposit in transit 4,650,000 1,000,000 Total Outstanding checks Balance per book, March 31 5,650,000 (1,250,000) 4,400,000 Data per bank statement for the month of April follow: Deposits Disbursements 6,000,000 5,000,000 All reconciliation items on March 31 cleared through the bank in April. Outstanding checks on April 30 totaled P750,000 and deposits in transit amounted to P1,500,000. 1. What is the adjusted cash in bank on April 30? a. 5,650,000 b. 7,150,000 c. 4,650,000 d. 6,400,000 2. What is the cash balance per ledger on April 30? а. 6,400,000 b. 5,650,000 c. 4,900,000 d. 4,650,000 3 What is the amount of cash receipts per book in April? а. 5,000,000 b. 6,500,000 c. 7,500,000 d. 5,500,000 4. 'What is the amount of cash disbursements per book in April? a. 5.000,000

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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R&L Company provided the following bank reconciliation on May:Balance per bank 2,100,000Deposit Outstanding 300,000Checks Outstanding ( 50,000)Correct Cash Balance 2,350,000 Balance per book 2,360,000Bank Service Charge ( 10,000)Correct Cash Balance 2,350,000 Data for the Month of JuneBank BookChecks Recorded 2,300,000 2,400,000Deposits Recorded 1,700,000 1,800,000Collection by bank, plus interest 550,000NSF Check returned with June 100,000Balance 1,950,000 1,750,000 What is the amount of checks Outstanding on June? * What is the amount of deposit in transit on June?
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Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation: Line Item Description Amount Cash balance per company’s records, September 30 $3,019 Deposits in transit 450 Note receivable and interest collected by bank 895 Bank charge for check printing 31 Outstanding checks 1,286 NSF check 169 Determine the adjusted balance that would appear in the company section of the bank reconciliation on September 30. a. $3,047. b. $2,183. c. $2,878. d. $3,714.
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