Problem 3: Tamia Company provided following information on December 31, 2023: Cash in bank per book Cash in bank per bank statement Deposit in transit Outstanding checks, including certified check of P200,000 Note collected by bank for Tamia, including interest of P100,000 Service charge for December DAIF checks of customers returned by bank Error in recording a check issued. Correct amount is 100,000 but recorded at 200,000 6,720,000 7,500,000 1,200,000 1,500,000 1,100,000 20,000 500,000 100,000 1,500,000 200,000 50,000 Deposit in another bank closed by BSP Currency and coins on hand Petty cash fund 5. What is the total cash in bank as of December 31, 2023? 6. What is the total "cash" to be reported as current asset on December 31, 2023?

Problem 3: Tamia Company provided following information on December 31, 2023: Cash in bank per book Cash in bank per bank statement Deposit in transit Outstanding checks, including certified check of P200,000 Note collected by bank for Tamia, including interest of P100,000 Service charge for December DAIF checks of customers returned by bank Error in recording a check issued. Correct amount is 100,000 but recorded at 200,000 6,720,000 7,500,000 1,200,000 1,500,000 1,100,000 20,000 500,000 100,000 1,500,000 200,000 50,000 Deposit in another bank closed by BSP Currency and coins on hand Petty cash fund 5. What is the total cash in bank as of December 31, 2023? 6. What is the total "cash" to be reported as current asset on December 31, 2023?

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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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.)
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Part ii. Prepare the journal entries resulting from the bank reconciliation
From the give Problem 2, What is the adjusted cash in bank on December 31?
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The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
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Bank reconciliation and entries The following information was available to reconcile Nelson Company's book cash balance with its bank statement as of September 30, 2021: The September 30 cash balance according to the accounting records was $21,870. Oustanding checks from August's bank reconciliation: Check # 356 $1,240 Check # 357 775 Check # 359 3,280 Check # 360 924 Below is a record of the cash receipts and cash payments for September: Cash Deposits Cash Payments Date Amount Check# Amount Sep 2 $8,359 361 $3,268 Sep 4 11,250 362 7,140 Sep 6 4,371 363 4,257 Sep 12 5,260 364 3,525 Sep 15 12,118 365 4,160 Sep 18 7,493 366 1,789 Sep 22 5,395 367 6,285 Sep 27…