Problem 4 Basics of Proof of Cash Data regarding the cash in bank for the current year of Basic Company follow: Jan.31 Feb.28 Cash per ledger 290,000 250,000 Cash receipts for February 300,000 Unadjusted bank statement 237,500 276,800 Bank Disbursement 255,700 Credit Memo for note collected 30,000 35,000 Bank service charge 7,500 4,200 Deposit transit 50,000 60,000 Outstanding checks 15,000 16,000 Required: Compute for the adjusted baiance of the foliowing: 1. Cash in bank, January 31

Problem 4 Basics of Proof of Cash Data regarding the cash in bank for the current year of Basic Company follow: Jan.31 Feb.28 Cash per ledger 290,000 250,000 Cash receipts for February 300,000 Unadjusted bank statement 237,500 276,800 Bank Disbursement 255,700 Credit Memo for note collected 30,000 35,000 Bank service charge 7,500 4,200 Deposit transit 50,000 60,000 Outstanding checks 15,000 16,000 Required: Compute for the adjusted baiance of the foliowing: 1. Cash in bank, January 31

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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Theta Corporation gathered the following for its proof of cash for the month of September: End Beginning P1,200,000 Cash balance per ledger Cash balance per bank statement 1,000,000 Deposits in transit Outstanding checks Credit memos 400,000 600,000 700,000 160,000 270,000 370,000 Debit memos 30,000 420,000 Book debits P8,100,000 Book credits 8,350,000 Bank debits 8,200,000 Bank credits 8,000,000 W hat should Theta report as cash in bank as of the end of September? A.P850,000 B.P900,000 C.P950,000 D.P1,440,000
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QUESTION 12 Brown Company's bank statement for September 30 showed: 6 poinis Bank statement balance Book balance of cash $2.790 $3.724 The following information was also available as of September 30: a. A customer's check for $150 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $10 processing fee. b. The September 30 cash receipts, $3,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. C. Outstanding checks amounted to $2,190. d. A check for rent expense was written for $326 but by mistake was recorded in the accounting records as $362. Required: Prepare bank reconciliation as of September 30.
QUESTION 9 The Gatedown Company's bank statement has an ending cash balance of $14,110.00. The cash account in the general ledger has a balance of $12,477.00. Based on the following reconciling items, prepare a bank reconciliation. a) Bank service charge of $20.00 b) Deposit in transit $3,190.00 c) A check was returned NSF $645.00 d) Outstanding check $688.00 e) Note collected by the bank, credit memoranda, $4,800.00 What is the total of subtractions to arrive at the book balance? A) 645.00 B) 555.00
Problem 3-9 (IAA) Harris Company provided the following data concerning the cash records for the months of September and October: Book balance Total cash receipts per book Total cash disbursements per book Bank balance Total charges in bank statement Total credits in bank statement September 30 1,900,000 in 2,100,000 cmuntatges 60,000 30,000 vilgter NSF check Collections of accounts receivable not recorded by entity and corrected in subsequent month Overstatement of check in payment of salaries corrected in subsequent month Deposit in transit Outstanding checks Required: a. Prepare a four-column reconciliation showing adjusted balances. 90,000 130,000 had 270,000 dinon onge ni dru 94 October 31 ? b. Prepare adjusting entries on October 31. 1,400,000 2,400,000 2,500,000 1,200,000 40,000 50,000 doost amules por nga e-onelad 120,000 260,000 30,000 sing voilasibe sacomuse Galaxy S21+5G
18 The May 31 balance per bank statement was $12,400. The cash balance per books was $17,000. Outstanding checks amounted to $1,700, and deposits in transit were $4,800. The bank statement contained an NSF check for $1,100, a service charge for $50, and a debit memo for direct payment of the telephone bill of $350. Required: a. Prepare a bank reconciliation to determine the true cash balance at May 31. b. Indicate how each of the required adjusting entries impact the financial statements. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate how each of the required adjusting entries impact the financial statements. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Outstanding checks Horizontal Statements Model Balance Sheet Income Statement Item Assets Liabilities Cash Accounts Receivables Stockholders' Equity Revenue Expenses Net Income Statement of Cash Flows (1.700)…
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Question Content Area Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, 10/31 $15,965 Note receivable collected by bank 4,859 Outstanding checks 9,437 Deposits in transit 4,203 Bank service charge 201 NSF check 1,307 Using the above information, determine the cash balance per books (before adjustments) for Thompson Corporation. a.$19,316 b.$7,380 c.$14,082 d.$10,731
4 Paws Construction Company gathered the following reconciling informationin preparing its April bank reconciliation:Cash balance per books, 4/30 $17,600 Deposits in transit 2,400 Notes receivable and interest collected by bank 5,920 Bank charge for check printing 200 Outstanding checks 12,000 NSF check 1,120 The adjusted cash balance per books on April 30 is a. $24,600b. $23,520c. $22,200d. $24,440
Required information [The following information applies to the questions displayed below.] The August, current year, bank statement for Allison Company and the August, current year, ledger account for cash follow: Date August 1 2 3 4 5 9 10 15 21 24 25 30 30 31 BANK STATEMENT Checks and EFTS $380 435 280 785 205 EFT 265 $20,100 850 EFT 115 + *$2,800 interest collected. *Bank service charge. Debit August 1 Balance Deposits August 2 12 24 31 Deposits $12,100 4,200 6,650 2,800* 16,615 12,100 4,200 6,650 5.400 Balance $17,710 17,330 29,430 28,995 28,715 27,930 27,725 31,925 31,660 11,560 18,210 17,360 20,160 20,045 Cash (A) Credit Checks written and electronic funds transfers August 2 4 15 17 18 EFT 205 785 230 410 EFT 850