PROBLEM 4: MULTIPLE CHOICE-COMPUTATIONAL1. In preparing its August 31, 2004 bank reconciliation, CloudCorp. has made available the following information:P25,650Balance per bank statement, 8/31/04Deposit in transit, 8/31/045,900600Return of customer's check for insufficient fundsOutstanding checks, 8/31/04750100Bank service charges for AugustErroneous credit by bank2,000At August 31, 2004, Cloud's correct cash balance isa. P28,800.b. P28,200.c. P28,100.d. P26,500.(Adapted)

>Bank reconciliation statement, is a statement prepared on a particular date, to reconcile the…

PROBLEM 4: MULTIPLE CHOICE-COMPUTATIONAL 1. In preparing its August 31, 2004 bank reconciliation, Cloud Corp. has made available the following information: P25,650 Balance per bank statement, 8/31/04 Deposit in transit, 8/31/04 5,900 Return of customer's check for insufficient funds 600 750 Outstanding checks, 8/31/04 100 Bank service charges for August Erroneous credit by bank 2,000 At August 31, 2004, Cloud's correct cash balance is a. P28,800. b. P28,200. c. P28,100. d. P26,500. (Adapted)

PROBLEM 4: MULTIPLE CHOICE-COMPUTATIONAL 1. In preparing its August 31, 2004 bank reconciliation, Cloud Corp. has made available the following information: P25,650 Balance per bank statement, 8/31/04 Deposit in transit, 8/31/04 5,900 Return of customer's check for insufficient funds 600 750 Outstanding checks, 8/31/04 100 Bank service charges for August Erroneous credit by bank 2,000 At August 31, 2004, Cloud's correct cash balance is a. P28,800. b. P28,200. c. P28,100. d. P26,500. (Adapted)

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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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.
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3. Bank Reconciliation Barb Lee Inc. (BLI) is about to reconcile its bank statement for the month of May. Pertinent information follows: Bank statement balance $11,003.74. General ledger balance $8, 284.07. BLI mailed a deposit of $899.14 to the bank on May 28. The bank had not yet received it by month end. BLI issued cheques # 124 for $2,041.25; # 126 for $951.56; and #129 for $1,000 in May; however, these were not returned with the May 31 bank statement. BLI received notification that a cheque for $313 deposited to BLI's account was returned NSE. The bank levied a $32 returned cheque charge. The bank statement included a $29 service charge for the month.Required:a) Prepare the cash reconciliation for Barb Lee Inc. as at May 31. b) Prepare adjusting journal entries to correct for items noted in the cash reconciliations.
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