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.
Entries based on bank reconciliation Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item 1. Bank service charges, $50. 2. Check of a customer returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000. 5. Deposit in transit, $4,250. 6. Outstanding checks, $5,420. 7. Note collected by bank, $5,300. Entry Required
Using the following information: Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35 and using the following accounts/items: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks you are to prepare a bank reconciliation: Bank Balance [ Select ] Book Balance [ Select] Add items: Add items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] Less items: Less items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select] [ Select ] Adjusted Bank Bal. [ Select ] Adjusted Book Bal. [ Select ] PLEASE NOTE: For the above reconciliation, if no dollar amount is needed, please use "$0" or if no item is needed, please use "None" - no quotation marks. You must enter the account and item names exactly as written above and all dollar amounts will be with "$" and commas…
In a bank reconciliation, to adjust for the bank's deducting $980 for a company check that you wrote and booked for $890 requires A. increasing the book balance by $90 B. reducing the book balance by $90 C. increasing the bank balance by 590 D. reducing the bank balance by $90