PROBLEM: Florida Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $6,225 Outstanding checks $5,645 Bank service fees, not yet recorded by company $70 The bank collected on a note receivable, not yet recorded by the company $1,725 The adjusted cash balance should be: O $14,857 O $13,062 O $13,092 O $13,112 O $14,817 $14,887

PROBLEM: Florida Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $6,225 Outstanding checks $5,645 Bank service fees, not yet recorded by company $70 The bank collected on a note receivable, not yet recorded by the company $1,725 The adjusted cash balance should be: O $14,857 O $13,062 O $13,092 O $13,112 O $14,817 $14,887

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Wright Company's cash account shows a $30,100 deblt balance and its bank statement shows $28,400 on deposit at the close of business on May 31. a. The May 31 bank statement lists $230 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,900. c. May 31 cash receipts of $7,500 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $530 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $340 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information. WRIGHT COMPANY Bank Reconciliation May 31 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance < Prev 5 of 5 Next ...
Barotil Company provided the following information for the month of December: Balance per bank statement Balance per cash book Outstanding Checks Deposit in Transit Service Charge Proceeds of bank loan, December 1, discounted for 4,000,000 2,700,000 600,000 475,000 10,000 6 months at 12% not recorded on company books 940,000 Customer's check charged back by bank for absence of Counter signature 50,000 Deposit of P100,000 incorrectly recorded by bank as Check of Buendia Company charged by bank against Barotil 10,000 Company Account 150,000 Customer's Note collected by bank in favor of Barotil Company Face 400,000 40.000 440,000 5,000 Interest Total Collection Fee 435,000 Erroneous debit memo of December 28, to charge company's Account with settlement of bank loan 200,000 300,000 Deposit of Buendia Company credited to Barotil Company 6. What is the adjusted cash in bank on December 31?
esc QUESTIONS On May 31, Money Corporation's Cash account showed a balance of $12,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items: Checks outstanding Deposits outstanding NSF check from a customer Service fees Error: Money Corporation wrote a check for $65 but recorded it incorrectly for $650. What is the amount of cash that should be reported in the company's balance sheet as of May 31? O $10,915 O $12,215 O $11,630 O $12.850 None of the above Click Save and Submit to save and submit. Click Save All Answers to save all answers. ! 1 9 F1 Q A 1 N NO @ 2 39 F2 W S #3 X H aption command 20 F3 E D $ 4 Q F4 C R F 07 dº % 5 e F5 T V MacBook Air ^ 6 G F6 Y B & 7 8 H F7 U * 00 8 N $ 1,450 2,300 240 130 DII F8 J ( 1 9 DD K M ) 0 0 Save All F10 E
The following data pertain to the cash transactions and bank account of Star Corp for May of the current year: Cash balance per accounting record Cash balance per bank statement Bank service charge Debit memo for cost of printed checks delivered by the bank; charge has not been recorded by Abra Outstanding checks Deposit of May 30 not recorded by bank until June 1 1,719,000 3,195,000 10,000 12,000 685,000 500,000 Proceeds of bank loan on May 30, not recorded by Abra, net of interest of P30,000 Proceeds from customer's promissory note, principal amount P800,000 collected by bank not taken up by Abra, with interest Check No. 1086 issued to a supplier entered by Abra as P210,000 but deducted in bank statement in error as Stolen check lacking authorized signature deducted by bank from Abra's account in error Customer's check returned by the bank marked NSF; no entry has been made by Abra to record the returned check 570,000 810,000 120,000 80,000 77,000 Required: a. Prepare a bank…
QUESTION: ON OCTOBER 31, 2015, THE BANK STATEMENT FOR THE CHECKING ACCOUNT OF BLOCKWOOD VIDEO SHOWS A BALANCE OF $12,818, WHILE THE COMPANY S RECORDS SHOW A BALANCE OF $12,326. INFORMATION THAT MIGHT BE USEFUL IN PREPARING A BANK RECONCILIATION IS AS FOLLOWS: A. OUTSTANDING CHECKS ARE $1,225. B. THE OCTOBER 31 CASH RECEIPTS OF $780 ARE NOT DEPOSITED IN THE BANK UNTIL NOVEMBER 2. C. ONE CHECK WRITTEN IN PAYMENT OF UTILITIES FOR $136 IS CORRECTLY RECORDED BY THE BANK BUT IS RECORDED BY BLOCKWOOD AS DISBURSEMENT OF $163. D. IN ACCORDANCE WITH PRIOR AUTHORIZATION, THE BANK WITHDRAWS $449 DIRECTLY FROM THE CHECKING ACCOUNT AS PAYMENT ON A NOTE PAYABLE. THE INTEREST PORTION OF THAT PAYMENT IS $49 AND THE PRINCIPAL PORTION IS $400. BLOCKWOOD HAS NOT RECORDED THE DIRECT WITHDRAWAL. E. BANK SERVICE FEES OF $23 ARE LISTED ON THE BANK STATEMENT. F. A DEPOSIT OF $566 IS RECORDED BY THE BANK ON OCTOBER 13, BUT IT DID NOT BELONG TO BLOCKWOOD. THE DEPOSIT SHOULD HAVE BEEN MADE TO THE CHECKING ACCOUNT…
Required information [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $6,400 debit balance and its bank statement shows $5,790 on deposit at the close of business on August 31. a. August 31 cash receipts of $2,140 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $210 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $2,020. d. In reviewing the bank statement, an $170 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $110 in bank service charges; the company has not yet recorded the cost of these services. Prepare a bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance ORGANIC FOOD COMPANY Bank Reconciliation August 31 Book balance…
Please prepare a bank reconciliation and journal entries for the month ended April 30th for Bannon Co. 1) Balance per bank statement $ 9,915 2) Balance per cash general ledger account (books) $ 8,954 3) April 30th deposit of $ 2,600 is not on the bank statement (Deposit in Transit) 4) Check numbers #219 for $ 1000 and # 222 for $ 1,100 written in April do not appear on the April bank statement (Outstanding Checks) 5) Debit memo for a $ 20 service charge appeared on the bank statement 6) The bank incorrectly deducted $ 400 from Bannon's checking account 7) The bank collected a note on behalf of the company in April, a credit memo for net proceeds of $ 2,000 included the principal of $1,900, interest of $ 150, less a collection fee of $ 50 accompanied the bank statement 8) A check from Apple Co. for $ 150 was returned by the bank marked NSF 9) The bank added $40 of interest earned directly to the checking account balance 10) A Cash Sale in the amount of $ 297 was erroneously journalvized…
Prepare a bank reconcilation going from balance per bank and balance per book to correct cash balance. Outstanding checks from the June reconcilation cleared the bank in July.
PROBLEM Corona Company's bank statement for the month of March 2021, included the following information : Ending balance, March 31, P 280,460 Bank service charge for March, P 1.300 Interest paid by bank to Corona for March, 1,070 In comparing the bank statement to its own cash records , Corona found the following : Deposits made but not yet recorded by the bank, P 36,890 Checks written and mailed but not yet recorded by the bank, 47,860 In addition Corona discovered that it had erroneously recorded a check for P 460 that should have been recorded for P 640. QUESTION What is Corona's correct cash balance at March 31 2020 ?
On May 31, Mason Company's cash balance per its general ledger is $4,830. The bank's cash balance per the May 31 bank statement is $3700. The following information is gathered from the bank statement and company records: Checks outstanding Deposits outstanding 1,900 1,600 Interest earned on bank account NSF check Service fee 70 1,300 200 What is the company's correct ending balance of cash on May 31, per the reconciliation? Multiple Choice $4,500 $4,530 $3,400
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $22,240. Cash balance according to the bank statement at July 31, $23,450. Checks outstanding, $4,510. Deposit in transit, not recorded by bank, $3,630. A check for $590 in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 b. July 31
Need answer for this question