Proof of Cash Problems1. Lazer Company had the following bank reconciliation on June 30:Balance per bank statement, June 30Deposit in transitTotalOutstanding checksBalance per book, June 30The bank statement for the month of July showed the following:The monthDeposits, including P200,000 note collected for LazerDisbursements, including P140,000 NSF customer checkAnd P10,000 service chargeP3,000,000400,0003,400,000(900,000)P2,500,000P9,000,0007,000,000All reconciling items on June 30 cleared through the bank in July. TheOutstanding checks totaled P600,000 and the deposit in transit amounted toP1,000,000 on July 31.What is the adjusted cash in bank in July 31 ?r the month of NovemberWhat is the cash balance per book on July 31?What is the amount of cash receipts per book in July ?What is the amount of cash disbursements per book in July?

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Proof of Cash Problems 1. Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 P3,000,000 400,000 3,400,000 (900,000) P2,500,000 The bank statement for the month of July showed the following: The month Deposits, including P200.000 note collected for Lazer P9.000.000

Proof of Cash Problems 1. Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 P3,000,000 400,000 3,400,000 (900,000) P2,500,000 The bank statement for the month of July showed the following: The month Deposits, including P200.000 note collected for Lazer P9.000.000

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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PROOF OF CASH PROBLEM Pacho Enterprises has the following information about cash account Bank balance, beginning ( 11,500.00) Bank receipts ( 125,000.00) Bank wihdrawal ( 50,000.00) Book balance, beginning ( 9,000.00) Deposit in transits last month ( 2,000.00) Deposit in transits this month ( 4,500.00) Total collections during the month ( 32,500.00) Total disbursements during the month ( 49,900.00) Uncleared checks last month ( 5,000.00) Uncleared checks this month ( 7,500.00) Additional information 1 Macho check was debited to our bank account ( 6,600.00) 2 The bank debited our account as service charge for the month ( 1,000.00) 3 Last month bank services charged were not adjusted ( 500.00) 4 Bank credited the loan proceeds net of P5000 as interest ( 95,000.00) 5 The company owned check was returned due to last of signature ( 5,000.00) Required:P A. Proof of cash statement B. Adjusting journal entries
From the give Problem 2, What is the adjusted cash in bank on December 31?
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Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: 3. The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the general ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 in deposits were received during the month. 4. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of September, the Company books show that $11,670 of cheques were issued, yet the bank statement showed that $10,500 of cheques cleared the bank in September. There were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 11) What were the deposits in transit at September 30? f) $2,260 g) $2,150 h) $1,960 i) $2,650 j) None of the above 12) What were the outstanding cheques at September 30? f) $2,020 g) $2,120 h) $1,170 i) $1,980 j) None of the above FlDage 13) Which of the following is are the…
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Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 Cash (A) Debit June 1 Checks $ 19,900 Deposits Other $ 18,800 Credit Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 $31 Balance $ 7,360 26,160 6,260 6,229 6,229 1. In addition to the balance in its bank account, Hills Company also has $420 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?
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What is the cash balance per books at November 30, 2021?
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 2 Prepare any journal entries that should be made as a result of the bank reconciliation.
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