Q1: Outstanding check, June 30?Q2: Deposits in Transit, June 30?Q3: Cash per bank statement, June 30? STELLAR Company provided the following reconciliation schedule for the month of May:Balance per bankDIT2,600,000300,000100.0002,800,000Balance per bookBank charge2,810,00010,000*OCAdjusted balanceAdjusted Balance2,800,000Data for the month of June are as follows:Checks paidChecks depositedService chargeNote collected by bank, inclusive of 10% interestNSF Check returned with June 30 statementper Bank StatementP 2,200,0001,600,00050,000550,000100,000per BooksP 2,500,0001,800,00010,000*All reconciling items were recorded by both entities the succeeding month. Prepare a proof of cash schedule for June to determine the following amounts:

Outstanding Check = Checks paid as per book - Checks paid as per bank Deposit in Transit = Checks…

Answered: Q1: Outstanding check, June 30? Q2:…

Business

Accounting

Q1: Outstanding check, June 30? Q2: Deposits in Transit, June 30? Q3: Cash per bank statement, June 30?

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 3AP

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A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Prepare the bank reconciliation on June 30 and July 31, and adjusting journal entries on July 31 * Sassy Company provided the following data for the month of July: Cash in bank Balance June 30 Book debits for July including June CM for note collected, P300,000 Book credits for July including June NSF of P100,000 and service charge of P4,000 1,000,000 4,000,000 3,600,000 Bank statement for July 1,650,000 Balance June 30 Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 Bank credits for July including CM for bank loan of P50,000 and June deposit in transit of P400,000 2,500,000 3,500,000 Your answer
The following bank reconciliation is presented for O00 Company for the month of November of the current year: Balance per bank statement, November 31 Add: Deposit in transit 3,600,000 800,000 4,400,000 Less: Outstanding checks 1,200,000 200,000 Bank credit recorded in error 1,400,000 3,000,000 Balance per book, November 30 Data per bank statement for the month of December follow: December deposits (including note collected of P1,000,000 for O00) December disbursements (including NSF, P350,000 and Service charge, P50,000) 5,500,000 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, P500,000 December 31. including the bank credit. outstanding and deposits addition, of P700,000 checks in amounting transit In to were were of 16. What is the cash balance per ledger on December 31? 17. What is the amount of cash receipts per book in December? 18. What is the amount of cash disbursements per book in December? 19. What is the adjusted bank balance?
Henry Inc. is preparing the monthly bank reconciliation of its checking account balance for the month of October.The bank statement indicates the following:Bank Statement balance, beginning of the month: $ 15,640Service charge for October $ 65Interest earned during October $ 80NSF check for goods purchased on account $ 615The company's records indicates the following:Company statement account balance $ 15,526Outstanding checks as of October 31 $ 1,410Deposit in transit as of October 31 $ 750Error in recording a check Issued by Henry Inc. Check was recorded as $660 by the company but correct amount of the check is $6061. Complete the reconciliation by adjusting the bank's end of period balance. List the name of each adjustment, the value on theadjustment (in a separate cell), and then calculated the new adjusted balance. 2. Complete the reconciliation by adjusting the company's end of period balance. List the name of each adjustment, the value onthe adjustment (in a separate cell), and…
Cool Company prepared the following bank reconciliation for the month of November:Balance per bank statement, November 30 3,600,000Add: Deposit in transit 800,000 4,400,000Less: Outstanding checks 1,200,000Bank credit recorded in error 200,000 1,400,000Balance per book, November 30 3,000,000 Data per bank statement for the month of December: December deposits, including note receivablecollected of P 1,000,000 for Cool Company 5,500,000December disbursements, including NSF checkP350,000 and service charge P50,000 4,400,000 All items that were outstanding on November 30 cleared through the bank in December,including the bank credit. In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on December 31. 1.…
Paul Company prepared the following bank reconciliation for the month of November: Balance per bank statement, November 30 Add: deposit in transit 3,600,000 800,000 4,400,000 Less: outstanding checks 1,200,000 Bank credit recorded in error 1,400,000 3,000,000 200,000 Balance per book, November 30 Data per bank statement for the month of December: December deposits, including note receivable collected of P1,000,000 for Paul Company December disbursements, including NSF check P350,000 and service charge P50,000 5,500,000 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on December 31. What is the adjusted cash in bank on December 31?
Weave Company received a bank statement for the month of August. The bank statement showed the following information: Balance 1 August $68,326 Deposits 45,300 Cheques processed (63,222) Service charges (50) Monthly deposit into saving account directly (26,120) Deducted by bank from account (780) Balance, 31st August $49,574 Weave Co’s general ledger account had a balance of $78,304 at the end of August. (i) Deposits shown in the general ledger account but not in the bank amounting to $8,200; (ii) all cheques written by the company were processed by the bank except for those totaling $8,420; (iii) A $2,000 cheque to a supplier correctly recorded by the bank but was incorrectly recorded by the company as $200 credit to cash. Required: 1. Prepare a bank reconciliation statement for the month of August. 2. Prepare the necessary journal entries at the end of August to adjust the general ledger cash account.
Egad Company provided the following information for October and November: Checks and charges recorded by Bank in November Including a November service charge of P8,000 and And NSF check of P40,000 1,100,000 Service Charge made by bank in October and recorded by Depositor in November 4,000 1,240,000 Total credits to cash in all journals during November Customer NSF check returned in October and redeposited In November (no entry made by depositor in either October Or November 80,000 Outstanding checks on October 31 that cleared in November 560,000 27. How much are the checks paid by bank in November? 28. What is the amount of outstanding checks on November 30? Enterina Company provided the following bank reconciliation on May 31: Balance per bank statement Deposits Outstanding Checks Outstanding 2,100.000 300,000 30,000) 2.370.000 Correct Cash Balance Balance per book Bank Service Charge Correct Cash Balance 2,372,000 | 2,000) 2.370,000 Data for the month of June: Bank Вook 2,300,000…
Egad Company provided the following information for October and November: Checks and charges recorded by Bank in November Including a November service charge of P8,000 and And NSF check of P40,000 1,100,000 Service Charge made by bank in October and recorded by Depositor in November 4,000 1,240,000 Total credits to cash in all journals during November Customer NSF check returned in October and redeposited In November (no entry made by depositor in either October Or November 80,000 560,000 Outstanding checks on October 31 that cleared in November 27. How much are the checks paid by bank in November? 28. What is the amount of outstanding checks on November 30?
The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. Note: Enter debits before credits. Date June 30 General Journal Debit Credit
The following bank reconciliation is presented for OOO Company for the monthof November of the current year: Balance per bank statement, November 31 3,600,000 Add: Deposit in transit 800,000 4,400,000 Less: Outstanding checks 1,200,000 Bank credit recorded in error 200,000 1,400,000 Balance per book, November 30 3,000,000 Data per bank statement for the month of December follow: December deposits (including note collected of P1,000,000 for OOO) 5,500,000 December disbursements (including NSF, P350,000 and Service charge, P50,000) 4,400,000 All items that were outstanding on November 30 cleared through the bank inDecember, including the bank credit. In addition, checks amounting toP500,000 were outstanding and deposits of P700,000 were in transit ofDecember 31. 16.What is the cash balance per ledger on December 31? 17. What is the amount of cash receipts per book in December? 18. What is the amount of cash disbursements per book in December? 19. What is the adjusted bank…