Question 1Marvel Ltd. 's accountant is preparing the bank reconciliation at 31 December 2020.The December bank statement showed the following checks and deposits.Bank StatementChecksDepositsDateNumberAmountDateAmount12-4S1,640.701,300.002,130.003,080.00685.00$2,530.201,211.602,365.10836.15347512-112-83476347712-412-1012-812-15347912-1612-27348012-212,954.002,567.302,836.001,025.0012-303482475.5012-2612-2934831,140.0012-2912-315800*600.0012-303485*See note 3 below12-31540.80The cash records per books for August showed the followings.Cash Payments JournalAmount$1,640.701,300.002,130.003,080.00658.00Date12-1Number3475Date12-20Number3482Amount475.5012-2347612-2234831,140.00540.8012-2347712-24348512-8347912-303486256.2512-103480Cash Receipts JournalAmount$2,530.201,211.602,365.10Date12-112-312-712-15886.1512-202,954.002,567.302,836.001,025.001,916.1512-2512-2812-3012-31 The following information is also provided:1. Marvel Ltd. had a cash balance per books of $16,781.50. The bank statement on that dateshowed a balance of $16,824.60.2. A $3,000 note receivable was collected by the bank for Marvel on December 31 plus $80interest. No interest has been accrued on the note.3. Included with the cancelled checks was a check with check number 5800 issued by Bridgesplc to Jon Newton for $600 that was incorrectly charged to Marvel by the bank.4. On August 31, the bank statement showed an NSF check of $640 issued by Sandy Grifton, acustomer.5. A check printing charge of $60 was charged to the bank account.6. Besides the error made by the bank in note 3, there are two more discrepancies between thebank statement and the book records. (Hint: The correction of any errors pertaining torecording checks should be made to Accounts Payable. The correction of any errors relatingto recording cash receipts relates to receipts from cash sales.)Instructions(a) Prepare a bank reconciliation at December 31.(b) Prepare the adjusting entries based on the reconciliation.Question 2The equity accounts of Marvell Ltd. on January 1, 2020, were as follows.Share Capital-Preference (9%, $50 par, cumulative, 10,000 sharesauthorized, 8,000 shares issued)Share Capital-Ordinary ($1 stated value, 2,000,000 shares authorized,1,000,000 shares issued)Share PremiumPreference??Share Premium-OrdinaryRetained Earnings100,0001,450,0001,816,000During 2020, the corporation had the following transactions and events pertaining to its equity.Purchased 20,000 ordinary shares for the treasury at a cost of $2.5 per share.Issued 50,000 ordinary shares for $152,000.Reissued 10,000 treasury shares-ordinary for $42,000.Purchased 1,000 ordinary shares for the treasury at a cost of $6 per share.Determined that net income for the year was $452,000. Close the income summaryJan 25Feb. 1Apг. 14Nov. 10Dec. 31асcount.Declared a dividend of $0.5 per ordinary share, to be payable in April 2021. Dividendfor the preference shares was not paid in 2019.Dec. 31Instructions(a.) Journalize the transactions and the closing entry for net income and dividend.(b.) Prepare the equity section of the statement of financial position at December 31, 2020.

Particulars Amount Amount Cash balance as per bank statement 16,824.6 Add: Deposit in…

Question 1 Marvel Ltd. 's accountant is preparing the bank reconciliation at 31 December 2020. The December bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 12-4 $2,530.20 1,211.60 2,365.10 3475 $1,640.70 1,300.00 2,130.00 3,080.00 12-1 12-8 3476 12-4 12-10 3477 3479 12-8 12-15 12-16 836.15 2,954.00 2,567.30 2,836.00 1,025.00 12-27 3480 685.00 12-21 12-30 3482 475.50 12-26 12-29 3483 1,140.00 12-29 12-31 5800* 600.00 12-30 3485 *See note 3 below 12-31 540.80 The cash records per books for August showed the followings. Cash Payments Journal Amount $1,640.70 1,300.00 2,130.00 3,080.00 Date 12-1 Number 3475 Date 12-20 Number 3482 Amount 475.50 3476 3477 3483 3485 12-2 12-22 1,140.00 12-2 12-24 540.80 12-8 256.25 3479 3480 12-30 3486 12-10 658.00 Cash Receipts Journal Amount $2,530.20 1,211.60 2,365.10 Date 12-1 12-3 12-7 12-15 886.15 12-20 2,954.00 2,567.30 2,836.00 1,025.00 1,916.15 12-25 12-28 12-30 12-31

Question 1 Marvel Ltd. 's accountant is preparing the bank reconciliation at 31 December 2020. The December bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 12-4 $2,530.20 1,211.60 2,365.10 3475 $1,640.70 1,300.00 2,130.00 3,080.00 12-1 12-8 3476 12-4 12-10 3477 3479 12-8 12-15 12-16 836.15 2,954.00 2,567.30 2,836.00 1,025.00 12-27 3480 685.00 12-21 12-30 3482 475.50 12-26 12-29 3483 1,140.00 12-29 12-31 5800* 600.00 12-30 3485 *See note 3 below 12-31 540.80 The cash records per books for August showed the followings. Cash Payments Journal Amount $1,640.70 1,300.00 2,130.00 3,080.00 Date 12-1 Number 3475 Date 12-20 Number 3482 Amount 475.50 3476 3477 3483 3485 12-2 12-22 1,140.00 12-2 12-24 540.80 12-8 256.25 3479 3480 12-30 3486 12-10 658.00 Cash Receipts Journal Amount $2,530.20 1,211.60 2,365.10 Date 12-1 12-3 12-7 12-15 886.15 12-20 2,954.00 2,567.30 2,836.00 1,025.00 1,916.15 12-25 12-28 12-30 12-31

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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Requlred Informetion [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 ৪9, 938 88,970 88,470 88,520 88,370 Date Other Dec. 1 $ 7,620 558 $28, 000 13,900 11 17 23 36, e00 26 960 30 NSF* $300 50 19, 200 19, e00 31 Interest earned 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, e00 Deposits Dec. 11 23 Checks written during December: 7,620 28, 800 36, ee0 19,e00 13,e00 550 30 13,900 960 31 150 19,200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. Requlred: 1. Identify and list the deposits in transit at the end of December. (Select all that apply.) $28,000 $36,000 $19,000 $13,000 2. [dentify and list the outstanding checks at the end of December (Select all that apply.) $7,620 $550 $13,900 $880 $150 $19,200 $4,500 OOUI
QUESTION 21 In preparing its bank reconciliation for the month of April 2021, Delano, Inc. has available the following information. Balance per bank statement, 4/30/21 NSF check returned with 4/30/21 bank statement $78,600 940 Deposits in transit, 4/30/21 Outstanding checks, 4/30/21 Bank service charges for April 10,000 10,400 60 What should be the adjusted cash balance at April 30, 2021? $77,600. O $77,260. $78,020. $78,200.
PROBLEM NO. 2 Shown below is the bank reconciliation for ABC Company for November 2020: Balance per bank, Nov. 30, 2020 Add: Deposits in transit Total Less: Outstanding checks P150,000 24,000 174,000 P28,000 10.000 Bank credit recorded in error 38,000 P136,000 Cash balance per books, Nov. 30, 2020 The bank statement for December 2020 contains the following data: P110,000 Total deposits Total charges, including an NSF check of P8,000 and a service charge of P400 96,000 All outstanding checks on November 30, 2020, including the bank credit, were cleared in the bank in December 2020. There were outstanding checks of P30,000 and deposits in transit of P38,000 on December 31, 2020. Questions: Based on the above, answer the following: A. How much is the cash balance per bank on December 31, 2020? B. How much is the cash balance per books on December 31, 2020? C. The adjusted cash in bank balance as of December 31, 2020?
A -1 Prepared by Reviewed by William, Inc. Bank Confirmation - General Account December 31, 2022 Balance per Bank at December 31, 2022 $20,200.22 * Deposit in Transit - per A-1-2 2,000.00 # Outstanding Checks - per A-1-3 (5,200.00) Other - Note Collected by Bank (10,000.00) ^ Bank Service Charge (9.50) Balance per Books at December 31, 2022 $8,990.72 * f f Column footed. ^ Amount agrees to amount recorded as a deposit on the bank statement and description agrees with receipt enclosed with 12/31/22 bank statement. This note is the Kristopher note receivable that was recorded as a receipt by the client in the cash receipts journal on January 3, 2023. The receivable was appropriately credited and properly reflected in the January cash receipts journal. No adjustment needed as bank and books simply record this in different periods. #Agreed to December 31,…
Question 1The bank portion of the bank reconciliation for Ivanhoe Company at October 31, 2017, is as follows. IVANHOE COMPANYBank ReconciliationOctober 31, 2017Cash balance per bank $12,497.90Add: Deposits in transit 1,530.2014,028.10Less: Outstanding checks Check NumberCheck Amount2451 $ 1,260.402470 684.202471 844.502472 435.752474 1,050.004,274.85Adjusted cash balance per bank $9,753.25 The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November bank statement showed the following checks and deposits. Bank StatementChecksDepositsDateNumberAmountDateAmount11-1 2470 $ 684.20 11-1 $ 1,530.2011-2 2471 844.50 11-4 1,211.6011-5 2474 1,050.00 11-8 990.1011-4 2475 1,640.70 11-13 2,575.0011-8 2476 2,830.00 11-18 1,472.7011-10 2477 600.00 11-21 2,945.0011-15 2479 1,720.00 11-25 2,567.3011-18 2480 1,330.00 11-28 1,650.0011-27 2481 695.40 11-30 1,186.0011-30 2483 575.50 Total 16,127.9011-29 2486 940.00Total $12,910.30 The cash records per books for…
QUESTION 20 Winter Gloves Company had checks outstanding totaling $12,800 on its May bank reconciliation. In June, Winter Gloves Company issued checks totaling $79,800. The July bank statement shows that $71,400 in checks cleared the bank in July. A check from one of Winter Gloves Company's customers for of $2,000 was also returned marked "NSF." The amount of outstanding checks on Winter Gloves Company's July bank reconciliation should be $19,200. $8,400. $21,200. $23,200.
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