Question 20 Complete Mark 2.00 out of 2.00 P Flag question The following information were taken from the records of Spider Company: Bank credits during February P340,000 Bank debits during February P260,000 Balance per bank, Jan. 31 P168,000 Deposit in transit, February 28 P150,000 Outstanding checks, Feb. 28 P238,000 What amount of cash in bank will be shown in the statement of financial position?

Question 20 Complete Mark 2.00 out of 2.00 P Flag question The following information were taken from the records of Spider Company: Bank credits during February P340,000 Bank debits during February P260,000 Balance per bank, Jan. 31 P168,000 Deposit in transit, February 28 P150,000 Outstanding checks, Feb. 28 P238,000 What amount of cash in bank will be shown in the statement of financial position?

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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Problem 2 Deposit in Transit In your audit of the cash account of Karen Mae Company, you have ascertained the following data relative to the debits per books and Credits per bank: Book debit in February 400,000 Bank credits in February 360,000 CM for interest earned in January but taken up in the books in February 5,000 CM for interest in February but taken up in the books in March 6,000 Check from customer in January amounting to P40,000 but was taken up in the books as 4,000 Check from customer in February amounting P20,000 but was taken up In the books as 4,000 Check by the company issued to supplier in January amounting to P3,000 But was taken up the books as 30,000 Erroneous bank credit-February 2,500 Erroneous bank charge-January 1,000 Deposit in transit-January 31 50,000 How much is the undeposited collections at the end of February? a. P47,500 b. P31,500 c. P15,500 d. P46,500
Balance per bank $16,750 Balance per company records 16,125 Bank service charges 80 Deposits-in-transit 2,195 NSF check 950 Outstanding checks 3,850 What is the adjusted balance on the bank reconciliation?
Hills Company's June 30 bank statement and the June ledger account for cash BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance E5-5 (Static) Part 1 $ 19,100 Cash (A) 6,800 19,000 6,400 Deposits $ 18,000 Credit 19,400 Checks written Other $ 30 June Balance $ 7,200 25,200 6,100 6,070 6,070 Required: 1. Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June
Question 5 Fred's Supply's month end bank statement shows a balance of $13,000. Outstanding checks were $10,000, and the $25,000 deposit on the last day of the month is not yet shown on the bank statement since it was made after 4 p.m. Bank service fees of $35 and a returned check (NSF) of $27 were shown on the statement are not yet recorded on the books. What is the correct (reconciled) month-end cash amount? Respond in a whole number, no commas and no dollar signs.
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.
Question Content Area Bank Reconciliation and Entries The cash account for Norwegian Medical Co. at April 30 indicated a balance of $12,480. The bank statement indicated a balance of $14,430 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $5,190. A deposit of $5,410, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,810 on a $2,670 note, including interest of $140. A check for $550 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $500. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. A check drawn for $60 had been erroneously charged by the bank as $600. Bank service charges for April amounted to $50.
QUESTION 12 Brown Company's bank statement for September 30 showed: 6 poinis Bank statement balance Book balance of cash $2.790 $3.724 The following information was also available as of September 30: a. A customer's check for $150 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $10 processing fee. b. The September 30 cash receipts, $3,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. C. Outstanding checks amounted to $2,190. d. A check for rent expense was written for $326 but by mistake was recorded in the accounting records as $362. Required: Prepare bank reconciliation as of September 30.
QUESTION 9 The Gatedown Company's bank statement has an ending cash balance of $14,110.00. The cash account in the general ledger has a balance of $12,477.00. Based on the following reconciling items, prepare a bank reconciliation. a) Bank service charge of $20.00 b) Deposit in transit $3,190.00 c) A check was returned NSF $645.00 d) Outstanding check $688.00 e) Note collected by the bank, credit memoranda, $4,800.00 What is the total of subtractions to arrive at the book balance? A) 645.00 B) 555.00
18 The May 31 balance per bank statement was $12,400. The cash balance per books was $17,000. Outstanding checks amounted to $1,700, and deposits in transit were $4,800. The bank statement contained an NSF check for $1,100, a service charge for $50, and a debit memo for direct payment of the telephone bill of $350. Required: a. Prepare a bank reconciliation to determine the true cash balance at May 31. b. Indicate how each of the required adjusting entries impact the financial statements. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate how each of the required adjusting entries impact the financial statements. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Outstanding checks Horizontal Statements Model Balance Sheet Income Statement Item Assets Liabilities Cash Accounts Receivables Stockholders' Equity Revenue Expenses Net Income Statement of Cash Flows (1.700)…
Question Content Area Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, 10/31 $15,965 Note receivable collected by bank 4,859 Outstanding checks 9,437 Deposits in transit 4,203 Bank service charge 201 NSF check 1,307 Using the above information, determine the cash balance per books (before adjustments) for Thompson Corporation. a.$19,316 b.$7,380 c.$14,082 d.$10,731
Activity 6 In reconciling the cash balance on December 31,2019 with that shown in the bank balance, Red Company gathered the following facts: Balance per bank statement 4,000,000 Outstanding checks 600,000 Deposit in transit 475,000 Service charge 10,000 Proceeds of bank loan, December 1, discounted for 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 10,000 Check of Rid Company charged by bank against Red Company account 150,000 Customer’s note collected by bank in favor of Red Company. Face 400,000 Interest 40,000 Total 440,000 Collection fee 5,000 435,000 Erroneous debit memo of December 28, to charge company’s account with settlement of bank loan 200,000 Deposit of Rid Company credited to Red account 300,000 Requirement: Prepare a bank reconciliation.
Required information Skip to question [The following information applies to the questions displayed below.]The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,600 August 2 $ 120 13,480 August 3 $ 9,300 22,780 August 4 220 22,560 August 5 160 22,400 August 9 530 21,870 August 10 130 21,740 August 15 3,100 24,840 August 21 220 24,620 August 24 15,500 9,120 August 25 5,650 14,770 August 30 620 14,150 August 30 Interest earned $ 20 14,170 August 31 Service charge 10 14,160 Cash (A) Debit Credit August 1 Balance 13,600 Deposits Checks written August 2 9,300 120 August 1 August 12 3,100 220 August 2 August 24 5,650 160 August 3 August 31 4,100 130 August 4 530 August 5 200 August 15 280 August 17 620 August 18 220 August 19…