Refer to the Information given below: a. The October 31 cash balance in the general ledger is $1,688. b. The October 31 balance shown on the bank statement is $746. c. Checks issued but not returned with the bank statement were No. 462 for $26 and No. 483 for $100. d. A deposit made late on October 31 for $900 Is Included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $150 that was deposited on October 25 had been returned because the customer's account was overdrawn. f. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check No. 471 was $64 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $46. Required: Prepare a bank reconciliation as of October 31 from the above Information. (Total the entries of the same account together, when entering in the bank reconciliation statement.)

Refer to the Information given below: a. The October 31 cash balance in the general ledger is $1,688. b. The October 31 balance shown on the bank statement is $746. c. Checks issued but not returned with the bank statement were No. 462 for $26 and No. 483 for $100. d. A deposit made late on October 31 for $900 Is Included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $150 that was deposited on October 25 had been returned because the customer's account was overdrawn. f. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check No. 471 was $64 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $46. Required: Prepare a bank reconciliation as of October 31 from the above Information. (Total the entries of the same account together, when entering in the bank reconciliation statement.)

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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7. Monet’s checkbook at the end of October showed a balance of ₱22,189.50. An examination of the bank statement showed that a deposit of ₱2,146.05 had not been entered on the stub and that check no. 486 for ₱4,055.40 had been entered on the stub as ₱4,355.40. Find the correct checkbook balance.
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Other Information 1. Check no. 1462 was outstanding from February. 2. A credit memo for collection of accounts receivable was included in the bank statement. 3. All checks were paid at the correct amount. 4. The bank statement included a debit memo for service charges. 5. The February 28 bank reconciliation showed a deposit in transit of$1,135. 6. Check no. 1468 was for the purchase of equipment. 7. The unadjusted Cash account balance at March 31 was$13,072. Required: a. Prepare the bank reconciliation for Pyle Garage at the end of March. b. Explain how the adjustments described above affect the cash account.
Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor. This item would be included on the bank reconciliation as a(n) ____. a.addition to the cash balance per bank b.deduction from the cash balance per books c.deduction from the cash balance per bank d.addition to the cash balance per books
19. A bank deducted OMR 50 from the customer’s account as a bank charge and customer noticed this only on the receipt of bank statements. How to reconcile this item in the bank reconciliation statement? a. Deduct from the bank statement balance b. Add to the bank statement balance c. Deduct from the cash book balance d. Add to the cash book balance
64. Outstanding checks for current period shall: Group of answer choices Added to disbursements and deducted from ending cash balance – bank. Added to disbursements and added to ending cash balance – bank. Deducted from the previous month cash balance and deducted from disbursements – bank. Added to receipts and added to ending cash balance – book.
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When the bank statement is received on July 3, it shows a balance, before reconciliation, of $6,120 as of June 30. After reconciliation, the adjusted balance is $3,650. If one deposit in transit amounted to $1,470, what was the total of the outstanding checks assuming that no other adjustments would be made to the bank statement?
The cash transactions and cash balances of ABC Company for May were as follows: 1. The ledger account for cash showed a balance at May 31 of $16766.95. 2. The May bank statement showed a closing balance of $ 18928.12. 3. The received on May 31 amounted to $4017.15. it was left at the bank in the night depository chute after banking hours on May 31 and therefore was not recorded by the bank on the May statement. 4. A debit memorandum from the bank for $7.65 representing service charges for May included in May bank statement. 5. A credit memorandum enclosed with the May bank statement indicated that a non-interest bearing note receivable for $4545 from J’s company had been collected and the proceeds credited to the account of ABC Company. 6. Comparison of the paid checks returned by the bank with the entries in the accounting records revealed that check no. 800 for $835.02, issued May 14 in payment for office equipment, and had been erroneously entered in ABC company records as $853.02.…
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Refer to the Information given below: a. The August 31 balance shown on the bank statement is $9,050. b. There is a deposit in transit of $1,300 at August 31. c. Outstanding checks at August 31 totaled $1,620. d. Interest credited to the account during August but not recorded on the company's books amounted to $68. e. A bank charge of $44 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived. f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $142 had been recorded as a disbursement of $412 g. The August 31 balance in the general ledger Cash account, before reconciliation, is $8,436. Required: Prepare a bank reconciliation as of August 31 from the above Information. Balance per bank Add: Deduct: Reconciled balance Bank Reconciliation August 31 Balance per books Add: Deduct: Reconciled balance
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