!Required information(The following information applies to the questions displayed below]On November 30, Hernandez Company's bank statement showed an ending balance of $37,391. The following informationis available about Hernandez's account:1. Debit memo in bank statement for bank service charge, $592. Deposit in transit, $3,0383. Outstanding checks, $3,2564. Customer's NSF check for $773 was returned with the bank statementRequired:a) Determine the true cash balance as of November 30.True cash balance

Required information (The following information applies to the questions displayed below] On November 30, Hernandez Company's bank statement showed an ending balance of $37,391. The following information is available about Hemandez's account 1. Debit memo in bank statement for bank service charge, $59 2. Deposit in transit, $3,038 3. Outstanding checks, $3,256 4. Customer's NSF check for $773 was returned with the bank statement Required: a) Determine the true cash balance as of November 30. True cash balance

Required information (The following information applies to the questions displayed below] On November 30, Hernandez Company's bank statement showed an ending balance of $37,391. The following information is available about Hemandez's account 1. Debit memo in bank statement for bank service charge, $59 2. Deposit in transit, $3,038 3. Outstanding checks, $3,256 4. Customer's NSF check for $773 was returned with the bank statement Required: a) Determine the true cash balance as of November 30. True cash balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5 , were as follows: Instructions 1. Journalize the selected transactions. 2. Based on the following data, prepare a bank reconciliation for December of the current year: Balance according to the bank statement at December 31, $283,000. Balance according to the ledger at December 31, $245,410. Checks outstanding at December 31. $68,540. Deposit in transit, not recorded by bank, $29,500. Bank debit memo for service charges , $750. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. 3. Based on the bank reconciliation prepared in (2), journalise the entry or entries to be made by Kornett Company.Use the Miscellaneous Administrative Expense account to record bank service charges. 4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year: A. Estimated uncollectible accounts at December…
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company’s records at July 31, $49,910. 2. Cash balance according to the bank statement at July 31, $48,250. 3. Checks outstanding, $4,460. 4. Deposit in transit, not recorded by bank, $6,450. 5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30. Required: Journalize the entry or entries that should be made by the company. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTSNakajima Co.General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes…
Required information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $15,804 debit balance and its bank statement shows $15,859 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,407. b. The June 30 bank statement lists a $45 bank service charge. c. Check No.919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,316 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 (Algo) Bank reconciliation LO P3 Prepare its bank reconciliation using the above information. DEL GATO CLINIC Bank Reconciliation June 30 Bank statement balance Book balance…
Sweden Company provided the following information for the month of December: Balance per bank statement December 31 P1,250,900 Bank service charge for December 5,000 Collection made by the bank in behalf of the entity 25,800 Deposit in transit 575,200 Checks written but not yet recorded by the bank 512,300 The entity discovered that it had drawn and erroneously recorded a check for P123,600 that should have been recorded for P153,600. How much is the cash balance per ledger on December 31, 2021?
Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,937 debit balance and its bank statement shows $15,527 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,119. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,513 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-13 Adjusting entries from bank reconciliation LO P3 Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is required for a…
Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $11,557 debit balance and its bank statement shows $10,864 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $1,522. b. The June 30 bank statement lists a $20 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2,204 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct: Adjusted book balance
Required information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $16,473 debit balance and its bank statement shows $15,762 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,180. b. The June 30 bank statement lists a $70 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498. d. The June 30 cash receipts of $2,830 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 (Algo) Bank reconciliation LO P3 Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance DEL GATO CLINIC Bank…
Required information Skip to question [The following information applies to the questions displayed below.]Del Gato Clinic's cash account shows a $14,089 debit balance and its bank statement shows $13,053 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $1,797. The June 30 bank statement lists a $95 bank service charge. Check No. 919, listed with the canceled checks, was correctly drawn for $789 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $798. The June 30 cash receipts of $2,747 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement. Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Please see image
Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2: Balance as of 6/30/Year 2 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/Year 2 Complete this question by entering your answers in the tabs below. Required A Bank Cash Account Stateme $24,790 $21,69 Required C 1,905 (35) (1,150) As part of the normal process for handling an NSF check, the accounting clerk has notified the customer that their account did not contain sufficient funds to pay the balance owed to the company. The customer was told that they will need to provide an alternative form of payment to cover the outstanding balance. < Required A $25,510 Required a. Prepare the adjustment that the clerk would have made to record the NSF check. c. Assume the clerk had stolen $1,150 cash, and recorded an entry for a nonexistent NSF check to reduce the cash balance so that it would match the bank balance. Select the internal control…
Required information [The following information applies to the questions displayed below.] As of June 30, Year 1, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available: 1. Deposit in transit: $2,400. 2. Credit memo in bank statement for interest earned in June: $30. 3. Outstanding check: $6,690. 4. Debit memo for service charge: $20. b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
sa