Required information Use the following information for the Quick Studies 12-13 below. (Algo) [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $5,900 debit balance and its bank statement shows $5,440 on deposit at the close of business on August 31. a. August 31 cash receipts of $1,640 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $160 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $1,520. d. In reviewing the bank statement, an $120 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $60 in bank service charges; the company has not yet recorded the cost of these services.

Required information Use the following information for the Quick Studies 12-13 below. (Algo) [The following information applies to the questions displayed below.] Organic Food Company's Cash account shows a $5,900 debit balance and its bank statement shows $5,440 on deposit at the close of business on August 31. a. August 31 cash receipts of $1,640 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. b. The bank statement shows a $160 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $1,520. d. In reviewing the bank statement, an $120 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $60 in bank service charges; the company has not yet recorded the cost of these services.

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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The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,619 debit balance and its bank statement shows $15,239 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,083. b. The June 30 bank statement lists a $90 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $689 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 $698. d. The June 30 cash receipts of $2,382 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 i DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct Adjusted book balance
Letty Company provided the bank statement for the month of April which included the following information: 15,000 Bank service charge for April 40,000 Check deposited by Letty during April was not collectible and has been marked "NSF" by the bank and returned In comparing the bank statement to its own records, the entity found the following: 130,000 Deposits made but not yet recorded by bank 100,000 Checks written and mailed but not yet recorded by bank All deposits in transit and outstanding checks have been properly recorded in the entity's books. A customer check for P35,000 payable to Letty Company had not yet been deposited and had not been recorded by the entity. The cash in bank account balance per ledger is P920,000 What is the adjusted cash in bank on April 30?
Wright Company's cash account shows a $30,700 debit balance and its bank statement shows $29,000 on deposit at the close of business on May 31. a. The May 31 bank statement lists $260 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $7,200. c. May 31 cash receipts of $7,800 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $560 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $280 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.
Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. August 31 cash receipts of $3,140 were placed in the bank’s night depository after banking hours and were not recorded on the August 31 bank statement. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. Outstanding checks as of August 31 total $3,020. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food’s account. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. Prepare any necessary journal entries that Organic Food Company must record as a result of preparing the bank reconciliation.
The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized) are below. Martin Company's bank reconciliation at the end of April showed a cash balance of $23,300. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 May 1 May 1 May 7 May 29 May 31 Debit Balance Balance # 301 #302 #303 # 304 Checks $ 12,000 8,000 600 23,300 9,000 11,000 8,000 Required: 1. Prepare a bank reconciliation for May. Cash (A) 22,800 BANK STATEMENT Deposits $9,000 5,600 11,000 12,000 8,000 600 5,600 2,300 Interest earned. NSF check Service charge Credit # 301 May 2 #302 May 4 Other # 303 May 11 # 304 May 23 # 305 May 29 $ 220 380 110 Balance $ 23 300 32,300 20,300 12,300 23,300 22,700 22,920 22,540 16,940 16,830 16,830
[The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $13,398 debit balance and its bank statement shows $13,568 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $ 2,384. 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, 128 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.
Prepare BRS?
Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $13,982 debit balance and its bank statement shows $14,264 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,928. 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 $289 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 $298. d. The June 30 cash receipts of $2,630 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
[The following information applies to the questions displayed below.]Del Gato Clinic's cash account shows a $13,209 debit balance and its bank statement shows $12,483 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $2,084. The June 30 bank statement lists a $75 bank service charge. 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. The June 30 cash receipts of $2,744 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.
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 $13,511 debit balance and its bank statement shows $13,357 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,312. b. The June 30 bank statement lists a $40 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 $2.435 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-13 (Algo) Entries from bank reconciliation LO P3 Prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. Note:…
[The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $12.709 debit balance and its bank statement shows $12,011 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,115. b. The June 30 bank statement lists a $15 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $189 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 $198. d. The June 30 cash receipts of $2,807 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare any necessary 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.) View transaction list Journal entry…