Sensible Company provided the following ledger account of thecash in bank maintained with Second Bank:Problem 2-2 (IAA)Dec. 1 Balance6 Deposit12 Deposit24 Deposit31 DepositSECOND BANK100,00030,00040,00050,00060,00020,0005,00035,00015,00030,000776 25,00040,000Dec. 1 Check No. 7717724.6.77377477510141824777The following bank statement was received from the SecondBank by Sensible Company.ChecksDepositsBalanceDateDec. 1 BalanceCheck No.130,00076810,00020,0005,00035,00015,00052,0008,00010,0005,00017714.6.1277277377430,00040,0007761250,00045,000 CM10422428 NSF check28 Service charge Other information1. Sensible Company reconciled its bank balance onNovember 30 with two checks, No. 768 for P10,000 andNo. 770 for P20,000 outstanding.2. Check No. 1042 was drawn by Sensitive Company.The bank charged it in error to the account of SensibleCompany.3. Check No. 776 was correctly drawn for P52,000 in paymentof account.The amount P25,000 was entered in the books of originalentry.4. The bank credit on December 28 represents the proceedsof a P50,000 note, less a collection fee of P5,000 collectedby the bank and credited to the account.5 The NSF check was received from a customer in paymentof account.Required:a Prepare a bank reconciliation statement on December 31.b. Prepare adjusting entries on December 31.

Sensible Company provided the following ledger account of the cash in bank maintained with Second Bank: Problem 2-2 (IAA) Sensible Company provided the following ledger account of the SECOND BANK Dec. 1 Balance 6 Deposit 12 Deposit 24 Deposit 31 Deposit 100,000 30,000 40,000 50,000. 60,000 772 5,000 773 35,000 774 15,000 775 30,000 776 - 25,000 777 40,000 Dec. 1 Check No. 771 20,000 4. 10 14 18 24 The following bank statement was received from the Second Bank by Sensible Company. Balance 130,000 Date Checks Deposits Dec. 1 Balance Check No. 10,000 20,000 5,000 35,000 15,000 52,000 8,000 10,000 5,000 768 771 772 773 774 776 1042 4 6. 30,000 40,000 12 12 24 50,000 45,000 CM 28 NSF check 28 Service charge

Sensible Company provided the following ledger account of the cash in bank maintained with Second Bank: Problem 2-2 (IAA) Sensible Company provided the following ledger account of the SECOND BANK Dec. 1 Balance 6 Deposit 12 Deposit 24 Deposit 31 Deposit 100,000 30,000 40,000 50,000. 60,000 772 5,000 773 35,000 774 15,000 775 30,000 776 - 25,000 777 40,000 Dec. 1 Check No. 771 20,000 4. 10 14 18 24 The following bank statement was received from the Second Bank by Sensible Company. Balance 130,000 Date Checks Deposits Dec. 1 Balance Check No. 10,000 20,000 5,000 35,000 15,000 52,000 8,000 10,000 5,000 768 771 772 773 774 776 1042 4 6. 30,000 40,000 12 12 24 50,000 45,000 CM 28 NSF check 28 Service charge

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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Using the following information: The bank statement balance is $4,256. The cash account balance is $4,421. Outstanding checks amounted to $878. Deposits in transit are $1,008. The bank service charge is $26. A check for $35 for supplies was recorded as $26 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $fill in the blank 3 fill in the blank 5 Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $fill in the blank 10 fill in the blank 12 Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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At August 31, Saladino Coffee has the following bank information: cash balance per bank Rp5.200.000, outstanding checks Rp1.462.000, deposits in transit Rp1.211.000, and a bank debit memo Rp110.000. Determine the adjusted cash balance per bank at July 31. Cash balance per bank Rp 5.200.000,00 Add : Deposits in Transit Rp 1.211.000,00 Rp 6.411.000,00 Less Outstanding Checks Rp 1.462.000,00 Adjusted cash balance per bank Rp 4.949.000,00 The information below relates to the Cash account in the ledger of Saladino Coffee Balance Rp 10.094.000 Rp 884.000 Collection of electronic funds transfer Interest earned on checking accounts NSF check: R. Doll Rp 26.000 Rp 245.000 Safety deposit box rent Rp 35.000 Cash balance per books Rp10.094.000 Add: *** ... Less NSF Check Rp245.000 Adjusted cash balance per books
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Using the following information: The bank statement balance is $5,289. The cash account balance is $5,764. Outstanding checks amounted to $751. Deposits in transit are $1,174. The bank service charge is $43. A check for $71 for supplies was recorded as $62 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $fill in the blank 3 fill in the blank 5 Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $fill in the blank 10 fill in the blank 12 Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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