SENSIBLE COMPANY provided the following ledger accountof the Cash in Bank maintained with Second BankSECOND BANK100,000.00 DEC30,000.00771 20,000.00772DEC1 BALANCE1 CK#6 DEPOSIT5,000.00773 35,000.00774 15,000.00775 30,000.00776 25,000.00777 40,000.00412 DEPOSIT40,000.00624 DEPOSIT50,000.001031 DEPOSIT60,000.00141824The following bank statement was received from the Second Bank by Sensible CompanySensible CompanyDateCheck No. WithdrawalDepositsBalance130,000.00120,000.00100,000.0095,000.0090,000.00115,000.00176810,000.0077120,000.0047725,000.00677335,000.00 30,000.001277415,000.0040,000.001277652,000.0063,000.008,000.00 50,000.0010,000.00 45,000.00 CM5,000.00241042105,000.0028 NSF CHECK140,000.0028 SERVICE CHARGE135,000.00Other Information:1. Sensible Company reconciled its bank balance on November 30 with 2 checks, No, 768for Php 10,000.00 and No. 770 for Php 20,000.00 outstanding.2. Check No. 1042 was drawn by Sensitive Company.The bank charged it in error to the account of Sensible Company.3. Check No. 776 was correctly drawn for Php 52,000 in payment of account.The amount of Php 25,000.00 was entered in the books of original entry.4. The bank credit on December 28 represents the proceeds of a Php 50,000.00 note, less acollection fee of Php 5,000.00 collected by the bank and credited to the account.5. The NSF Check was received from a customer in payment of account.Required:a. Prepare a Bank Reconciliation Statement on December 31. (ADJUSTED BALANCE METHOD)b. Prepare adjusting entries.

The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…

SENSIBLE COMPANY provided the following ledger account of the Cash in Bank maintained with Second Bank SECOND BANK 1 BALANCE 6 DEPOSIT 771 20,000.C 772 DEC 100,000.00 DEC 1 CK# 30,000.00 4 5,000.C 12 DEPOSIT 40,000.00 35,000.0 774 15,000.C 775 30,000.0 776 25,000.0 777 40,000.C 773 24 DEPOSIT 50,000.00 10 31 DEPOSIT 60,000.00 14 18 24 The following bank statement was received from the Second Bank by Sensible Company Sensible Company Check No. Withdrawal Deposits Date Balance 1 130,000.00 768 120,000.00 10,000.00 20,000.00 1 771 100,000.00 4 772 5,000.00 95,000.00 6 773 35,000.00 30,000.00 90,000.00 12 774 15,000.00 40,000.00 115,000.00 12 776 52,000.00 63,000.00 24 28 NSF CHECK 8,000.00 50,000.00 10,000.00 45,000.00 CM 5,000.00 105,000.00 140,000.00 135,000.00 1042 28 SERVICE CHARGE Other Information: 1. Sensible Company reconciled its bank balance on November 30 with 2 checks, No, 768 for Php 10,000.00 and No. 770 for Php 20,000.00 outstanding. 2. Check No. 1042 was drawn by Sensitive Company. The bank charged it in error to the account of Sensible Company.

SENSIBLE COMPANY provided the following ledger account of the Cash in Bank maintained with Second Bank SECOND BANK 1 BALANCE 6 DEPOSIT 771 20,000.C 772 DEC 100,000.00 DEC 1 CK# 30,000.00 4 5,000.C 12 DEPOSIT 40,000.00 35,000.0 774 15,000.C 775 30,000.0 776 25,000.0 777 40,000.C 773 24 DEPOSIT 50,000.00 10 31 DEPOSIT 60,000.00 14 18 24 The following bank statement was received from the Second Bank by Sensible Company Sensible Company Check No. Withdrawal Deposits Date Balance 1 130,000.00 768 120,000.00 10,000.00 20,000.00 1 771 100,000.00 4 772 5,000.00 95,000.00 6 773 35,000.00 30,000.00 90,000.00 12 774 15,000.00 40,000.00 115,000.00 12 776 52,000.00 63,000.00 24 28 NSF CHECK 8,000.00 50,000.00 10,000.00 45,000.00 CM 5,000.00 105,000.00 140,000.00 135,000.00 1042 28 SERVICE CHARGE Other Information: 1. Sensible Company reconciled its bank balance on November 30 with 2 checks, No, 768 for Php 10,000.00 and No. 770 for Php 20,000.00 outstanding. 2. Check No. 1042 was drawn by Sensitive Company. The bank charged it in error to the account of Sensible Company.

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 $5,175. The cash account balance is $5,503. Outstanding checks amounted to $712. Deposits in transit are $998. The bank service charge is $33. A check for $76 for supplies was recorded as $67 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: $- Select - - Select - 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: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 Cash (A) Debit June 1 Checks $ 19,900 Deposits Other $ 18,800 Credit Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 $31 Balance $ 7,360 26,160 6,260 6,229 6,229 1. In addition to the balance in its bank account, Hills Company also has $420 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?
Which of the following journal entries is recorded as a result of the bank reconciliation process to record a NSF check for $250? A. Cash 250 Accounts Receivable 250 B. Accounts Receivable 250 Petty Cash 250 C. Accounts Receivable 250 Cash 250 D. Cash 250 Accounts Payable 250