Simon Company has the following bank accounts: Overdrawn checking account - PNB Payroll account - Landbank Value added tax account - Metrobank In addition to the bank accounts, the following items are on hand: Employee's NSF check Postage stamps IOU from the president Stale check issued Customer's check undeposited for lack of countersignature 770,000 250,000 Gcash account Petty cash fund (expense receipts of P9,000) What is the cash balance to be reported on the statement of financial position? P50,000 800 40,000 80,000 40,000 30,000 20,000

Simon Company has the following bank accounts: Overdrawn checking account - PNB Payroll account - Landbank Value added tax account - Metrobank In addition to the bank accounts, the following items are on hand: Employee's NSF check Postage stamps IOU from the president Stale check issued Customer's check undeposited for lack of countersignature 770,000 250,000 Gcash account Petty cash fund (expense receipts of P9,000) What is the cash balance to be reported on the statement of financial position? P50,000 800 40,000 80,000 40,000 30,000 20,000

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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Identify whether each of the following items would on appear on the bank side or the book side of a bank reconciliation. Enter Bank or Book below. Bank service charges Outstanding checks Deposits in transit NSF check Interest on a checking account The company properly wrote a check for $95.80 that the bank incorrectly paid as $9.58. The bank printed checks for the depositor for a fee. Bank debit memorandum Bank credit memorandum The bank collected a $1,000 note for the depositor.
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Coasters Co. issued a note receivable to a customer. The customer made payment directly to the Coaster’s bank. The payment appeared on the month-end bank statement. How would this payment be adjusted in the bank reconciliation? Add to company records (book side) Subtract from company records (book side) Subtract from bank statement (bank side) Add to bank statement (bank side)
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