Prepare a bank reconcilation at December 31, 2022 and prepare the adjusting entries based on the reconciliation. The cash records per books for December showed the followingCash Payments JournalCash Receipts JournalDateNumberAmountDateNumberAmountDateAmount12-13475$1,640.7012-203482$475.5012-3$1,211.6012-234761,300.0012-2234831,140.0012-72,365.112-234772,130.0012-233484793.0012-152,672.7012-43478621.3012-243485250.8012-202,954.0012-834793,080.0012-303486889.5012-252,567.3012-103480600.00Total$13,728.2012-282,836.0012-173481807.4012-301,025.0012-311,690.40Total$17,322.10The bank statement contained two memoranda:1.Acredit of $2,310 for the collection of Sunland Company of an electronic funds transfer.2.A debit for the printing of additional company checks $90.At December 31, the cash balance per books was $14,655.20, and the cash balance per the bank statement was $19,792.10. Thdid not make any errors, but Sunland Company made two errors. The bank portion of the bank reconciliation for Sunland Company at November 30, 2022, was as follovws.Sunland CompanyBank ReconciliationNovember 30, 2022Cash balance per bank$14,837.90Add: Deposits in transit2,530.2017,368.10Less: Outstanding checksCheck NumberCheck Amount3451$2,260.403470720.103471844.5034721,426.8034741,055.006,306.80Adjusted cash balance per bank$11,061.30The adjusted cash balance per bank agreed with the cash balance per bocoks at November 30.The December bank statement showed the following checks and deposits.Bank StatementChecksDepositsDateNumberAmountDateAmount12-13451$2,260.4012-1$2,530.2012-23471844.5012-41,211.6012-734721,426.8012-82,365.112-434751,640.7012-162,672.7012-834761,300.0012-212,945.0012-1034772,130.0012-262,567.3012-1534793,080.0012-292,836.0012-273480600.0012-301,025.0012-303482475.50Total$18,152.9012-2934831,140.0012-313485520.80Total$15,418.70

Bank reconciliation statement reconciles differences cash balance as per bank statement and cash…

The bank portion of the bank reconciliation for Sunland Company at November 30, 2022, was as follows. Sunland Company Bank Reconciliation November 30, 2022 Cash balance per bank $14837.90 Add: Deposits in transit 2.530.20 17,368.10 Less: Outstanding checks Check Number Check Amount 3451 5260.40 3470 720.10 3471 844.50 3472 1.426.80 3474 1.055.00 6.306.80 Adjusted cash balance per bank $11.061.30 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 12-1 3451 $2.260.40 12-1 $2.530.20 12-2 3471 844.50 12-4 1.211.60 12-7 3472 1,426.80 12-8 2,365.1 12-4 3475 1.640.70 12-16 2,672.70 12-8 3476 1,300.00 12-21 2,945.00 12-10 3477 2,130.00 12-26 2,567.30 12-15 3479 3,080.00 12-29 2,836.00 12-27 3480 600.00 12-30 1,025.00 12-30 3482 475.50 Total $18.152.90 12-29 3483 1140.00 12-31 3485 520.80 Total $15,418.70

The bank portion of the bank reconciliation for Sunland Company at November 30, 2022, was as follows. Sunland Company Bank Reconciliation November 30, 2022 Cash balance per bank $14837.90 Add: Deposits in transit 2.530.20 17,368.10 Less: Outstanding checks Check Number Check Amount 3451 5260.40 3470 720.10 3471 844.50 3472 1.426.80 3474 1.055.00 6.306.80 Adjusted cash balance per bank $11.061.30 The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits. Bank Statement Checks Deposits Date Number Amount Date Amount 12-1 3451 $2.260.40 12-1 $2.530.20 12-2 3471 844.50 12-4 1.211.60 12-7 3472 1,426.80 12-8 2,365.1 12-4 3475 1.640.70 12-16 2,672.70 12-8 3476 1,300.00 12-21 2,945.00 12-10 3477 2,130.00 12-26 2,567.30 12-15 3479 3,080.00 12-29 2,836.00 12-27 3480 600.00 12-30 1,025.00 12-30 3482 475.50 Total $18.152.90 12-29 3483 1140.00 12-31 3485 520.80 Total $15,418.70

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

(A) Prepare a bank reconciliation at December 31, 2018. (B) Prepare the adjusting journal entries based on the reconciliation.
Funds in a ____ must remain on deposit for a stated time period in order to avoid an interest penalty. Group of answer choices checking account passbook savings certificate of deposit mutual fund U.S. Treasury bill
what's the answer in question 4?
Please help me
Given the following information to reconcile GCompany’s cash book balance with its bank statement balance as of July 31, 2021: a. Cheques #296 for $1,334 and #307 for $12,754 were outstanding on the September 30 bank reconciliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $893 and cheque #321 for $2,000, both written in July, were not among the cancelled cheques returned with the statement. b. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for the July rent was correctly written for $4,090 but was erroneously entered in the accounting records as $4,900. c. Also enclosed with the statement was a $74 debit memo for bank services. It had not been recorded because no previous notification had been received. d. A credit memo enclosed with the bank statement indicated that there was an electronic fund transfer related to a…
Please assist Show the adjustments as they should be recorded in the general ledger bank account of Mimosa General Dealers at 31 July 2021. Balance the bank account in the general ledger. A folio column is not required.
On December 15, you recieved your bank statement showing a balance of $2270.32. Your checkbook shows a balance of $2433.33. Outstanding checks are $225.50 and $356.20. The account earned $77.52. Deposits in transit amount to $805.23, and there is a service charge of $17.00. Calculate the reconciled balance. options are: a. 163.01 b. 2046.79 c. 2372.81 d. 2493.85
Bank Reconciliation REQUIRED: A. Based on the application of the necessary procedures and appreciation of the above data, you are to provide the answers to the following: 1. How much is the unadjusted book receipts for August? 2. How much is the unadjusted book disbursements for August? 3. How much is the adjusted book receipts for August? 4. How much is the adjusted book disbursements for August? 5. How much is the adjusted cash balance as of August 31, 2022? B. Show the four column proof of cash as of August 31, 2022. C. Show the correct bank reconciliation, in good form, on August 31, 2022.
The following information was taken from the books of Zia Traders on 30 June 2019: 1. The items appearing on the bank reconciliation statement of Zia Traders as at 31 May 2019. Details Amount (R) Balance as per bank statement (unfavourable) 25400 Oustanding deposit 5700 Outstanding cheques: CHQ116 1430 CHQ135 2780 Correction of incorrect cheque(see note 2.5 below) 570 Balance as per bank account ? A comparison of the cashbooks for June, the above bank reconciliation statement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June: -Cashbook Receipts R 113 200 -Cashbook Payments R 96 000 2.2 The outstanding deposit at the end of May for R5 700 appeared on the bank statement on 5 June 2019. 2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bank statement amount was correct. 2.4…
Can you please show your work on how you came up with the balance per bank and the balance per book on the reconciliation statement? Branson Co. received its bank statement for the month ending May 31, 2019, and reconciled the statement balance to the May 31, 2019, balance in the Cash account. The reconciled balance was determined to be $36,400. The reconciliation recognized the following items: A deposit made on May 31 for $22,700 was included in the Cash account balance but not in the bank statement balance. Checks issued but not returned with the bank statement were No. 673 for $4,550 and No. 687 for $9,700. Bank service charges shown as a deduction on the bank statement were $110. Interest credited to Branson Co.'s account but not recorded on the company's books amounted to $88. Returned with the bank statement was a "debit memo" stating that a customer's check for $3,240 that had been deposited on May 23 had been returned because the customer's account was overdrawn. During a…
A journal entry would need to be made for which of the following adjustments on a bankreconciliation?a. Bank service chargesb. Outstanding checksc. Deposits in transitd. Bank error to be corrected by the bank
Masaya Company is preparing its 2020 financial statement. The accounting period ends on December 31. You have been asked to compute the amount included in the "Trade and Other Receivable" of the entity's financial position from the following information. a. A P100,000 check received from a customer dated February 1, 2021 is on hand. b. A customer's check for P200,000 was included in the December 20 deposit. It was returned by the bank stamped "“NSF". No entry had yet been made by Masaya to reflect the return. C. A P500,000 Certificate of Deposits on which P20,000 of interest accrued to December 31 has just been recorded by debiting Interest Receivable and crediting Interest Income. The chief accountant proposes to report the P500,000 as "Cash in Bank". d. Masaya has a P50,000 petty cash fund. As of December 31, the fund custodian reported expense vouchers covering various expenses in the amount of P45,700 and cash of P4,200. e. Postage stamps that costs P1,000 are in the cash drawer.…