The cash account of Morgana Co. showed a ledger balance of Php1,400,000 on June 30. The bank statement on the same date showed a balance of Php1,521,500. Upon comparing the bank statement with the cash records, the following facts were determined: a. There are outstanding checks worth Php400,000 b. Deposit in Transit worth Php300,000 C. Bank service charge for the month is Php500 d. There were "NSF" checks from customers worth Php15,000 debited by the Bank e. The bank credited Php14,000 representing payment of note receivable by a customer f. Interest income credited by the bank worth Php 10,000 g. A customer check for 81,000 has been entered by the company bookkeeper as 18,000 h. The bank erroneously credited a customer check of 50,000 to Morgano Co. It should have been credited Morgana Co.

The cash account of Morgana Co. showed a ledger balance of Php1,400,000 on June 30. The bank statement on the same date showed a balance of Php1,521,500. Upon comparing the bank statement with the cash records, the following facts were determined: a. There are outstanding checks worth Php400,000 b. Deposit in Transit worth Php300,000 C. Bank service charge for the month is Php500 d. There were "NSF" checks from customers worth Php15,000 debited by the Bank e. The bank credited Php14,000 representing payment of note receivable by a customer f. Interest income credited by the bank worth Php 10,000 g. A customer check for 81,000 has been entered by the company bookkeeper as 18,000 h. The bank erroneously credited a customer check of 50,000 to Morgano Co. It should have been credited Morgana Co.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

See similar textbooks

Similar questions

COMPANY A, reported a balance of ₱ 45,000.00 in its Cash account at the end of the month. There were ₱ 20,000.00 deposits in transit and ₱ 15,000.00 outstanding checks. The bank statement showed a balance of ₱ 65,000.00 including a note with face value of ₱ 25,000.00 and a ₱ 5,000.00 service charge. How much is the interest on the note collected by the bank?
The cash account of Waterway Co. showed a ledger balance of $18,781.68 on June 30, 2025. The bank statement as of that date showed a balance of $19,920. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. There were bank service charges for June of $120. A bank memo stated that Bao Dai's note for $5,760 and interest of $172.80 had been collected on June 29, and the bank had made a charge of $26.40 on the collection. (No entry had been made on Waterway's books when Bao Dai's note was sent to the bank for collection.) 3. Receipts for June 30 for $16,272 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $10,253.04. 5. 6. The bank had charged the Waterway Co.'s account for a customer's uncollectible check amounting to $1,215.36 on June 29. A customer's check for $432 (as payment on the customer's Accounts Receivable) had been entered as $288 in the cash receipts journal by Waterway on June 15. 7. Check no. 742 in the amount…
Please answer asap , I really need help.
The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank statement as of that date showed a balance of $7,470. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. 3. 4. 5. 6. 7. (a) There were bank service charges for June of $45. A bank memo stated that Bao Dai's note for $2,160 and interest of $64.80 had been collected on June 29, and the bank had made a charge of $9.90 on the collection. (No entry had been made on Sheffield's books when Bao Dai's note was sent to the bank for collection.) Receipts for June 30 for $6,102 were not deposited until July 2. Checks outstanding on June 30 totaled $3,844.89. The bank had charged the Sheffield Co.'s account for a customer's uncollectible check amounting to $455.76 on June 29. A customer's check for $162 (as payment on the customer's Accounts Receivable) had been entered as $108 in the cash receipts journal by Sheffield on June 15. Check no. 742 in the amount…
MDB Company provided the following data pertaining to the cash transactions and bank account for the month of May: Cash balance per accounting record Cash balance per bank statement Bank service charge Php 1,719,000 3,195,000 10,000 5,000 Bank Debit Memo Outstanding checks Deposits made on May 30 and not yet reflected in the bank statement Collections made by the bank from a customer promissory note, the principal amount of Php800,000 with interest Check No. 1234 issued to a supplier entered in the accounting record as P210,000 but deducted in the bank statement at an erroneous amount of Customer check returned by the bank marked as NSF. No entry has been made to record the returned check 685,000 500,000 810,000 21,000 77,000 What is the adjusted cash in bank?
there were deposits in transit amounting to P20,000 and outstanding checks totaling P42,500. The bank statement for among its recelpts. Included on the bank debits were cost of checkbooks amounting to P300 and a P10,000 check The bank statement on November 30, 20X6 showed a balance of P76,500. Among the bank credits in November was marked "DAIF for P6,000. On December 31, 20X6 the company placed with the bank a customer's promissory note December showed total receipts of P183,900, disbursements of P101,800 and a balance of P121,400. Bank debit a customer's note for P25,000 collected for the account of the company which the company recognized in December PROOF OF CASH PROBLEM 4. In the process of your examination of the financial statements of the Mehsoy Company for the year ended December 31. 20X6, you obtained the following data on its curent account which was charged by the bank in error against Malu-ov Compeny accOunt, Alao in November, you ascertained er the month of December…
Using the following information: The bank statement balance is $3,718. The cash account balance is $4,086. Outstanding checks amounted to $866. Deposits in transit are $1,177. The bank service charge is $48. A check for $78 for supplies was recorded as $69 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.
On July 31, 2017, the Cash in Bank account of Lope Dalisay Blades had a balance of ₱72,166. On that date, the bank statement indicated a balance of ₱95,347.50. Comparison of returned checks and bank memos revealed the following: 1.Deposits in transit as of July 31 amounted to ₱31,407.50 2.Outstanding checks as at July 31 totaled ₱14,6793. 3.The bank erroneously debited a ₱3,250 check of Lopez Glades against the Lope Dalisay Blades bank account. 4.A ₱250 bank service charge has not been recorded in the books. 5.Lope Dalisay neglected to record ₱40,000 borrowed from the bankon a 10% six-month note. The bank statement already reflected the credit of ₱40,000. 6.Included with the returned paid checks is a memo indicating that Julio Mercado’s check for ₱6,400 had been returned DAIF. Mercado, a customer, had sent the check as payment of an account ₱6,600 less a ₱200 discount. 7.Lope Dalisay recorded a ₱1,090 payment for repairs as ₱10,900. REQUIRED: 1.Prepare the bank reconciliation for…
The May 31 balance per bank statement was $18,000. The cash balance per books was $22,250. Outstanding checks amounted to $2,700, and deposits in transit were $5,400. The bank statement contained an NSF check for $1,100, a service charge for $40, and a debit memo for direct payment of the telephone bill of $410. Required: a. Prepare a bank reconciliation to determine the true cash balance at May 31. b. Indicate how each of the required adjusting entries Impact the financial statements. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate how each of the required adjusting entries impact the financial statements. Note: Leave cells blank if no input is needed. Enter any decreases to account balances and cash outflows with a minus sign. Item Outstanding checks Deposits in transit NSF check from a customer Bank service charge Debit memo for payment of telephone bill Cash Assets Balance Sheet Accounts Receivables = = Liabilities + + Stockholders'…
Using the following information: The bank statement balance is $4,690. The cash account balance is $5,080. Outstanding checks amounted to $715. Deposits in transit are $1,020. The bank service charge is $40. A check for $72 for supplies was recorded as $27 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co.Bank ReconciliationAugust 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: Deposits in transit not recorded by bank $fill in the blank 3 Outstanding checks 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
Using the following information: The bank statement balance is $3,159. The cash account balance is $3,414. Outstanding checks amounted to $511. Deposits in transit are $641. The bank service charge is $116. A check for $43 for supplies was recorded as $34 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31.
Using the following information: (a) The bank statement balance is $4,690. (b) The cash account balance is $5,080. (c) Outstanding checks amounted to $715. (d) Deposits in transit are $1,020. (e) The bank service charge is $40. (f) A check for $72 for supplies was recorded as $27 in the ledger. Required: Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” or “Add” will automatically appear if it is required. Enter all amounts as positive values. Labels August 31 Amount Descriptions Bank service charge Deposits in transit not recorded by bank Error in recording Outstanding checks Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact…