The cash balance of Mendoza Company consists of the following on December 31, 2020: Cash on hand, including stale check of Php60,000 and postdated check of Php30,000 Cash in bank in a checking account with another bank Petty cash Savings deposits Php650,000 450,000 18,000 550,000

The cash balance of Mendoza Company consists of the following on December 31, 2020: Cash on hand, including stale check of Php60,000 and postdated check of Php30,000 Cash in bank in a checking account with another bank Petty cash Savings deposits Php650,000 450,000 18,000 550,000

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 4QY: What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the...

See similar textbooks

Similar questions

What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR
The "cash" account in Optimistic Co.'s ledger on December 31, 2020 showed a balance of P 4,905,000 which included the following: 100,000 Petty Cash Fund Undeposited receipts, including a post-dated customer check of P40,000 Cash in Bank per bank statement, with a check for 850,000 still outstanding Deposit in a bank closed by the Bangko Sentral ng Pilipinas Vouchers paid out of colleotions, not yet recorded 650,0po 3,500,000 500,000 150,000 5,000 1OUS signed by employees, taken from collections 4,905,000 At what amount should Optimistic Co. report as "cash" on December 31, 2020?
On December 31, 2020, the cash account of Minerva Company has a debit balance of P906,000. An analysis if the cash account shows the following details: Undeposited collections 20,000 Cash in bank - PCIBchecking account 150,000 Cash in bank - PNB (overdraft) -12,000 Undeposited NSFcheck received from a customer, dated December 1, 2020 3,000 Undeposited check from a customer, dated January 15, 2021 7,000 Cash in bank - PCIB(fund for payroll) 40,000 Cash in bank - PCIB(savings deposit) 25,000 Cash in bank - PCIB(money market instrument, 90 days) 500,000 Cash in foreign bank (restricted) 25,000 IOUS from officers 8,000 Sinking fund cash 110,000 Listed stock held as temporary investment 30,000 Total 906,000 Cash and cash equivalents on Minerva's December 31, 2020 statement of financial position should be
Callous Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund Philippine Bank current account City Bank current account No. 1 City Bank current account No. 2 (overdraft) Asia Bank saving account Asia Bank time deposit, 90 days 200,000 20,000 5,000,000 4,000,000 ( 100,000) 250,000 2,000,000 Cash on hand included the following items: Customer check for P35,000 returned by bank December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2021. Customer check for P15,000 dated January 10, 2021, received December 23, 2020. The petty cash fund consisted of the following items: Currency and coins IOUS from officers Unreplenished petty cash vouchers 5,000 2,000 12,000 Included among the checks drawn by Callous Company against the Philippine Bank current account and recorded in December 2020 were the following: Check written and dated December 23, 2020 and delivered to payee on January 31, 2021, P25,000.…
Callous Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund Philippine Bank current account City Bank current account No. 1 City Bank current account No. 2 (overdraft) Asia Bank saving account Asia Bank time deposit, 90 days P200,000 20,000 5,000,000 4,000,000 (100,000) 250,000 2,000,000 > Cash on hand included the following items: Customer check for P35,000 returned by bank December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2021. Customer check for P15,000 dated January 10, 2021, received December 23, 2020. > The petty cash fund consisted of the following items: Current and coins IOUS from officers Unreplenished petty cash vouchers P5,000 2,000 12,000 > Included among the checks drawn by Callous Company against the Philippine Bank current account and recorded in December 2020 were the following: Check written and dated December 23, 2020 and delivered to payee on January 31, 2020,…
Epto Ergo's bank statement from Crypto Bank at July 31, 2020, gives the following information. $18,400 Balance, July 1 August deposits Checks cleared in July Bank debit memorandum: $ Safety deposit box fee Service charge Balance, July 31 71,000 25 68,678 50 Bank credit memorandum: 20,692 Interest earned 45 A summary of the Cash account in the ledger for July shows the following: balance, July 1, $18,700; receipts $74,000; disbursements $73,570; and balance, July 31, $19,130. Analysis reveals that the only reconciling items on the June 30 bank reconciliation were a deposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine that there was an error involving a company check drawn in July: A check for $400 to a creditor on account that cleared the bank in July was journalized and posted for $4. Instructions a) Determine deposits in transit. b) Determine outstanding checks. (Hint: You need to correct disbursements for the check error.) c) Prepare a bank…
The cash account in ABC Co.’s ledger showed a balance at December 31, 2020 of P 4,415,000 which was determined to consist of: Petty Cash Fund P 24, 000 Undeposited receipts, including a post-dated customercheck for P 70, 000 Cash in Allied Bank, per bank statement, with a checkfor P 40,000 still outstanding 1,220,00 Bond Fund 850,000 Voucher’s paid out of collections, not yet recorded 43,000 IOU’s signed by employees, taken from collections 33,000 4,415,000 Q1. At what amount should cash on hand and in bank be reported on the December 31, 2020 SFP? Q2. At what amount should cash and cash equivalent be reported on the December 31, 2020 SFP?
The following information is available for Lemonaid Co. for June 30, 2020: The bank statement balance is $6,000The general ledger cash account balance is $4,715Outstanding checks totaled $1,000Deposits in transit are $500The bank service charge is $15Collection of a note by bank, $850 plus $50 in interest income.Error by bank in processing a check – overcharge to Acct 201’s account of $100, to be corrected July 2, 2020 Required: 1. Based on the previous information, prepare a bank reconciliation for Acct 201 Co. at June 30, 2019. 2. Based on the previous reconciliation, prepare any necessary adjusting journal entries. 3. List one example of internal controls over cash
Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31, 2019: Cash in Bank Acct. No. 101 Balance DR (CR) Date Description Folio Debit Credit Nov. 30 Balance (overdraft) 221,000 Dec. 1-31 Cash receipts CRJ10 813,000 1,034,000 Dec. 1-31 Cash Payments CDJ21 972,000 62,000 December deposits made and checks issued were as follows: Deposits Checks Date Amount No. Amount Dec. 5 30,000 232 110,000 7 210,000 233 83,000 9 85,000 234 25,000 12 32,000 235 59,000 15 26,000 236 590,000 21 420,000 237 17,000 24 16,000 238 28,000 26 51,000 239 77,000 28 21,000 31 15,000 $813,000 $972,000 The December bank statement showed: First Chartered Bank Gibson…
On December 31, 2021, the cash account of Roel Company showed the following details: wwww Undeposited collections Cash in bank- PCIB checking account 60,000 500,000 Cash in bank- PNB overdraft (50.000) Undeposited NSF check received from customer dated December 1, 2021 Undeposited check from a customer dated January 15, 2022 Cash in bank- PCIB (fund for payroll) Cash in bank- PCIB savings deposit Cash in bank- PCIB money market instrument, 90 days Cash in foreign bank (restricted) IOUS from officers Sinking fund cash Listed shares held as trading investment 15,000 25,000 150,000 100,000 2,000,000 100,000 30,000 450,000 120,000 What amount should be reported as cash and cash equivalents on December 31, 2021?
The bank statement for Meranti Development Bhd shows a balance per bank of RM38,682.10 on 31 May 2021. On this date the balance of cash per book is RM34,496.90. A comparison of the bank statement with the general ledger cash account, No. 101 reveals the following: a) The amount of RM4,464.80 has been deposited to bank on 31 May 2021 which was received by bank on 1 June 2021. Outstanding checks identified: No. 321: RM4,410, No. 330: RM2,802.60 and No. 375: RM2,367. c) Mr. Zubair, the account executive, wrote a check no.123 for RM1,505 and the bank correctly paid the amount. However, Mr. Zubair recorded the check as RM1,550. d) There are a few bank memoranda received: i. Debit memo - for the NSF check received from Chengal Jaya Enterprise for RM1,052.60. Credit memo- collection of note receivable for RM2,020 plus interest earned RM50. Credit memo – bank interest RM78. v. Iree per boob) (+) Debit memo - service charge RM70. (- ) The rental expenses for the premises were made monthly for…
The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000 at December 31, 2020: Based on the above, answer the following questions: Cuay Corporation BANK RECONCILIATION 13. What is the total book receipts for December? 14. What is the cash balance per books on December 31, 2020? 15. What is the total outstanding checks on December 31, 2020? 16. What is the adjusted cash balance on November 30, 2020? 17. What is the adjusted cash balance on December 31, 2020? November 30, 2020 Balance per bank statement Less: Outstanding checks Check No. 4321 Check No. 4329 P 435,000 P 6,000 15,000 Check No. 4340 1,700 Check No. 4341 The cash receipts and cash payments of Detuya Company for April 2020 follow: 4,675 27,375 P 407,625 16,200 P 423,825 Total Add: Deposits in transit Balance per books CASH RECEIPTS CASH PAYMENTS Date Cash Debit Check No. Cash Credit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 P 44,550 7,350 96,500 33,200 73,600 50,000 31,600…