The company gave its $50,000 note receivable to a bank for collection. The note is not paid on maturity. Bank returned the note. The note proved to be uncollectible. journalize that.
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D2.
The company gave its $50,000 note receivable to a bank for collection. The note is not paid on maturity. Bank returned the note. The note proved to be uncollectible. journalize that.
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- The bank statement on 31 October 20X7 showed an overdraft of $800. On reconciling the bank statement, it was discovered that a cheque drawn by your company for $80 had not been presented for payment, and that a cheque for $130 from a customer had been dishonoured on 30 October 20X7, but that this had not yet been notified to you by the bank. What is the correct bank balance to be shown in the statement of financial position at 31 October 20X7? A $1,010 overdrawn B $880 overdrawn C $750 overdrawn D $720 overdrawnThe bank statement on 31 October 20X7 showed an overdraft of $800. On reconciling the bank statement, it was discovered that a cheque drawn by your company for $80 had not been presented for payment, and that a cheque for $130 from a customer had been dishonoured on 30 October 20X7, but that this had not yet been notified to you by the bank. What is the correct bank balance to be shown in the statement of financial position at 31 October 20X7?On March 31, 2021 the bank column of the cashbook of showed a credit balance of P118,100 (Overdraft). On examining of the cash book and the bank statement, it was found that: a) Cheques received and recorded in the cashbook but not sent to the bank of collection P12,400. b) Payment received from a customer directly by the bank P27,300 but no entry was made in the cashbook. c) Cheques issued for P175,200 not presented for payment. d) Interest of P8,800 charged by the bank was not entered in the cashbook. Prepare bank reconciliation statement.
- 22.Abdulla's cash book (bank column) had a debit balance of $ 515 on 30 April 2003. This did not agree with the bank statement of the same date which showed a balance of $290. The cash book was chedcked against the bank statement and the following differences were found: • Cheques totaling $ 620 issued to trade payables had not been presented to the bank for payment. An amount of $ 950 paid into the bank did not appear on the bank statement. Cash sales deposited into the bank amounting to $390 had been omitted from the cash book. The bank had received $ 150 by credit transfer (bank giro) from Klerk for Abdulla's account. Abdulla had not been advised. • Acheque for $ 315 received from Joseph had been paid into the bank but it had now been returned unpaid. No action has been taken by Abdulla. The following transaction by the bank had not been recorded in the cash book: bank charges $ 120 (a) Prepare an updated and balanced cash book Abdulla Cashbook Date Details Date Details (101Ibra LLC sold OMR 2000 goods to one of their reputed customer Mr Syed and collected the cheque immediately. The company sent the cheque to the bank for deposit, but the bank returned the cheque because of non-sufficient funds in Mr Syed’s account. How will you adjust the above reconciliation item in bank reconciliation statement? a. Deduct OMR 2000 from company’s cash book balance b. Add OMR 2000 to Company’s cash book balance c. Deduct OMR 2000 from bank reconciliation statement balance d. Add OMR 2000 to the bank statement balance Clear my choice7. Accompanying the bank statement was a credit memorandum for a short-term, noninterest-bearing note collected by the bank. What entry is required in the depositor’s accounts?a. Debit Cash; credit Miscellaneous Incomeb. Debit Cash; credit Notes Receivablec. Debit Accounts Receivable; credit Cashd. Debit Notes Receivable; credit Cash 8. On January 1, 2020, Point Luna Corporation sold inventory costing P1,800,000 with a list price of P2,200,000 and a cash price of P2,000,000 in exchange for a P2,400,000 noninterest-bearing note due on December 31, 2022. How much is the initial measurement of the receivable?a. 1,800,000b. 2,200,000 c. 2,000,000 d. 2,400,000 9. On January 1, 2020, ABC Co. sold a transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300,000 in exchange for cash of P100,000 and a noninterest-bearing note receivable of P800,000 due on January 1, 2023. The prevailing rate of interest for this type of note is 12%. How much is the…
- 2. Amoako's cash book showed an overdrawn balance of GHS3,000 on 31 December, 2012 on his current account The balance as per the bank statement was an overdrawn balance of GHS800. Further investigations showed the Following: Cheque drawn amounting to GHS5,000 had not been presented for payment. Cheques amounting to GHS2,500 entered in the cash book as paid into the bank had not yet been cleared by the bank A cheque book costing GHS400 had been charged in the bank statement but not entered in the cash book. A dividend of GHS400 paid direct to the bank had not been recorded in the cash book. A cheque for GHS1,200 drawn on his current account had been charged by the bank to his deposit account. A cheque for GHS500 paid into the bank had been dishonoured and shown as such by the bank, but no entry has been made in the cash book. The payment side of the cash book had been undercast by GHS700. Bank charges of GHS300 entered in the bank statement had not been entered in the cash book. You are…Your checkbook balance shows $706.50. The bank statement shows $772.77. The bank paid $2.50 interest. Checks 1501 ($85), 1507 ($50.16), and 1511 ($20.50) are not shown on the statement. A service charge of $5 was levied by the bank. You made an $85 deposit yesterday that is not on the statement. What is the reconciled balance? (Show all work.)Which of the following items will NOT appear on the book side of the reconciliation? a. The bank collected a note receivable of $1,000. b. The bank charged a service fee of $20. c. A deposit was in transit. d. A nonsufficient funds check of $75 was returned to the bank.
- Assume that Johnson and Johnson company received the cheque of OMR 197 form it's debtor ( Accounts receivables ) . But the accountant of the company recorded it as OMR 179 and sent to bank for deposit How will you adjust the above reconciliation item in Bank reconciliation statement ? a . Add OMR 197 to cash book balance b . Add OMR 18 to cash book balance c . Deduct OMR 18 from Bank statement balance d . Less OMR 179 from bank statement balance3. Prepare journal entries for items (a-(f) from the bank reconciliation. (If no entry is requlred for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 3 4 5 6 > 1 2 The bank deducted $250 for an NSF check from a customer deposited on December 22. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journalWhich of the following items will not appear on the Books side of the reconciliation? A a non-sufficient funds check of $75 was returned to the bank and deduct it from the bank balance. Be a deposit was in transit in not yet deposited in the bank. See the bank charge a service fee of $20 on the bank statement. D the bank collected in notes receivable of $1000 for the business