The ending cash balance in his accounting books is P300,000 while the cash balance shown on the bank statement is Mr. Jimin received his August 2020 bank statement. P430,000. He determined the following reconciling items. P190,000 30,000 a. Credit Memo (A/R) b. Debit Memo (A/P) c. Deposits in transit d. Outstanding Checks 50,000 20,000 JIMIN CO. Bank Reconciliation Statement August 31, 2020 Adjusting Entries

The ending cash balance in his accounting books is P300,000 while the cash balance shown on the bank statement is Mr. Jimin received his August 2020 bank statement. P430,000. He determined the following reconciling items. P190,000 30,000 a. Credit Memo (A/R) b. Debit Memo (A/P) c. Deposits in transit d. Outstanding Checks 50,000 20,000 JIMIN CO. Bank Reconciliation Statement August 31, 2020 Adjusting Entries

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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Adjusted cash balance?
Your Corporation's unadjusted bank balance at September 30, 2021 is $400. The following information is available for the bank reconciliation. $900 $300. Deposits in transit, $500 Outstanding checks, $300 Bank service charges, $75 Bank collected an accounts receivable for Your Company, NSF check written by one of Your Company's customers, What is Your Company's true cash balance?
What the answer for 2 and 4?
The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS CASH PAYMENTS Cash Debit Check No. Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 P 208,700 20,350 27,950 109,350 92,700 4113 4114 10 4115 16 4116 22 4117 29 53,000 16,850 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 92,700 4 9 12 17 22 23 543,750 Less: Checks and other debits: Apr. 7 13 P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 50,000 1,000 Service charge 14 15 18 21 26 30 30 335,300 P 304,000 Ending balance
Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in the absence of expert accountant for month of February 28, 2021. Sofia International Company Reconciliation Statement of Bank 28 February 2021 Balance per bank statement, Feb 28 Add: Deposit in transit Collection of note from Farms $18,299.40 $4,320.60 3,000.00 7,320.60 $26,620.00 Sub total Less: Outstanding Checks: No. 831 863 $340.30 800.50 888 145.20 1,186.00 $25.434.00 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 Add: Credit memoranda from bank Subtotal $29,959.00 3,000.00 $26,959.00 Less: Debit memoranda from bank NSF check 1,500 Bank Service charges Adjusted cash balance per accounting records 25.00 1,525.00 $25,434.00 Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain why that/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE if you think…
The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current. Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Debit April 1 Balance April Deposits BANK STATEMENT Cash balance Checks Cash (A) $45,500 270 150 Deposits $37,200 1,210 Credit 25,300 April Checks written 43,400 Balance $31,500 68,700 69,910 24,410 24,140 23,990 23,990 43,700 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,400 (including $2,600 written before and $1,800 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year?
Bank reconciliation and entriesThe cash account for Coastal Bike Co. at October 1, 2019, indicated abalance of $5,140. During October, the total cash deposited was $39,175,and checks written totaled $40,520. The bank statement indicated abalance of $8,980 on October 31, 2019. Comparing the bank statement,the canceled checks, and the accompanying memos with the recordsrevealed the following reconciling items: A. Checks outstanding totaled $5,560.B. A deposit of $1,050 representing receipts of October 31 had beenmade too late to appear on the bank statement.C. The bank had collected for Coastal Bike Co. $2, 120 on a note leftfor collection. The face of the note was $2,000. D. A check for $370 returned with the statement had beenincorrectly charged by the bank as $730.E. A check for $310 returned with the statement had been recordedby Coastal Bike Co. as $130. The check was for the payment of anobligation to Rack Pro Co. on account. F. Bank service charges for October amounted to $25.G. A…
The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…
37)At Dec 31, Michael Corp has the following bank information: Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for interest $50 Bank service charge $25 What is Michael's adjusted cash balance on Dec 31? A)$5,425. B)$4,425. C)$5,325. D)$5,300
2. On 31 December 2018 the bank columns of K Towett's cash book showed a balance of Sh.45,000. The bank statement as at 31 December 2018 showed a credit balance of Sh.88,500 on the account. You checked the bank statement with the cash book and found that the following had not been entered in the cash book: i) ii) ii) iv) A standing order to Jubilee insurance for Sh.6,000 had been paid by the bank Bank interest receivable of Sh.7,200 had not been entered in to the account Bank charges of Sh.900 had been made A credit transfers of Sh.7,800 from KB Ltd had been paid direct into the account v) Jowett's deposit account balance of Sh.42,000 had been transferred into his bank current account vi) A returned cheque of Sh.2,100 dishonored by C Hill had been entered on the bank statement. You also found that two cheques, payable to P Young Sh.7,500 and K Clara Sh.8,700, had been entered in the cash book but had not been presented for payment. In addition, a cheque for Sh.20,700 had been paid into…
Compute the adjusted cash balance as at September 30, 2019 of Guyana Corp where it was preparing a bank reconciliation statement as of September 30, 2019. The company has provided the following details:Deposit in Transit = $4,300Book balance =$32,800Customer NSF check returned by bank =$400Outstanding checks = $2,200Interest earned on checking account =$100