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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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?
Using the following information: The bank statement balance is $5,175. The cash account balance is $5,503. Outstanding checks amounted to $712. Deposits in transit are $998. The bank service charge is $33. A check for $76 for supplies was recorded as $67 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - 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: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
At August 31, Saladino Coffee has the following bank information: cash balance per bank Rp5.200.000, outstanding checks Rp1.462.000, deposits in transit Rp1.211.000, and a bank debit memo Rp110.000. Determine the adjusted cash balance per bank at July 31. Cash balance per bank Add : ... Less : ... Adjusted cash balance per bank The information below relates to the Cash account in the ledger of Saladino Coffee Balance Rp10.094.000 Collection of electronic funds transfer Rp884.000 Interest earned on checking accounts Rp26.000 NSF check: R. Doll Rp245.000 Rp35.000 Safety deposit box rent Cash balance per books Add: *** *** Less *** Adjusted cash balance per books
The following information is made available while checking the cash accounts of AeronCompany on December 31, 2019:Balance per book 7,100,000Balance in checking account 7,000,000Deposit in transit 1,200,000Outstanding checks 1,500,000Deposit in other bank closed by BSP 1,500,000Currency and coins on hand 600,000Petty cash fund 50,000DAIF checks of customers returned by bank 500,000Error in recording a check in the book. The correct amount as paid bythe bank is P100,000 instead of P200,000 as recorded in the book 100,000The correct cash balance under current assets on December 31, 2019 is_______
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
How much is the correct cash balance on December 31, 2020? * Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following bank reconciliation for November 2020: Balance per ledger Bank service charges P2,372,000 (2,000) Adjusted balance P2,370,000 Balance per bank statement P2,100,000 Deposit in transit 300,000 Outstanding checks Adjusted balance (30,000) P2,370,000 Information gathered for December 2020 are as follows: Bank Book Checks recorded 2,300,000 2,360,000 Deposits recorded Collection by bank (P400,000 note plus interest) NSF check returned with Dec. 31 1,620,000 1,800,000 420,000 bank statement 10,000 Service charge 2,000 Balances 1,828,000 1,810,000
The folowing are extracts from the cash book and the bank statement of R. Wright. You are required to. (a) Write the cash book up to date and state the new balance as on 28 February 2020. (b) Draw up a bank reconcaliation statement as on 28 February 2020 Cash Book 2005 Feb 8 A. Kirkland 3500 Feb. 15 R. Mason Feb 28 G. Harris Feb 28 W. Mullings 330 2020 Febi Balancel 10500 350 Feb. 7 R. Clarke Feb 22 K. Hughes Feb 25 K. Wood Feb 26 A. Aiken 1230 275 220 300 750 Feb 28 C. Mills Feb 28 Bal ed 220 12395 7115 7115 12395 March I Bal bif Bank Statement 2020 Cr Balance FebI Balance bf Feb 7 R. Clarke Feb 8 A Kirkland Feb 15 R. Mason Feb 22 K. Hughes Feb 23 R. Brooks Feb 24 P. Peart Feb 28 U. Ulet Feb 28 K. Campbel 10500 10850 7350 6120 350 3500 1230 275 6395 6895 6025 7525 8325 500 870 1500 800 Updated Cash Book Date Details Felio Amount Date Detail Foho Amount Bank Reconciliation Statement aat February 28, 2020 Details
Determine the amount of Cash to be shown on Mickey Mouse’s Statement of Financial Position on December 31,2021
The bank column in the cash book for December 2020 and the bank statement for that month for King Trading are as follows: Cash Book (Bank Account only) 2020 RM 2020 RM Dec 6 Peypei 230 20 Ceria 265 31 Baiti 325 31 Balance c/d 1,682 2,502 Dec 1 Balance b/d 1,900 10 Luna 304 19 Wilson 261 29 Cikmah 37 2,502 Bank Statement Date Items Debit Credit Balance Dec 1 Balance 1,900 6 Cheque 230 1,670 13 Luna 304 1,974 20 Cheque 265 1,709 22 Wilson 261 1,970 30 Tox:Standing Order 94 2,064 31 Rina:Trader’s Credit 102 1,962 31 Bank charges 72 2,034 Required: a) Prepare the updated cashbook. b) Prepare the bank reconciliation statement as at 31 December 2020