The following are not considered items of "Cash and Cash equivalents", except Select the correct response: Three-month treasury note maturing on January 31 of the succeeding year purchased from the entity on November 15 of the current year Three-year treasury note maturing on January 31 of the succeeding year sold by the entity on November 15 of the current year Post-dated checks issued on the balance sheet date Certificate of time deposit

The following are not considered items of "Cash and Cash equivalents", except Select the correct response: Three-month treasury note maturing on January 31 of the succeeding year purchased from the entity on November 15 of the current year Three-year treasury note maturing on January 31 of the succeeding year sold by the entity on November 15 of the current year Post-dated checks issued on the balance sheet date Certificate of time deposit

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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Reconciliation of Bank and Company Cash Amounts (Appendix 6.1) MillerCorporation’s December 31, 2019, bank statement showed a $2,049.25 balance. On thisdate, Miller’s Cash account reflected a $325.60 overdraft. In reconciling theseamounts, the following information is discovered:1. Cash on hand for undeposited sales receipts, December 31, $130.25.2. Customer NSF check returned with bank statement, $420.40.3. Cash sales of $640.25 for the week ended December 18 were recorded on thebooks. The cashier reports this amount missing, and it was not deposited in thebank.4. Note receivable of $2,500 and interest of $25 collected by the bank and notrecorded on the books.5. Deposit in transit December 31, $350.00.6. A customer check for $290.40 in payment of its account was recorded on thebooks at $940.20.7. Outstanding checks, $2,040.55. Includes a duplicate check of $70.85 to C.Brown, who notified Miller that the original was lost. Miller stopped payment onthe original check and has already…
Can you please show your work on how you came up with the balance per bank and the balance per book on the reconciliation statement? Branson Co. received its bank statement for the month ending May 31, 2019, and reconciled the statement balance to the May 31, 2019, balance in the Cash account. The reconciled balance was determined to be $36,400. The reconciliation recognized the following items: A deposit made on May 31 for $22,700 was included in the Cash account balance but not in the bank statement balance. Checks issued but not returned with the bank statement were No. 673 for $4,550 and No. 687 for $9,700. Bank service charges shown as a deduction on the bank statement were $110. Interest credited to Branson Co.'s account but not recorded on the company's books amounted to $88. Returned with the bank statement was a "debit memo" stating that a customer's check for $3,240 that had been deposited on May 23 had been returned because the customer's account was overdrawn. During a…
Required information [The following information applies to the questions displayed below.] As of June 30, Year 1, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available: 1. Deposit in transit: $2,400. 2. Credit memo in bank statement for interest earned in June: $30. 3. Outstanding check: $6,690. 4. Debit memo for service charge: $20. b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
An entity provided the following data on December 31, 2020: Checkbook balance ₱ 5,000,000.00 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,500,000.00 Cash in sinking fund 1,500,000.00 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000.00 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 3,500,000.00 What amount should be reported as cash and cash equivalents on December 31, 2020?
19. Statement 1: In accordance with PAS 1, an entity shall classify an asset as current when the asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. Statement 2: Petty cash disbursements should be replenished only by means of checks and not from undeposited cash collections. A. Only statement 1 is correct B. Only statement 2 is correct C. Both statements are correct D. Both statements are incorrect
In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Erroneous charge (deduction) made by bank Outstanding checks Collection from customer by bank The 8/31 unadjusted cash balance per books is: Select one: a. $19,250 b. $18,550 c. $18,050 d. $19,050 e. $17,850 $ 18,050 3,250 100 2,750 600
Following is the general format of a four-column bank reconciliation with the various categories and presentation numbered (1) through (8): Per Bank Statement Items to be added: Items to be deducted: Per Books Select one: a. 1 and 3 b. 1 and 4 c. 2 and 4 Balance 10/31 d. 2 and 3 e. 2 and 6 November Receipts SXXXXX 3 Indicate the proper location for the following reconciling items. A 10/31 collection by bank will appear as: November Disbursements SXXXXX 1 2 XXXXX $XXXXX $XXXXX SXXXXX 5 6 Balance 11/30 SXXXXX 7 8 SXXXXX
Which of the following is not one fo the examples of cash equivalent? a. a bank certificate of deposit maturing within 60 days of the reporting date. b. a newly issued corporate bond. c. a US Treasury Bill d. commerial paper
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. ItemBank BalanceBook BalanceDebit or Credit to Cash AccountShown or Not Shown on Reconciliation1. The company made a month-end accrual for expired insurance coverage. 2. Checks written and mailed to payees on October 2. 3. Night deposit made on September 30 after the bank closed. 4. Checks outstanding on August 31 that cleared the bank in September. 5. Bank service charge for September is not yet recorded by the company. 6. NSF check from a customer is shown on the bank statement but not yet recorded by the company. 7. Bank fees for check printing are not yet recorded by the…
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $24,980. Cash balance according to the bank statement at July 31, $26,470. Checks outstanding, $5,070. Deposit in transit, not recorded by bank, $4,070. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $50. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 fill in the blank 2 fill in the blank 4 b. July 31 fill in the blank 6 fill in the blank 8
The following bank reconciliation was prepared as of June 30, 20Y7: Line Item Description Amount Amount Cash balance according to bank statement $15,915 Add: Outstanding Check No. 1067 $565 Outstanding Check No. 1106 450 Outstanding Check No. 1110 1,090 Outstanding Check No. 1113 950 Total additions 3,055 Deduct: Deposit of June 30 not recorded by bank (6,900) Adjusted balance $12,070 Cash balance according to company’s records $8,070 Add: Proceeds of note collected by bank: Face value $6,000 Proceeds of note collected by bank: Interest 300 Service charges 10 Total additions 6,310 Deduct: Check returned because of insufficient funds $900 Error in recording June 17 deposit of $8,150 as $1,850 6,300 Total deductions (7,200) Adjusted balance $7,180 b. Prepare a corrected bank reconciliation.…
The Treasury Accounts-MDS, Regular account of Agency ABC as of December 31, 2020, had the following transactions: Outstanding Check P25,850, Bank Charges P4,750, Overstatement of MDS Account due to erroneous recording of NCA (with ARO) received P150,000, Overstatement of MDS Account due to erroneous recording of the amount of check issues issued P20,000, Understatement of NCA for regular recorded by bank P800,000, Lapsed NCA for regular account with ARO P420,000, Understatement of MDS Account due to erroneous recording of the amount of checks issued P8,000, NCA received by bank but not recognized by the Agency P543,210. Agency Book Balance P11,043,540, Balance per Bank P10,225,850.How much is the Adjusted balance per book and bank? *