Required Information[The following information applies to the questions displayed below.]The December bank statement and cash T-account for Stewart Company follow:DateDecember 1December 6December 11December 17December 23December 26December 30December 31December 31NSF check from J. Left, a customer.December 1DepositsDecember 11December 23December 30December 31December 31Checks$ 7,5409,90013,600DebitBalanceBalanceBANK STATEMENTDeposits$ 27,00034,00018,000Cash (A)38,40027,00034,00018,00011,00090,950OtherNSF*Interest earnedService chargeCreditChecks written duringDecember:7,5409,900470-$ 2203013,6005,400There were no deposits in transit or outstanding checks at November 30.Balance$ 38,40030,86057,39047,49081,49081,02085,20085,23085,1604. Prepare any journal entries that the company should make as a result of the bank reconciliation. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)

[The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: Date December 1 December 6 December 11 December 17 December 23 December 26 December 30 December 31 December 31 * NSF check from J. Left, a customer. December 1 Deposits December 11 December 23 December 30 December 31 Checks $ 7,540 470 9,900 470 13,600 Debit Balance December 31 Balance BANK STATEMENT Deposits $ 27,000 34,000 18,000 NSF* Cash (A) 38,400 27,000 34,000 18,000 11,000 90,950 Other Interest earned Service charge Credit $ 220 30 70 Checks written during December: 7,540 470 9,900 470 70 13,600 5,400 There were no deposits in transit or outstanding checks at November 30. Balance $ 38,400 30,860 57,390 47,490 81,490 81,020 85,200 85,230 85,160 4. Prepare any journal entries that the company should make as a result of the bank reconciliation. (If no entry is require

[The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: Date December 1 December 6 December 11 December 17 December 23 December 26 December 30 December 31 December 31 * NSF check from J. Left, a customer. December 1 Deposits December 11 December 23 December 30 December 31 Checks $ 7,540 470 9,900 470 13,600 Debit Balance December 31 Balance BANK STATEMENT Deposits $ 27,000 34,000 18,000 NSF* Cash (A) 38,400 27,000 34,000 18,000 11,000 90,950 Other Interest earned Service charge Credit $ 220 30 70 Checks written during December: 7,540 470 9,900 470 70 13,600 5,400 There were no deposits in transit or outstanding checks at November 30. Balance $ 38,400 30,860 57,390 47,490 81,490 81,020 85,200 85,230 85,160 4. Prepare any journal entries that the company should make as a result of the bank reconciliation. (If no entry is require

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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Data for the company are assembled as follows: Nov 30 December 31 Cash Account Balance P 1,017 P 2,427 Bank statement balance 5353 6891 Undeposited collections 410 644 Checks outstanding 1385 1505 Bank service charges for the month, not shown on the company books 36 30 Bank charges for NSF checks, not shown on the company books 215 412 Collections by bank from the company customers, not shown on the Company books 3612 4,045 Tapes for bank and company cash data offer the following totals: Deposit and credit memos per bank statement, P 12,455 Cancelled checks and debit memos per bank statement, P 10,917 Cash receipts per cash book P 8,644 Checks written per cash book P 10,595 How much is the adjusted Cash Balance on November 30?
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
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?
Please provide correct solution
prepare a bank reconciliation report.
The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,170 August 2 $ 100 13,070 August 3 $ 9,000 22,070 August 4 200 21,870 August 5 150 21,720 August 9 490 21,230 August 10 110 21,120 August 15 3,000 24,120 August 21 200 23,920 August 24 14,900 9,020 August 25 5,500 14,520 August 30 600 13,920 August 30 Interest earned $ 20 13,940 August 31 Service charge 10 13,930 Cash (A) Debit Credit August 1 Balance 13,170 Deposits Checks written August 2 9,000 100 August 1 August 12 3,000 200 August 2 August 24 5,500 150 August 3 August 31 4,000 110 August 4 490 August 5 190 August 15 250 August 17 600 August 18 200 August 19 14,900 August 23 August 31 Balance 17,480 No deposits were in transit and no checks were…
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Beverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…
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
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 Cash (A) Debit June 1 Checks $ 19,900 Deposits Other $ 18,800 Credit Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 $31 Balance $ 7,360 26,160 6,260 6,229 6,229 1. In addition to the balance in its bank account, Hills Company also has $420 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 1 Required:1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June.
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 2 Prepare any journal entries that should be made as a result of the bank reconciliation.