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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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 $ 7,220 Deposits during June $ 18,100 25,320 Checks cleared during June $ 19,200 6,120 Bank service charges $ 40 6,080 Balance, June 30 6,080 Cash (A) June 1 Balance 7,220 June Deposits 19,200 19,500 Checks written June June 30 Balance 6,920 How would i record the 40$ deducted by the bank for a service change?
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 $ 7,220 Deposits during June $ 18,100 25,320 Checks cleared during June $ 19,200 6,120 Bank service charges $ 40 6,080 Balance, June 30 6,080 Cash (A) June 1 Balance 7,220 June Deposits 19,200 19,500 Checks written June June 30 Balance 6,920 How would i find the cash balance?
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 $ 7,220 Deposits during June $ 18,100 25,320 Checks cleared during June $ 19,200 6,120 Bank service charges $ 40 6,080 Balance, June 30 6,080 Cash (A) June 1 Balance 7,220 June Deposits 19,200 19,500 Checks written June June 30 Balance 6,920 Required: 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. How would i fill out the bank reconcilliation for this problem?
Using the following information: The bank statement balance is $4,256. The cash account balance is $4,421. Outstanding checks amounted to $878. Deposits in transit are $1,008. The bank service charge is $26. A check for $35 for supplies was recorded as $26 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: $fill in the blank 3 fill in the blank 5 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: $fill in the blank 10 fill in the blank 12 Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
Below is Huru's Company information for the preparation of proof of cash: Nov 30 Dec 31 A Cash Account Balance 15,822 39,745 B Bank Statement Balance 107,082 137,817 C Deposit in Transit. 8,201 12,880 D Outstanding Checks 27,718 30,112 E Bank Service Charge 72 60 F Customer's chck deposited 9,250 Dec 10, returned due to NSF G Notes receivable collection 71,815 80,900 Receipts balance per book 235, 452 Disbursements as per bank 212 529 Prepare the proof of cash and answer the following questions Adjusted cash balance How much is the cash shortage How much is the adjusted receipts and disbursement
Tushar Add explanation
The following extract from the cash book of Jon for the month of January shows thecompany’s bank transactions:RM RM01 Jan Balance b/f 600 18 Jan Ali 14513 Jan Uno 224 28 Jan PBA 7231 Jan Latif 186 30 Jan TNB 10931 Jan Balance c/f 6841,010 1,010…3/-3The company’s bank statement for the same period is as follows:Debit (RM) Credit (RM) Balance (RM)01 Jan Balance 63503 Jan Halim 35 60013 Jan Uno 224 82423 Jan Ali 145 67931 Jan Standing order 30 649Required:a. Prepare a corrected cash book using the information given above b. Draw up a bank reconciliation statement.
Cool Company prepared the following bank reconciliation for the month of November:Balance per bank statement, November 30 3,600,000Add: Deposit in transit 800,000 4,400,000Less: Outstanding checks 1,200,000Bank credit recorded in error 200,000 1,400,000Balance per book, November 30 3,000,000 Data per bank statement for the month of December: December deposits, including note receivablecollected of P 1,000,000 for Cool Company 5,500,000December disbursements, including NSF checkP350,000 and service charge P50,000 4,400,000 All items that were outstanding on November 30 cleared through the bank in December,including the bank credit. In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on December 31. 1.…
Karen Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $25,200 Add: Deposits in transit 5,544 Deduct: Outstanding checks (7,200 ) Balance per books $23,544 Month of July Results Per Bank Per Books Balance July 31 $31,140 $33,300 July deposits 16,200 20,916 July checks 14,400 11,160 July note collected (not included in July deposits) 5,400 July bank service charge 54 July NSF check from a customer, returned by the bank (recorded by bank as a charge) 1,206 (a) Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
Singleako Company has the following data for the Month of December. November 30 December 31 Cash in bank Account Statement 2,032,000 3,160,000 Bank Statement 1,890,000 2,900,000 Bank Debits 1,080,000 Bank Credits ? Book Debits ? Book Credits 1,440,000 Outstanding Checks Deposit in Transit Check erroneously charged by the bank against Entity's account (corrected in subsequent month) Bank service charge Note recorded as cash receipt by the entity when Placed with bank for collection 180,000 592,000 80,000 498,000 40,000 50,000 2,000 4,000 (Note is actually collected by the bank in subsequent Month and credited by bank to entity's account in same Month) 200,000 300,000 Required: Prepare four-column reconciliation showing the adjusted balances. Prepare adjusting entry/ies.
Using the following information: The bank statement balance is $5,289. The cash account balance is $5,764. Outstanding checks amounted to $751. Deposits in transit are $1,174. The bank service charge is $43. A check for $71 for supplies was recorded as $62 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: $fill in the blank 3 fill in the blank 5 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: $fill in the blank 10 fill in the blank 12 Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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…