The following information was included in the bank reconciliation for EEECompany for October and November 2020:Checks and charges recorded by bank in November,including a November service charge of P10,000and NSF check of P50,0001,375,000Service charge made by in October and recorded bydepositor in November5,000Total credits to cash in all journals during November1,550,000Customer's NSF check returned in October and redepositedin November (no entry made by depositorin either October or November)100,000Outstanding checks on October 31,2020 that cleared in November575,0005. What is the total amount of outstanding checks on November 30,2020?

There is usually a timing difference of deducting checks in journals and bank statements. And,…

The following information was included in the bank reconciliation for EEE Company for October and November 2020: Checks and charges recorded by bank in November, including a November service charge of P10,000 and NSF check of P50,000 1,375,000 Service charge made by in October and recorded by depositor in November 5,000 1,550,000 Total credits to cash in all journals during November Customer's NSF check returned in October and redeposited in November (no entry made by depositor in either October or November) 100,000 575,000 Outstanding checks on October 31,2020 that cleared in November 5. What is the total amount of outstanding checks on November 30,2020?

The following information was included in the bank reconciliation for EEE Company for October and November 2020: Checks and charges recorded by bank in November, including a November service charge of P10,000 and NSF check of P50,000 1,375,000 Service charge made by in October and recorded by depositor in November 5,000 1,550,000 Total credits to cash in all journals during November Customer's NSF check returned in October and redeposited in November (no entry made by depositor in either October or November) 100,000 575,000 Outstanding checks on October 31,2020 that cleared in November 5. What is the total amount of outstanding checks on November 30,2020?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare the bank reconciliation
In the process of reconciling Marks Enterprises' bank statement for September, Mr. Marks compiles the following information: Cash balance per company books on September 30 $ 6,270 Deposits in transit at month-end $ 1,310 Outstanding checks at month-end $ 630 Bank charge for printing new checks $ 50 Note receivable and interest collected by bank on Marks' behalf $ 760 A check given to Marks during the month by a customer is returned by the bank as NSF $490. The adjusted cash balance per the books on September 30 is: a. $6,980. b. $6,490. c. $4,550. d. $5,830. e. $8,150.
Jane Company provided the following information at month-end: Cash in bank per bank statement Deposit in transit Outstanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including 8,000,000 1,200,000 1,500,000 150,000 interest of P100,000 Service charge for the current month NSF checks of customers returned by bank 1,100,000 20,000 500,000 Error in recording the check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in the book 100,000 Saving deposit in other bank closed by BSP Currency and coins on hand Petty cash fun What is the adjusted cash in bank at month-end? 1,000,000 900,000 50,000
Prepare any necessary journal entries based on the following data regarding the bank reconciliation prepared by Ragoon Services on May 31, 2019. a) Outstanding cheques amount to $1,650. b) The service charges for May amount to $35.
Trish, Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement, 3/31/20 P37,200 Add: Deposit in transit 10,300 Sub-total 47,500 Less: Outstanding checks 12,600 Balance per books, 3/31/20 P34,900 Data per bank for the month of April 2020 follow: Deposits P46,700 Disbursements 49,700 All reconciling items at March 31, 2020 cleared the bank in April. Outstanding checks at April 30, 2020 totaled P6,000. There were no deposits in transit at April 30, 2020. What is the cash balance per books at April 30, 2020?
XYZ Inc is preparing the October month-end Bank Reconciliation. The balance in the cash ledger on October 31 was $1,900. Some adjustments to this cash ledger balance were recorded on the Bank Reconciliation Report, as follows: • Bank service charge $55 NSF cheque: $375 • Cheque # 40 was correctly written and processed for $3,030 however the XYZ bookkeeper recorded the cheque amount for $3,300. What is the adjusted cash balance for October 31, for the Bank Reconciliation Report? Show your basic math.
What is the adjustment balance of cash in bank of Mickey Mouse Corporation in November 2020?
credit interest in the multiple-step statement will Add to the gross profit on sales Add to operating income Add to income after tax. Deduct from net sales. On October 1,2020 the company purchase a 12- month insurance policy for $1800 the transaction was record with an $1800 debit to prepaid insurance expense , the adjusting entry at 31, Dec, 2020 will be debit insurance expense for $600 and credit prepaid insurance expense for $600. debit prepaid insurance expense for $600,and credit cash for $600. debit insurance expense for $450, and credit prepaid insurance expense for $450. O debit prepaid insurance expense for $450, and credit cash for $450. the close entry for purchase discount is debit income summary, credit purchase discount. debit retained earning ,credit purchase discount, debit purchase discount, credit income summary. O no one of above.
Company's book balance =52,800 Deposit in Transit = 6,300 Outstanding checks = 3,200 Interest earned on checking account =300 Customer NSF check returned by bank =200 Find the adjusted cash balance as at December 31, 2020 as the company was preparing its bank reconciliation statement.
Prepare the bank reconciliation on June 30 and July 31, and adjusting journal entries on July 31 * Sassy Company provided the following data for the month of July: Cash in bank Balance June 30 Book debits for July including June CM for note collected, P300,000 Book credits for July including June NSF of P100,000 and service charge of P4,000 1,000,000 4,000,000 3,600,000 Bank statement for July 1,650,000 Balance June 30 Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 Bank credits for July including CM for bank loan of P50,000 and June deposit in transit of P400,000 2,500,000 3,500,000 Your answer
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.…
In preparing its bank reconciliation for the month of April 2019, Haskins, Inc. has available the following information. Balance per bank statement, 4/30/19 $27,280 NSF check returned with 4/30/19 bank statement 900 Deposits in transit, 4/30/19 7,000 Outstanding checks, 4/30/19 10,400 Bank service charges for April 40 What should be the adjusted cash balance at April 30, 2019? Select one: a. $23,840 b. $23,880 c. $22,980 d. $22,940