The following information was included in the bank reconciliation for Phillip Company for October and November 2021: *Checks and charges recorded by bank in November, including a November service charge of P4,000 and NSF check of P20,000 - 550,000 *Service charge made by bank in October and recorded by depositor in November - 2,000 *Total credits to cash in all journals during November - 620,000 *Customer's NSF check returned in October and redeposited in November (no entry made by depositor in either October or November) - 40,000 *Outstanding checks on October 31, 2021 that cleared in November - 230,000 What is the amount of outstanding checks on November 30, 2021?

The following information was included in the bank reconciliation for Phillip Company for October and November 2021: Checks and charges recorded by bank in November, including a November service charge of P4,000 and NSF check of P20,000 - 550,000 Service charge made by bank in October and recorded by depositor in November - 2,000 Total credits to cash in all journals during November - 620,000 Customer's NSF check returned in October and redeposited in November (no entry made by depositor in either October or November) - 40,000 *Outstanding checks on October 31, 2021 that cleared in November - 230,000 What is the amount of outstanding checks on November 30, 2021?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...

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Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.
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