The following is information related to Oriole Company for its first month of operations.Jan. 71523Credit SalesAustin Co.Diaz Co.Balance ofAccountsReceivableNoble Co.$11,5007,50010,600Jan. 17Austin Co.2429Cash CollectionsAustin Co.SADiaz Co.Noble Co.Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in thegeneral ledger at the end of January.$7,5004,70010,600Subsidary LedgerDiaz Co.SANoble Co.SAGeneral Ledg

Subsidiary Ledger - Subsidiary ledgers are the individual ledgers comes under single journal ledger.…

The following is information related to Oriole Company for its first month of operations. Jan. 7 15 23 Credit Sales Austin Co. Diaz Co. Noble Co. $11,500 7,500 10,600 Balance of Accounts $ Receivable Cash Collections Austin Co. 24 Diaz Co. 29 Noble Co. Austin Co. Jan. 17 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. $7,500 4,700 10,600 69 Subsidary Ledger Diaz Co. $ Noble Co. General Ledg

The following is information related to Oriole Company for its first month of operations. Jan. 7 15 23 Credit Sales Austin Co. Diaz Co. Noble Co. $11,500 7,500 10,600 Balance of Accounts $ Receivable Cash Collections Austin Co. 24 Diaz Co. 29 Noble Co. Austin Co. Jan. 17 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. $7,500 4,700 10,600 69 Subsidary Ledger Diaz Co. $ Noble Co. General Ledg

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

1. The following information is available for the Aston Company for the month of December. a. On December 31, after all transactions have been recorded, the balance in the company's Cash account has a balance of $272,020. b. The company's bank statement shows a balance on December 31 of $292,790. c. Outstanding checks at December 31 include check # 3030 in the amount of $15,250 and check # 3556 in the amount of $14,590. d. A credit memo included with the bank statement indicates that the bank collected $7,800 on a noninterest-bearing note receivable for Aston. The bank deducted a $100 collection fee, and credited the remainder of $7,700 to Aston's account. e. A debit memo included with the bank statement shows a $670 NSF check from a customer, J. I Brown. f. A deposit placed in the bank's night depository on December 31 totaled $16,750, and did not appear on the bank statement. g. Examination of the checks on the bank statement with the entries in the accounting records reveals that…
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 following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31, $16,200. 2. Cash balance according to the bank statement at July 31, $17,240. 3. Checks outstanding, $3,290. 4. Deposit in transit, not recorded by bank, $2,640. 5. A check for $270 issued in payment of an account was erroneously recorded in the check register as $720. 6. Bank debit memo for service charges, $60. a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co. Bank Reconciliation July 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records $ Adjusted balance b. If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash? c. Must a bank reconciliation always balance (reconcile)? %24
Peterson Company's general ledger shows a cash balance of $7,480 on May 31. May cash receipts of $1,320, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check from a customer for $160 and a service fee of $70. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,830. The bank statement shows a balance of $7,760 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.)
Following is information from Fredrickson Company for its first month of business. Credit Sales Jan. 10 Stern Company 19 Diaz Brothers 23 Rex Company Required 1 Required 2 1. Journalize the above transactions in the accounts receivable subsidiary ledger. 2. Journalize the accounts receivable balance listed in the general ledger at month's end. Date $4,200 1,700 2,650 Complete this question by entering your answers in the tabs below. Date Journalize the above transactions in the accounts receivable subsidiary ledger. Debit ACCOUNTS RECEIVABLE LEDGER Stern Company Debit Cash Collections Jan. 20 Stern Company 28 Diaz Brothers 31 Rex Company Credit Diaz Brothers Credit $ 2,100 1,700 1,378 Balance Balance
Madison Company's cash ledger reports the following for the month ending March 31. Date Amount No. Date Amount Deposits: 3/4 $ 1,400 Checks: 541 3/2 $ 5,700 3/11 1,700 542 3/8 700 3/18 3,700 543 3/12 3,000 3/25 3,500 544 3/19 1,500 Cash receipts: 3/26-3/31 2,100 545 3/27 700 $ 12,400 546 3/28 800 547 3/30 1,200 Balance on March 1 $ 6,100 $ 13,600 Receipts 12,400 Disbursements (13,600 ) Balance on March 31 $ 4,900 Information from March's bank statement and company records reveal the following additional information: The ending cash balance recorded in the bank statement is $6,970. Cash receipts of $2,100 from 3/26–3/31 are outstanding. Checks 545 and 547 are outstanding. The deposit on 3/11 included a customer's check for $410 that did not clear the bank (NSF check). Check 543 was written…
Thailand Company provided the following data relating to the cash transactions and bank account for July: Cash balance per ledger ??? Cash balance per bank statement ??? Debit memo for July service charge P3,500 Deposit of July 31 not recorded by the bank until August is P298,500 Outstanding checks (including certified check amounting to P25,000) P180,500 A customer note collected by the bank amounting to P120,600 A check issued to the supplier had been entered in the book as P86,500 and was erroneously deducted by the bank at P85,600. A Book error on a check issued by the company and recorded at P97,600 was cleared by the bank at an amount of P79,600. A customer check was returned by the bank marked as NSF P50,000. The…
At July 31, Sunland Company has the following bank information: cash balance per bank $8,380, outstanding checks $712, deposits in transit $1,211, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. What is the adjusted cash balance per bank?
The following information is available for Mouse Inc. for the current month: Company records balance, end of the month $16,725 Outstanding checks $1,752 Deposits in transit $7,500 Service Charges $225 Interest Revenue $75 What is the adjusted company balance on the bank reconciliation? Group of answer choices $22,473 $16,575 $22,623 $22,323
INS The following information relating to the bank checking account is available for Wild Bill's Texas Barbeque at May 31. EXERCISE 7-7 Another Short Bank Reconcil- latlon Balance per bank statement at May 31 Outstanding checks Deposit in transit.. Service charge by bank... Interest credited by the bank....... $9,740.15 3,352.70 1,106.30 Balance per depositor's accounting records at May 31 10.00 43.10 INSTRUCTIONS Prepare a bank reconciliation at May 31. 7,460.65
Please step by step answer.