The information below was taken from the bank transfer schedule prepared during the audit of Fox Co.'s financial statements for the year ended December 31, 2001. Assume all checks are dated and issued on December 30, 2001. Disbursement date Per books Bank Accounts Check # From 101 202 303 404 National County Federal State To Federal State American Republic Dec. 30 Jan. 3 Dec. 31 Jan. 2 Per bank Jan. 4 Jan. 2 Jan. 3 Jan. 2 18. Which of the following checks might indicate kiting? A. #101 and # 303. B. #202 and #404 C. #101 and #404 D. #202 and #303 Receipt date Per books Per bank Dec. 30 Dec. 30 Jan. 2 Jan. 2 Jan. 3 Dec. 31 Jan. 2 Dec. 31

The information below was taken from the bank transfer schedule prepared during the audit of Fox Co.'s financial statements for the year ended December 31, 2001. Assume all checks are dated and issued on December 30, 2001. Disbursement date Per books Bank Accounts Check # From 101 202 303 404 National County Federal State To Federal State American Republic Dec. 30 Jan. 3 Dec. 31 Jan. 2 Per bank Jan. 4 Jan. 2 Jan. 3 Jan. 2 18. Which of the following checks might indicate kiting? A. #101 and # 303. B. #202 and #404 C. #101 and #404 D. #202 and #303 Receipt date Per books Per bank Dec. 30 Dec. 30 Jan. 2 Jan. 2 Jan. 3 Dec. 31 Jan. 2 Dec. 31

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

Sweden Company provided the following information for the month of December: Balance per bank statement December 31 P1,250,900 Bank service charge for December 5,000 Collection made by the bank in behalf of the entity 25,800 Deposit in transit 575,200 Checks written but not yet recorded by the bank 512,300 The entity discovered that it had drawn and erroneously recorded a check for P123,600 that should have been recorded for P153,600. How much is the cash balance per ledger on December 31, 2021?
Your audit senior instructed you to prepare a four-column proof of cash receipts and disbursements for the month of December 2021. The bank reconciliation prepared by Alimall Company at November 30 is reproduced below : Unadjusted bank balance P 96,800 Unadjusted book balance P 58,640 Add: Deposit in transit 18,000 Add : CM-Note collected 40,320 Total 114,800 Total P 98,960 Less: Outstanding checks : Less : DM bank charges 160 No. 276 P 2,400 282 7,200 284 4,800 285 1,600 16,000 Adjusted Balance P 98,800 Adjusted balance P 98,800 The December bank statement which has a beginning balance of P…
Prepare a bank reconciliation from the following information:a. Balance per bank statement as of May 31, $17,755.44b. Balance per books as of May 31, $12,211.94c. Deposits in transit, $2,254.81d. Outstanding checks, $7,819.16e. Bank service charge, $20.85
On April 30, the bank reconciliation of Vaughn Company shows three outstanding checks: no. 254, $680; no. 255, $820; and no. 257, $370. The May bank statement and the May cash payments journal show the following. Bank Statement Checks Paid Date Check No. Amount 5/4 254 $680 5/2 257 370 5/17 258 244 5/12 259 300 5/20 261 460 5/29 263 400 5/30 262 680 Cash Payments Journal Checks Issued Date Check No. Amount 5/2 258 $244 5/5 259 300 5/10 260 840 5/15 261 460 5/22 262 680 5/24 263 400 5/29 264 520 List the outstanding checks at May 31.
Need answer for this question
Mazaya Company gathered the following reconciling information in preparing its November bank reconciliation: Cash balance per books (11/30) R.O.4,400; Deposits in transit R.O. 60o; Notes receivable and interest collected by bank R.O.1,400; Bank charge for check printing
Please solve this
Winson Company reported the following information related to its 31 August 2019 bank statement: i) The bank statement's balance is $3267. ii) The cash account balance is $3193. iii) The outstanding checks total $612. iv) The deposits in transit amount to $1415. v)The bank service charge is $27. vi) Winson's accountant issued a check for $153 (inpayment on an account payable) that was erroneously recorded in the ledger as $135. vii)Bank debit memorandum for$138 NSF (not sufficient funds)check from one of its customers. viii) The bank collected an account receivable in the amount of $1060 on. behalf if Winson Company. Required; Prepare Winson Company's bank reconciliation on 31 August 2019.
On April 30, the bank reconciliation of Sunland Company shows three outstanding checks: no. 254, $730; no. 255, $910; and no. 257, $310. The May bank statement and the May cash payments journal show the following. Bank Statement Checks Paid Date Check No. Amount 5/4 254 $730 5/2 257 310 5/17 258 249 5/12 259 200 5/20 261 500 5/29 263 430 5/30 262 690 Cash Payments Journal Checks Issued Date Check No. Amount 5/2 258 $249 5/5 259 200 5/10 260 840 5/15 261 500 5/22 262 690 5/24 263 430 5/29 264 580 List the outstanding checks at May 31. No. Amount Select a check number $Enter a dollar amount Select a check number Enter a dollar…
Refer to the information given below: a. The August 31 balance shown on the bank statement is $9,050. b. There is a deposit in transit of $1,300 at August 31. c. Outstanding checks at August 31 totaled $1,620. d. Interest credited to the account during August but not recorded on the company's books amounted to $68. e. A bank charge of $44 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived. f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $142 had been recorded as a disbursement of $412. g. The August 31 balance in the general ledger Cash account, before reconciliation, is $8,436. Required: a-1. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on August 31. (Use amounts with + for increases and amounts with for decreases.) Cash Assets…
Using the following information, prepare a bank reconciliation for Cullumber Company for July 31, 2022. a. The bank statement balance is $3,700. b. The cash account balance is $4,100. C. Outstanding checks totaled $1,260. d. Deposits in transit are $1,620. e. The bank service charge is $31. f. A check for $87 for supplies was recorded as $78 in the ledger.
Firebird Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for February 2019 indicated the following: The correct amount of check #7853 is $797. It was recorded as a cash disbursement of $779 bymistake. The check was issued to pay for merchandise purchases. The check appeared on thebank statement correctly.Required:1. Prepare a bank reconciliation schedule at February 28, 2019, in proper form.2. What is the amount of cash that should be reported on the February 28, 2019 balance sheet?