The information that follows is available from the general ledger and the bank statement of Bucks Company: Cash in bank, October 31, P939,000 • Deposit in transit, October 31, P35,000; outstanding checks, October 31, P68,000 Credit memo, October P60,000; Debit memo, October P20,000. Included in the October bank receipts was a deposit of Bucks Company for P25,000, erroneously recorded by the bank to Ducks Company's account. • Included in the October bank disbursements was check issued by Quacks Company for P10,000, erroneously recorded by the bank in Bucks Company's account. • Included in the book receipts was a deposit for P45,000 which was recorded as P54,000. No correction was made yet by Bucks Company. • Included in the book disbursements was a check issued by Bucks Company for P42,000 was recorded as P24,000. The correct cash balance as of October 31, 2019 is A 970,000 B. 952,000 C. 945,000 D. 927,000

The information that follows is available from the general ledger and the bank statement of Bucks Company: Cash in bank, October 31, P939,000 • Deposit in transit, October 31, P35,000; outstanding checks, October 31, P68,000 Credit memo, October P60,000; Debit memo, October P20,000. Included in the October bank receipts was a deposit of Bucks Company for P25,000, erroneously recorded by the bank to Ducks Company's account. • Included in the October bank disbursements was check issued by Quacks Company for P10,000, erroneously recorded by the bank in Bucks Company's account. • Included in the book receipts was a deposit for P45,000 which was recorded as P54,000. No correction was made yet by Bucks Company. • Included in the book disbursements was a check issued by Bucks Company for P42,000 was recorded as P24,000. The correct cash balance as of October 31, 2019 is A 970,000 B. 952,000 C. 945,000 D. 927,000

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

Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,988 • Book balance: $8,866 • Deposits in transit: $1,832 Outstanding checks: $589 and $1,623 • Bank service charges: $50 • Bank incorrectly charged the account $50. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $417 but posted in the accounting records as $471. This check was expensed to Utilities Expense. 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, $49,910. 2. Cash balance according to the bank statement at July 31, $48,250. 3. Checks outstanding, $4,460. 4. Deposit in transit, not recorded by bank, $6,450. 5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30. Required: Journalize the entry or entries that should be made by the company. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTSNakajima Co.General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes…
Using the following information: The bank statement balance is $3,093. The cash account balance is $3,305. Outstanding checks amounted to $767. Deposits in transit are $815. The bank service charge is $155. A check for $40 for supplies was recorded as $31 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co.Bank ReconciliationAugust 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - 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: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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
answer in text form please (without image)
The following items may appear on a bank statement: Bank correction of an error from recording a $3,200 deposit as $2,300 EFT payment Note collected for company Service charge Using the format shown below, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company’s account.
The following information has been extracted from the accounting records of the Simplicity Corporation: a. Cash on hand ( undeposited collections) P1,020 b. Certificates of deposit 25,000 c. Customer’s notes receivable 1,000 d. Reconciled balance in Uno Bank checking account (350) e. Reconciled balance in Trese Bank payroll account 9,350 f. Balance in Rural bank savings account 8,560 g. Customer’s postdated checks 1,350 h. Employee travel advances 1,600 i. Cash in bond sinking fund 1,200 j. Bond sinking fund investments 8,090 k. Postage stamps 430 Required:a. What is the adjusted cash balance?b. Discuss the treatment of the items not included as cash.
Using the following information: a. The bank statement balance is $4,265. b. The cash account balance is $4,448. c. Outstanding checks amount to $835. d. Deposits in transit are $954. e. The bank service charge is $55. f. A check for $37 for supplies was recorded as $28 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation Line Item Description May 31 Amount Amount Cash balance according to bank statement Adjusted balance Cash balance according to company's records Total deductions Adjusted balance
The following information pertains to Cheyenne Corp.. 1. 2. 3. 4. 5. 6. Cash balance per bank, July 31, $7,743. July bank service charge not recorded by the depositor $36. Cash balance per books, July 31, $7,764. Deposits in transit, July 31, $1,740. The bank collected $1,156 in July for Cheyenne through electronic funds transfer. The collection has not been recorded by Cheyenne. Outstanding checks, July 31, $599. Prepare a bank reconciliation at July 31. (List items that increase cash balance first. Reconcile cash balance per bank first.) > V eTextbook and Media : List of Accounts July 31 July 31 Cheyenne Corp. Bank Reconciliation > Date Account Titles and Explanation > Journalize the adjusting entries at July 31 on the books of Cheyenne Corp. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) > (To record the bank service charge.) (To record the collection of accounts receivable.) $ $ Debit Credit 0.0 4.
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.
I need help with correct solution
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.