The National Bank collected $3,000 including $300 interest on behalf of Z Inc. from one of its debtors on May 29, 2017. No entry for this collection was made by Z Inc. till May 31, 2017. How will Z Inc. have adjusted the collection of $3,000 by National Bank on a bank reconciliation prepared on May 31, 2017? Add $2,700 to cash balance on May 31, 2017, as per bank statement. Add $3,000 to cash balance on May 31, 2017, as per bank statement. Add $3,000 to cash balance on May 31, 2017, as per books. Add $2,700 to cash balance on May 31, 2017, as per books.
Q: On January 1, 2021, Rica Company received its December 2020 bank statement. However, the closing…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of…
A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the differences…
Q: A comparison of the cashbooks for June, the above bank reconciliation statement and the bank…
A: Step 1 A bank reconciliation statement is a statement of banking and business activity that…
Q: nstructions: Prepare the bank reconciliation statement and the adjusting entries. Masigla Co. is…
A: Bank reconciliation statement is a statement prepared by the business organization in order to…
Q: Amano had a bank balance on his bank statement for the month of 6. May 2017 as GH¢43,730 and it did…
A: Cashbook is a special sort of book that's only concerned with the recording of monetary transactions…
Q: Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation's cash account showed a…
A: Both bank and cash balances will be adjusted to calculate the adjusted cash balance.
Q: A local company received its bank statement dated June 30, 2022, and reconciled its statement…
A: The bank reconciliation statement includes the adjustments for bank errors, book errors, deposit in…
Q: The following information is related to December 31, 2024 balances. • Accounts receivable •…
A: Accounts receivable: It is a current asset of an organization. It is the amount due from customers…
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: Journal entries refers to recording of business transactions in the financial books of the company…
Q: Required: Prepare a bank reconciliation for Gates Company
A: Bank Reconciliation Statement refers to a statement that reconciles the bank balance as per company…
Q: The following information of Mimosa General Dealers for July 2021 has been provided to you: •…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: I need to figure out cash flow from financial activities for 2017 Dec 18 2017 : Borrowed $60,000…
A: Cash flow from financial activities are those activities which are related to provide finances for…
Q: The following bank reconciliation is presented for HRCA Company for the month of November 2020:…
A: Ideally cash balance as per cashbook and bank statement balance should reconcile with each other and…
Q: Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31…
A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…
Q: On 2nd April 2022 Accounting Made Easy Ltd received its monthly bank statement, which showed a bank…
A: Bank reconciliation is the process of comparing and matching the balances in a company's accounting…
Q: 2. In preparing the bank reconciliation of "GON FREECS" Company for December 31, 2018 the following…
A: Bank Reconcilation: Bank balance as per books of account is reconciled with the balance in the bank…
Q: amount of P4,100. 6. A debit memo for P2,000 was shown on the bank statement as notice that the…
A: Ideally cash balance as per cashbook and bank balance as per bank statement should reconcile with…
Q: On March 2, 2022, Jenny received its bank statement of the month ending February 28. The statement…
A: Total outstanding checks refers to the total value of checks that have been issued by a company but…
Q: Praise Corporation has just received the monthly bank statements dated July 31, 2020 from Citibank.…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Prepare a Bank Reconciliation Statement using: a. Adjusted Balance Method b. Book to Bank Method…
A: Bank reconciliation statement is a statement prepared to reconcile or agree the bank balance as…
Q: Balance per bank statement, P980,000 March 31, 2016 Add: Deposit in transit 34,500 Error in…
A: The cash receipts mean the cash received during the month. Cash disbursement implies the cash…
Q: Using the following information, prepare the bank reconciliation for Reconciliation Corp for…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: The bank statement for Betty Company indicates a balance of $20,000 on September 30, 2021. After the…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: SMU Tax Services gathered the following information to prepare their bank reconciliation for the…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Below are the reconciling items for August 2016 for Green Expo Corp: 1. The bank statement for…
A: The financial transactions related to cash and bank are recorded by the businesses in the cash book.…
Q: 1. Violet Company had the following cash balances at December 31, 2017: Cash in banks Petty cash…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The cash account for Corey's Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…
Q: On July 5, 2013, Smee Corp. received its bank statement for the month ending June 30. The statement…
A: Bank reconciliation statement: It is a statement of the deviation between the organization cash book…
Q: Part I At 31 December 2021, the balance of the Cash account according to the records of Bowen…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31…
A: Bank Reconciliation Statement is prepared to reconcile the cash balance of books with the cash…
Q: SMU Tax Services gathered the following information to prepare their bank reconciliation for the…
A: Cash Balance according to the bank statement at Oct. 31, 2021 = $11,935Cash Balance according to the…
Q: The following bank reconciliation was prepared as of June 30, 2017: Poway Co. Bank Reconciliation…
A: Bank reconciliation statement is prepared by the company to match the cash balance shown by the bank…
Q: XYZ Inc is preparing the October month-end Bank Reconciliation. The balance in the cash ledger on…
A: Bank reconciliation statement is the one which is prepared in order to reconcile the errors in…
Q: equired: 1. Record any required adjustments from the bank reconciliation in the Cash at bank…
A: Bank Reconciliation Statement
Q: as of December 31, showed a balance of P71,364. Additional information that might be useful in…
A: Solution: Adjusted cash in bank balance = cash in bank balance + Note collection - receipts of…
Q: Compute for: 33. The cash in bank balance per books on Dec. 31, 2013. 34. The adjusted cash in bank…
A: “Hey, since there are multiple requirements posted, we will answer first three requirements. If you…
Q: Your firm’s cash book shows a credit bank balance of $1,240 at 30 April 2021. On comparison with the…
A: A bank reconciliation statement appears to be an overview of banking and business activity that…
Q: Requirement: a. Prepare the bank reconciliation statement. b. Journalize the adjusting entries.
A: reconciliation statement is prepared to exactly know the difference between balance of cash as per…
Q: 1) Prepare a bank reconciliation dated December 31, 2020, for Welcome Inc. based on the following…
A: Here credit memo should be added back to balance as per books
Q: The accountant of Universe Manufacturing collected the following information: The balance as per…
A: The purpose of bank reconciliation is to compare the Cash account balance with bank statement…
Q: Co receives May 2017 bank statement showing $7000 on deposit. The Co's books show the account to…
A: The Bank reconciliation statement is prepared to match the bank statement and book balance.
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- Paul consulting is trying to prepare its bank reconciliation statement. for this purpose, the following data is available.1. the balances as per two books as at 30 September 2022 are as follows: bank statement balance = $28507 ( credit)cash at bank account balance =$27271( debit)2. the receipts of $ 1,092 have not been deposited.3. the given data reveals that the cheques of $2,081 were issued but not presented.4. a deposit from another customer for $450 was incorrectly credited into the bank account of paul consultingPrepare a bank reconciliation for Piston Limited as at 30 September 2022.From the following particulars of Trident boutique, prepare a bank reconciliation statement as on 31st March, 2018. a) Debit balance as per cash book of 10,500 b) Cheque deposited into bank amounting to 5,500 credited by bank, but entered twice in the cash book c) Cheques issued and presented for payment amounting to 7,000 omitted in the cash book d) Cheque book charges debited by the bank 200 not recorded in the cash book. e) Cash of 1,000 deposited by a customer of the business in cash deposit machine not recorded in the cash book.
- Given the following information to reconcile GCompany’s cash book balance with its bank statement balance as of July 31, 2021: a. Cheques #296 for $1,334 and #307 for $12,754 were outstanding on the September 30 bank reconciliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $893 and cheque #321 for $2,000, both written in July, were not among the cancelled cheques returned with the statement. b. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for the July rent was correctly written for $4,090 but was erroneously entered in the accounting records as $4,900. c. Also enclosed with the statement was a $74 debit memo for bank services. It had not been recorded because no previous notification had been received. d. A credit memo enclosed with the bank statement indicated that there was an electronic fund transfer related to a…Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems. On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25. On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank. On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March. O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank. O. Myer verifies that all deposits…A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of $8,500. The company's Cash at Bank balance as per company records had a debit balance of $9,145. The following were discovered as the reasons for the discrepancy between the two balances: 1. The bank statement included a debit entry of $90 for the annual bank service fee. 2 Outstanding EFTs at 28 February totalled S6,200. 3. On 28th February, receipts deposited amounting to $8,820 are still outstanding with the bank. 4. Cash sales of S694 on 20 February were deposited in the bank. The cash receipts journal entry and the deposit slip were wrongly made for S649. The bank credited Allied Ltd for the correct amount. 5. Notes receivable of $1,800 was collected by the bank for Allied Pty Ltd on 28 February plus S220 interest. No interest has been accrued on the note. Prepare BRS
- Please do not give solution in image format ?.The following information has been extracted from the accounting records a bank statement of ABCJM Ltd as at 31 January 2019: Closing Balance shown on the Bank Statement Cash Receipts of 31 January which deposited on 30 January did not appear on the bank statement Cheques recorded in the cash payments but not yet presented For payment to the Bank Prepare a bank reconciliation statement as at 31 January. $11 450 CR 5,500 3 550The following information was taken from the books of Zia Traders on 30 June 2019: 1. The items appearing on the bank reconciliation statement of Zia Traders as at 31 May 2019. Details Amount (R) Balance as per bank statement (unfavourable) 25400 Oustanding deposit 5700 Outstanding cheques: CHQ116 1430 CHQ135 2780 Correction of incorrect cheque(see note 2.5 below) 570 Balance as per bank account ? A comparison of the cashbooks for June, the above bank reconciliation statement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June: -Cashbook Receipts R 113 200 -Cashbook Payments R 96 000 2.2 The outstanding deposit at the end of May for R5 700 appeared on the bank statement on 5 June 2019. 2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bank statement amount was correct. 2.4…
- The following bank reconciliation is presented for HRCA Company for the month of November 2020: Balance per bank statement, Nov 30 P 3,600,000 Add: Deposit in transit 800,000 4,400,000 Less: Outstanding checks P 1,200,000 Bank credit recorded in error 200,000 1,400.000 Balance per book statement, Nov 30 P 3,000,000 Data per bank statement for the month of December follow: December deposits (includes note collected of P1,000,000 for Char) 5,500,000 December disbursements (including NSF, P350,000 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 amounting to P500,000 were outstanding and deposits of P700,000 were in transit on December 31. What is the amount of cash disbursements per book in December?Can you please show your work on how you came up with the balance per bank and the balance per book on the reconciliation statement? Branson Co. received its bank statement for the month ending May 31, 2019, and reconciled the statement balance to the May 31, 2019, balance in the Cash account. The reconciled balance was determined to be $36,400. The reconciliation recognized the following items: A deposit made on May 31 for $22,700 was included in the Cash account balance but not in the bank statement balance. Checks issued but not returned with the bank statement were No. 673 for $4,550 and No. 687 for $9,700. Bank service charges shown as a deduction on the bank statement were $110. Interest credited to Branson Co.'s account but not recorded on the company's books amounted to $88. Returned with the bank statement was a "debit memo" stating that a customer's check for $3,240 that had been deposited on May 23 had been returned because the customer's account was overdrawn. During a…The following information was taken from the books of Zia Traders on 30 June 2019: The items appearing on the bank reconciliation statement of Zia Traders as at 31 May 2019. Details Amount (R) Balance as per bank statement (unfavourable) 25400 Oustanding deposit 5700 Oustanding cheques: CHQ116 1430 CH135 2780 Correction of incorrect cheque (see note 2.5 below) 570 Balance as per bank account ? A comparison of the cashbooks for June, the above bank reconciliation statement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June: -Cashbook Receipts R 113 200 -Cashbook Payments R 96 000 2.2 The outstanding deposit at the end of May for R5 700 appeared on the bank statement on 5 June 2019. 2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bank…