The petty cash fund of Y Company at the end of the fiscal year ended Ju following: Currencies P3,800 Coins 1,200 Paid vouchers Office Supplies Postage stamps Loans to employees 1,7 2,0 6,000 Check drawn by the manager, returned by bank marked "NSF" Check drawn by the company, payable to the order of the petty cash custodian, representing her salary (accommodation check) 12,500 2,1 How much is the amount of petty cash fund that should be shown on the

The petty cash fund of Y Company at the end of the fiscal year ended Ju following: Currencies P3,800 Coins 1,200 Paid vouchers Office Supplies Postage stamps Loans to employees 1,7 2,0 6,000 Check drawn by the manager, returned by bank marked "NSF" Check drawn by the company, payable to the order of the petty cash custodian, representing her salary (accommodation check) 12,500 2,1 How much is the amount of petty cash fund that should be shown on the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.
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Proof of Cash Problems 1. Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: The month Deposits, including P200,000 note collected for Lazer Disbursements, including P140,000 NSF customer check And P10,000 service charge P3,000,000 400,000 What is the cash balance per book on July 31? What is the amount of cash receipts per book in July ? What is the amount of cash disbursements per book in July? 3,400,000 (900,000) P2,500,000 P9,000,000 7,000,000 All reconciling items on June 30 cleared through the bank in July. The Outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31.
-------- deposits all cash receipts on the day they are received and makes all cash payments by check. The January general ledger shows $24,474 at the end of the month. Comparison of the bank statement to its general ledger cash account revealed the following: NSF check deposit 287 Deposit in transit 2,100 Outstanding checks 1,100 Additionally, interest in the amount of $80 was earned on the bank account but had not been recorded in the general ledger. The adjusted cash balance per the book records should be:
Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $5.750. The bank reconciliation for the month contained the following items: Deposits in transit Outstanding checks Interest earned NSF check returned to bank Bank service charge Given the above information, what is the up-to-date ending cash balance Rollin should report at month-end? Multiple Choice $4,980. O $5,300. $ 770 495 20 120 20 $5,630.
Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: 3. The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the general ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 in deposits were received during the month. 4. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of September, the Company books show that $11,670 of cheques were issued, yet the bank statement showed that $10,500 of cheques cleared the bank in September. There were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 11) What were the deposits in transit at September 30? f) $2,260 g) $2,150 h) $1,960 i) $2,650 j) None of the above 12) What were the outstanding cheques at September 30? f) $2,020 g) $2,120 h) $1,170 i) $1,980 j) None of the above FlDage 13) Which of the following is are the…
Brown Company's bank statement for September 30 showed: Bank statement balance Book balance of cash $2,790 $3,724 The following information was also available as of September 30: a. A customer's check for $150 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $10 processing fee b. The September 30 cash receipts, $3,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the Septemt bank statement. c. Outstanding checks amounted to $2, 190. d. A check for rent expense was written for $326 but by mistake was recorded in the accounting records as $362.
Brown Company's bank statement for Septermber 30 showed: Bank statement balance Book balance of cash $4,210 $6,560 The following information was also available as of September 30: a. A customer's check for $950 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $30 processing fee. b. The September 30 cash receipts, $6,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c. Outstanding checks amounted to $3,910. d. A check for rent expense was written for $2,198 but by mistake was recorded in the accounting records as $2,918. Required: Prepare bank reconciliation as of September 30. Your Answer should be in the following format:
Mc Graw Hill Nolan Company's cash account shows a $24,659 debit balance and its bank statement shows $23,918 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,619. b. The June 30 bank statement lists $22 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $80 check written by the company was mistakenly recorded in the company's books as $89. d. June 30 cash receipts of $3,373 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $26 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information. Bank statement balance. Add: Deduct: Adjusted bank balance NOLAN COMPANY Bank Reconciliation June 30 $ 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0 0
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
On 31 december a company cash book balance was $11,820 and the bank statement $15,000. the reson for the difference were as follows. 1 Bank charges of $20 not entered in the cashbook. 2 A customer cheque for $200 has been dishonured 3 A payment of $1,200 has been entered in the cashbook as $2,100 4 there were unpresented cheques totalling $6,500 5 Lodgement of $4,000 had not appeared on the bank statement A) To make appropriate adjustment in the cash book bringing down the correct balance. B) To prepere a statement reconciling the adjusted balance inthe cash bookwith the balance shown in the bank statement for 31 december C) Name 3 difference that can accur between the bank statement and cashbook
Wright Company's cash account shows a $28,900 debit balance and its bank statement shows $27,200 on deposit at the close of business on May 31 a. The May 31 bank statement lists $170 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,300 c. May 31 cash receipts of $6,900 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement d. In reviewing the bank statement, a $470 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $460 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information. Bank statement balance Add WRIGHT COMPANY Bank Reconciliation May 31 Book balance Add