The trial balance as of December 31, 2020 of Pets for Your Home has a Cash in bank balance of P120,000. The company received the bank statement for December. Deposit in transit at year-end is P30,000 and outstanding checks totaled P25,000. The bank statement showed a balance of P140,000. The bank erroneously credited
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- The Cash account of Lydia reported a balance of RM2, 540 at December 31, 2018. There were outstanding checks totaling $400 and a December 31 deposit in transit of $100. The bank statement, which came from Park Bank, listed the December 31 balance of RM3, 340. Included in the bank balance was a collection of RM510 on account from Bella, a Lydia customer who pays the bank directly. The bank statement also shows a RM30 service charge and RM20 of interest revenue that Lydia earned on its bank balance. Prepare Lydia's bank reconciliation at December 31.On June 30, 2019, Wally Company's bank statement showed a $7,500.10 bank balance. Wally has a beginning checkbook balance of $9,800.00. The bank statement also showed that it collected a $1,200.50 note for the company. A $4,500.10 June 30 deposit was in transit. Check No. 119 for $650.20 and check No. 130 for $381.50 are outstanding. Wally's bank charges $.40 cents per check. This month, 80 checks were processed. Prepare a reconciled statement. (Round your answers to the nearest cent.) Checkbook balance Wally's checkbook balance Add: Deduct: Reconciled balance WALLY COMPANY Bank Reconciliation as of June 30, 2019 Bank balance Add: Deduct: Reconciled balance Bank balanceOn December 31, 2020 Buttercup Company had a cash balance per books of $10,922.25. The bank statement from Tampa Savings Bank on that date showed a balance of $10,356.90. A comparison of statement with the cash account revealed the following facts: a. Deposits in transit were$11,663.10.10. b. Outstanding checks at December 31 totaled $1,750.875. c. On December 31, the bank statement showed on NSF charge of 1006.50 for a check issued by Charlie Holston, a customer, to Buttercup Company on account. d. A $5,383.50 note receivable was collected by the bank for buttercup Company. The bank charged a collection fee of $43.50. e. Cash sales of $1,474.50 on December 20 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $1,399.50. The bank credited Buttercup Company for the correct amount. f. A $3,750 note receivable was collected by the bank for Bollywood Company. The bank charged a collection fee of $26.625. However the bank incorrectly…
- The bank statement for Clive Company indicates a balance of $30,000 on September 30, 2021. After the journals for September had been posted, the cash account in the depositor's books had a balance of $27,800. The following reconciling items are available to prepare a bank reconciliation for Clive Company. (i) Bank debit memorandum for service charges, $250. (ii) Bank credit memorandum for interest earned, $2,105. (iii) Bank debit memorandum for $300 NSF (not sufficient funds) check from a customer. (iv) Cash sales of $480 had been erroneously recorded in the cash account as $448. (v) A check paid for $1,250 was erroneously recorded by the bank in the bank statement as $1,350. (vi) Checks outstanding, $1,463. (vii) Deposits in transit not recorded by bank, $750. Required: Prepare the bank reconciliation for Clive Company as of September 30, 2021.Using the following information, prepare a bank reconciliation for Young Co. for August 31, 2019, and prepare the journal entries: (a) The bank statement balance is $4,095 (b) The cash account balance is $4,205. (c) Outstanding checks amounted to $517. (d) Deposits in transit are $655. (e) The bank service charge is $45. (f) A check for $84 for supplies was recorded as $48 in the ledger. (g) NSF check for $649.00 (h) EFT collected $715.00 (i) Bank error processed a check for $53 as $35The Cash account of Gate City Security Systems reported a balance of $2,490 at December 31, 2024. There were outstanding checks totaling $1,000 and a December 31 deposit in transit of $300. The bank statement, which came from Tri Cities Bank, listed the December 31 balance of $3,810. Included in the bank balance was a collection of $630 on account from Nicole Lee, a Gate City customer who pays the bank directly. The bank statement also shows a $20 service charge and $10 of interest revenue that Gate City earned on its bank balance. Prepare Gate City's bank reconciliation at December 31. Gate City Security Systems Bank Reconciliation December 31, 2024 Bank: Balance, December 31, 2024 ADD: LESS Adjusted bank balance, December 31, 2024 Book: Balance, December 31, 2024 ADD: LESS Adjusted book balance, December 31, 2024
- 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.Using the following information, prepare a bank reconciliation for Sunland Company for July 31, 2022. The bank statement balance is $3,770. The cash account balance is $4,170. Outstanding checks totaled $1,360. a. b. C. d. e. f. Deposits in transit are $1,670. The bank service charge is $54. A check for $95 for supplies was recorded as $59 in the ledger.The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following: A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared. 2. Cheques #251 for $1,200 and#260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020. 3. The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600. 4. The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000 5. The bank credited a deposit of $200 as $2,000 to Corey’s Construction account. 6. A cheque for $13,500from a customer Ali Woods was returned for insufficient funds. The…
- Spielberg Company’s general ledger shows a cash account balance of $23,220 on July 31, 2024. Cash sales of $1,885 for the last three days of the month have not yet been deposited. The bank statement dated July 31 shows bank service fees of $55 and an NSF check from a customer of $250. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,460. The bank statement shows a balance of $22,490 on July 31. Required: 1. Prepare a bank reconciliation to calculate the correct balance of cash on July 31, 2024. 2. Record the necessary entry(ies) to adjust the balance for cash.On July 31, 2022, Carla Vista Co. had a cash balance per books of $6,335.00. The statement from Dakota State Bank on that date showed a balance of $7,885.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $19.00. 2. The bank collected $1,715.00 from a customer for Carla Vista Co. through electronic funds transfer. 3. The July 31 receipts of $1,394.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $374.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $347.00. 5. Checks outstanding on July 31 totaled $2,046.10. 6. On July 31, the bank statement showed an NSF charge of $770.00 for a check received by the company from W. Krueger, a customer, on account.…Hunter Company bank statement indicated a cash balance of $9,610, while the cash 11. chut ledger account on that date shows a balance of $7,430 in July 31. Outstanding checks totaled $2,417. A $500 check mailed to the bank for deposit had not reached the bank at the statement date. The bank returned a customer's NSF check for $225 received as payment of an account receivable. 2016092 FAT 2019302296 The bank statement showed $30 interest earned on 201504 20130022 2019002295 the bank balance for the month of July. 7090022 2019002295 20120