This reconciliation dated November 30,2020 is for Angel Company: Balance per bank Deposit in transit Bank service charge 800,000 100,000 10,000 (200,000) 710,000 Outstanding checks Balance per book There were total deposits of P400,000 and charges for disbursements of P300,000 for December 2020 per bank statement. All reconciliation items as at November 30 cleared the bank on December 31. Checks outstanding amounted to P100,000 on December 31. How much was the cash disbursement per book for December 2020? A. 190,000 B. 200,000 C. 210,000 O D. 300,000

This reconciliation dated November 30,2020 is for Angel Company: Balance per bank Deposit in transit Bank service charge 800,000 100,000 10,000 (200,000) 710,000 Outstanding checks Balance per book There were total deposits of P400,000 and charges for disbursements of P300,000 for December 2020 per bank statement. All reconciliation items as at November 30 cleared the bank on December 31. Checks outstanding amounted to P100,000 on December 31. How much was the cash disbursement per book for December 2020? A. 190,000 B. 200,000 C. 210,000 O D. 300,000

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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Alexa Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 - 3,000,000; Deposit in transit - 400,000; Outstanding checks - 900,000. The bank statement for the month of July showed the following: Deposits, including 200,000 note collected for Alexa - 9,000,000; Disbursements, including 140,000 NSF customer check and 10,000 service charge - 7,000,000. All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled 600,000 and the deposit in transit amounted to 1,000,000 on July 31. What is the adjusted cash in bank on July 31?
Fruit Salad Company prepared the following bank reconciliation in November:Balance per bank- P10,000,000Deposit in transit- P500,000Outstanding checks- P1,500,000There were total deposits of P6,000,000 including P1,000,000 of proceeds from loan, and charges for disbursements of P8,800,000 per December bank Statement including bank charges of P30,000 and NSF check of 100,000. All reconciliation items in November 30 cleared the bank on December 31.Check outstanding amounted to P1,500,000 and deposits in transit totaled P1,300,000 on December 31. What is the amount of cash disbursement per book in December?
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The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
The bank reconciliation shows the following adjustments: Deposits in transit: $892 Notes receivable collected by bank: $1,030; interest: $25 Outstanding checks: $590 Error by bank: $340 Bank charges: $34 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank.
Prepare a bank reconciliation statement
VKS Co. is preparing its March 31 bank reconciliation. The following data are available:Per bank:February 28 balance - P859,500March deposits reflected - P476,000March checks reflected - P617,000 (erroneously includes a check drawn by IntAcc1 Company for P15,000)Note collected (including P2,000 interest) - P202,000Service charge - P1,200March 31 balance - P919,300Per books:February 28 balance - P840,600March receipts - P490,000 (includes a collection of P20,800 recorded erroneously. The correct amount of P28,000 was properly reflected in the bank statement)March disbursements – P610,000 (includes February service charge of P1,000)March 31 balance - P720,600Additional data from the February 28 bank reconciliation:Deposits in transit - P18,200Outstanding checks, P38,100How much were the deposit in transit at March 31?
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3. Bank Reconciliation Barb Lee Inc. (BLI) is about to reconcile its bank statement for the month of May. Pertinent information follows: Bank statement balance $11,003.74. General ledger balance $8, 284.07. BLI mailed a deposit of $899.14 to the bank on May 28. The bank had not yet received it by month end. BLI issued cheques # 124 for $2,041.25; # 126 for $951.56; and #129 for $1,000 in May; however, these were not returned with the May 31 bank statement. BLI received notification that a cheque for $313 deposited to BLI's account was returned NSE. The bank levied a $32 returned cheque charge. The bank statement included a $29 service charge for the month.Required:a) Prepare the cash reconciliation for Barb Lee Inc. as at May 31. b) Prepare adjusting journal entries to correct for items noted in the cash reconciliations.
Part 1. Prepare bank reconciliation for swing set company at march 31 2022
Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $10,103.24. On that date, the bank statement indicated a balance of $12,737.97. A comparison of returned checks and bank advices revealed the following: 1. Deposits in transit July 31 amounted to $5,007.73. 2. Outstanding checks July 31 totaled $2,045.06. 3. The bank erroneously charged a $455.00 check of Solomon Company against the Sullivan bank account. 4. A bank service charge has not yet been recorded by Sullivan Company of $25.00. 5. Sullivan neglected to record $5,600.00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $5,600.00 as a deposit. 6. Included with the returned checks is a memo indicating that J. Martin's check for $896.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of $924.00 less a $28 discount. 7. Sullivan Company recorded a $152.60 payment for repairs as $1,526.00 Required a. Prepare a bank reconciliation…