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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Consolidated Paper has just completed its bank reconciliation for the month of Febrruary 2023 as shown below. Balance per bank....... Add: Deposit in transit......... O Less: Outstanding checks... $16,200 2,600 (900) Balance per books...... Add: Interest earned. Less: Bank service charge.... Add: Error in posting payment of accounts receivable Reconciled balance........ $17,900 customer............ $17,400 200 (100) 2 3 Reconciled balance............... 4 5 a. Prepare the adjusting entry (debits and credits) that is needed as a result of the bank reconciliation. 6 b. What cash balance will Consolidated Paper report on its February 28, 2023 financial statements 7 8 9 0 1 400 $17,900
Bank reconciliation and entriesThe cash account for Coastal Bike Co. at October 1, 2019, indicated abalance of $5,140. During October, the total cash deposited was $39,175,and checks written totaled $40,520. The bank statement indicated abalance of $8,980 on October 31, 2019. Comparing the bank statement,the canceled checks, and the accompanying memos with the recordsrevealed the following reconciling items: A. Checks outstanding totaled $5,560.B. A deposit of $1,050 representing receipts of October 31 had beenmade too late to appear on the bank statement.C. The bank had collected for Coastal Bike Co. $2, 120 on a note leftfor collection. The face of the note was $2,000. D. A check for $370 returned with the statement had beenincorrectly charged by the bank as $730.E. A check for $310 returned with the statement had been recordedby Coastal Bike Co. as $130. The check was for the payment of anobligation to Rack Pro Co. on account. F. Bank service charges for October amounted to $25.G. A…
RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 Add: Deposits in transit P5,400,000 600,000 6,000,000 1,350,000 P4,650,000 Less: Outstanding checks Balance per books, 8/31 Data per bank for the month of September 2021 follow: Deposits (including P300,000 note collected for RM) Disbursements (including P210,000 NSF check and P15,000 service charge) P13,500,000 10,500,000 All reconciling items on August 31, 2021 cleared the bank in September. Outstanding checks on September 30 totaled P900,000. There deposits in transit amounted to P1,500,000 on September 30. What is the amount of cash disbursements per book in September?
The cash in bank account of Romeo Co. for april 2020 showed an ending balance of $193947. Deposit in transit on April 30 was $27300. Outstanding checks as of April 30 were $89152.5 including $7500 certified check which the bank has certified on April 27. During the month of April, the bank charged back NSF checks in the amount $5152.5 which 2752.5 had been redeposited by April 20. On April 23, the bank charged Romeo's account $3300 items which have been charged to Rina's Account the error was not detected by the bank. During April, the proceeds from notes collected by the bank for Romeos co was $11322 and bank charges for this services $27 there are not yet recorded by the book. How much is unadjusted balance per bank on April 30? Answ: $253894.5 Romeo company purchased 150000 shares 5% ownership of Blue company on January 14, 2022. Romeo received a share dividend of 8% on March 31, 2022 when the market price of share is $25. On December 14, 2022, Romeo received a cash dividend of $20…
Prepare a bank reconciliation statement
The ending bank statement balance at November 30 is $6,850. The bank statement shows a service charge of $85, electronic funds receipts of $500, and a NSF check for $350. Deposits in transit total $2,350 and outstanding checks are $1,535. The balance per books at November 30 is $7,600. What is the adjusted bank balance at November 30? A. $8,415 B. $6,915 C. $6,850 D. $7,665
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?
How much is the correct cash balance on December 31, 2020? * Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following bank reconciliation for November 2020: Balance per ledger Bank service charges P2,372,000 (2,000) Adjusted balance P2,370,000 Balance per bank statement P2,100,000 Deposit in transit 300,000 Outstanding checks Adjusted balance (30,000) P2,370,000 Information gathered for December 2020 are as follows: Bank Book Checks recorded 2,300,000 2,360,000 Deposits recorded Collection by bank (P400,000 note plus interest) NSF check returned with Dec. 31 1,620,000 1,800,000 420,000 bank statement 10,000 Service charge 2,000 Balances 1,828,000 1,810,000
The bank statement for ABC Corp. shows a balance of $14300. Use the following reconciling items to determine the company's adjusted (corrected) book balance. Outstanding checks: $600 Deposits in Transit: $590 Interest earned on deposits: $23 EFT's from ABC Corp Customers: $1370 Customer's check returned due to NSF: $1550 A
Apex Ltd was in the process of preparing a bank reconciliation statement. Apex Ltd book balance =32,800 Deposit in Transit =4,300 Outstanding checks =2,200 Interest earned on checking account =100 Customer NSF check returned by bank =400 The adjusted cash balance as at September 30, 2020 will be?
Asap Orchard Fresh, Inc., purchases apples from local orchards and sorts them into four categories. Grade A are large blemish-free apples that can be sold to gourmet fruit sellers. Grade B applesare smaller and may be slightly out of proportion. These are packed in boxes and sold to grocery stores. Apples for slices are even smaller than Grade B apples and have blemishes. Apples forapplesauce are of lower grade than apples for slices, yet still suitable for canning. Information on a recent purchase of 20,000 pounds of apples is as follows:Grades PoundsGrade A 1,600Grade B 5,000Slices 8,000Applesauce 5,400Total 20,000 Total joint cost is $18,000.Required:1. Allocate the joint cost to the four grades of apples using the physical units method. (Carryout the percent calculations to four significant digits.)2. Allocate the joint cost to the four grades of apples by finding the average joint cost perpound and…
McKeel Publishing had outstanding cheques totaling $5,520 on its June bank reconciliation. In July, McKeel issued cheques totaling $40,100. The July bank statement shows that $28,100 in cheques cleared the bank in July. The amount of outstanding cheques on McKeel's July bank reconciliation should be: Multiple Choice $5,520. $6,480. $17,520. $12,000. < Prev 37 of 50 Next