123A co4567891011DATEGENERAL JOURNALDESCRIPTION20--May 16 Accounts Payable-Sunshine SuppliersCash in BankCheck 11120 Cash in Bank23 Advertising ExpenseCash in BankCheck 112Accounts Rec.-Tim McGraw, Inc.Receipt 54POST.REF.DEBIT795005250065.00PAGECREDIT37950052 5006500IN234567co loo91011Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Chapter Test cont.ACCOUNT Cash in BankDATEDESCRIPTION20--May 1 BalanceDATEDESCRIPTIONACCOUNT Accounts Receivable-Tim McGraw, Inc.20--May 1 BalanceGENERAL LEDGERPOST.REF.POST.REF.✓DEBITDEBITACCOUNT Accounts Payable-Sunshine SuppliersCREDITCREDITACCOUNT NO..DEBITBALANCE385000DEBITACCOUNT NO..BALANCE52500CREDIT101ACCOUNT NO..106CREDIT207

After recording the transaction in journal ,they are posted in a ledger. The ledger records…

Answered: V 16 Accounts Payable-Sunshine…

V 16 Accounts Payable-Sunshine Suppliers Cash in Bank Check 111 20 Cash in Bank Accounts Rec.-Tim McGraw, Inc. Receipt 54 23 Advertising Expense Cash in Bank REF. DEBIT 79500 52500 65 00

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.6C

See similar textbooks

Related questions

Q: Use the following bank statement and T-account to identify outstanding deposits that should be…

A: Bank reconciliation statement is prepared by the entity for the purpose of reconciling the…

Q: The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized…

A: A bank reconciliation statement is a summary of cash balance as per the bank and as per books that…

Q: A company's bank statement balance is $3,500 and shows a service charge of $24, interest earned of…

A: Bank reconciliation statement is the one which is prepare by the entity to reconcile the cash…

Q: Cash at bank as per bank column of the cash book (Dr) Bankings made but not yet entered on bank…

A: Cash Book - All cash receipts and outlays, including bank deposits and withdrawals, are recorded in…

Q: Prepare a bank reconciliation and journal entries for November 30, 2018.

A: Check No Amount 719 520 722 566 729 2492 Total 3578

Q: The following bank reconciliation is presented for the Pony Co. for the month of November, 2020:…

A: Amount of cash disbursements per books in December 2020 = December charges - Outstanding Checks ON…

Q: Exer Bank Statement Checks Paid Cash Payments Journal Checks Issued Date Check No. Amount Date Check…

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Q: [The following information applies to the questions displayed below.] The December bank statement…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3…

A: The business transaction is firstly recorded in the accounting records by making journal entries.…

Q: [The following information applies to the questions displayed below.] The December bank statement…

A: Working Note; Outstanding checks = 50+5700 = 5750

Q: QUESTION 6 You are provided with information relating to Umdoni Stores. The following information…

A: The cash book is one of the important book in which many manipulations can takes place. So cash book…

Q: 12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 320 SELLERS HS 45.000 101 CHECKS RECEIVED HS 45.000…

A: A ensure isn't paid by the bank on that it's written (drawn). In therein case, the check comes back…

Q: For Nos. 26-27 Iron Company has provided the following data in relation to its bank recondiliation…

A: The procedure of balancing the balances of an entity's financial statements for just a cash account…

Q: Determine the adjusted cash balance per bank for Sheryl's Packaging on November 30, from the…

A: In order to compute the adjusted cash balance from the Bank Reconciliation Statement (BRS)by follow…

Q: QUESTION 1 The summary of the bank column in the cash book of APINO Ltd. for the month ended…

A: Answer 1: 1. An adjusted cash book showing the revised balance which should appear in the books…

Q: QUESTION 7 Brown Company's bank statement for September 30 showed: Bank statement balance Book…

A: Usually, deposits in transit are caused by timing differences between the cutoff schedule of the…

Q: In preparing its bank reconciliation for the month of April 2021, Delano, Inc. has available the…

A: Bank reconciliation is a process to match the bank balance as per the company records and bank…

Q: The December bank statement and cash T-account for Stewart Company follow. BANK STATEMENT Checks…

A: A bank reconciliation must be completed at least on a monthly basis to ensure that there are…

Q: Brown Company's bank statement for September 30 showed: 6 poinis Bank statement balance Book balance…

A: SOLUTION BANK RECONCILIATION STATEMENT IT IS A SUMMARY BANKING AND BUSINESS ACTIVITY THAT RECONCILES…

Q: The Gatedown Company's bank statement has an ending cash balance of $14,110.00. The cash account…

A: A bank reconciliation statement is a summary of cash balance as per Bank and as per Books that…

Q: In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a…

A: Bank Reconciliation Statement - Business firms record the transaction which help them to maintain…

Q: Coronado has the following assets at December 31, 2019. Cash in bank-savings account 134,000…

A: Solution:- The amount of cash reported at 31, December 2019 as follows under:-

Q: The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date…

A: Bank reconciliation statement is used to determine the differences between the bank statement…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

100%

1
2
3
A co
4
567
8
9
10
11
DATE
GENERAL JOURNAL
DESCRIPTION
20--
May 16 Accounts Payable-Sunshine Suppliers
Cash in Bank
Check 111
20 Cash in Bank
23 Advertising Expense
Cash in Bank
Check 112
Accounts Rec.-Tim McGraw, Inc.
Receipt 54
POST.
REF.
DEBIT
79500
52500
65.00
PAGE
CREDIT
3
79500
52 500
6500
IN
2
3
4
5
6
7
co loo
9
10
11
Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.

Chapter Test cont.
ACCOUNT Cash in Bank
DATE
DESCRIPTION
20--
May 1 Balance
DATE
DESCRIPTION
ACCOUNT Accounts Receivable-Tim McGraw, Inc.
20--
May 1 Balance
GENERAL LEDGER
POST.
REF.
POST.
REF.
✓
DEBIT
DEBIT
ACCOUNT Accounts Payable-Sunshine Suppliers
CREDIT
CREDIT
ACCOUNT NO..
DEBIT
BALANCE
385000
DEBIT
ACCOUNT NO..
BALANCE
52500
CREDIT
101
ACCOUNT NO..
106
CREDIT
207

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

PA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200
lemic Calendar My MCBS Library English (en) - ndamentals of Financial Accounting Summer Session 12021/ACT 140/D2 / Final Examination/ AC In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit in transit? A BI - mcbs.proctoring.online is sharing your screen. Stop 11
gleusercontent.com/viewer/secure/pdf/ki7h0e5ernovil8j8jhia898nvne1h7r/0bntlihe Tutorial 10 Submission date: 18 January 2021 before 12.00pm 1. The following are extract from the cash book and bank statement of Fifi Enterprise. Cash Book (Bank Account only) 2020 RM 2020 Dec RM Dec 1 Balance b/d 3,419 8 Basri 462 7 Farah 101 15 Farid 21 22 Ghaz 44 28 Tengku 209 31 Weiwei 319 31 Siti 246 31 Balance c/d 3,437 4,129 4,129 Bank Statement Debit Date Items Credit Balance Dec 1 Balance b/d 3,419 3,520 3,058 3,037 3,081 3,174 7 Cheque 101 11 Basri 462 20 Farid 21 22 Cheque 31 Credit Transfer: Tina 31 Bank Charges 44 93 47 3,127 Required: a) Prepare the updated cashbook. b) Prepare the bank reconciliation statement as at 31 December 2020.
cam - Intermediate Accounting 1.docx Open with Google Docs For Nos. 26- 27 Tron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank recondliation: Deposit in transit Outstanding checks P6,800 15,600 April 2019 data: Per Bank Per Book Balance, March 31 Deposits reflected 296,560 190,400 287,760 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) 319,680 Balance, April 30 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. 26. How much is Iron's deposits in transit at April 30? a. P12,400 b. P18,000 C. P1,200 d. P5,600 27. How much is Iron's outstanding checks at April 30? P27,600 b. a. P34,400 P18,800 d. P24,800 C. For Nos. 28-30 Page 4 / 5 The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these ac
weat subject-Accounting
The following events occur for Messer Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 July 23, 2024 Provide services to customers on account for $37,400. Receive $26,500 from customers on account. Estimate that 30% of uncollected accounts will not be received. Provide services to customers on account for $50,400. Receive $6,000 from customers for services provided in 2024. December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 2025 December 31, 2025 Write off the remaining amounts owed from services provided in 2024. Receive $44,500 from customers for services provided in 2025. Estimate that 30% of uncollected accounts will not be received.
Hw.191.
Using general GL codes (expense, receivable, revenue, etc.), write out the JE necessary to post each of these bank transactions: Account Activity Transaction Date 07/01/2022 07/01/2022 07/01/2022 07/01/2022 07/01/2022 Description Beginning Balance FX 157510619000001 EUR 17145 R ATE: 1.03944INV3318 INV3307 BRAINTREE FUNDING 6XDJXT LONGTAILVIDEO WIRE IN 220701B1Q8021C018706 202218219086;ORG AMAGI MEDIA L ABS PRIVATE LIMITED;OBI S1023 ADP 401K ADP 401k 94YL7 063026V01 LONGTAIL AD SOLUTIONS Debits -$17,821.20 $0.00 $0.00 -$54,337,80 Credits $0.00 $55,477.13 $8,175.00 $0.00 B
Please answer items 24-27 correctly and provide computation. Thank youu:)
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,277.77. The bank statement shows an ending balance of $2,109.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, an noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a. An ATM withdrawal of $150.00 on November 18 by Lyle for personal use was not recorded on the books. b. A bank debit memo issued for an NSF check from a customer of $19.20. c. A bank credit memo issued for interest of $20.00 earned during the month. d. On November 30, a deposit of $1,186.00 was made, which is not shown on the bank statement. e. A bank debit memo issued for $16.80 for bank service charges. f. Checks No. 549, 561, and 562 for the anounts of $181.00, $24.00, and $9.50, respectively, were written during November but have not yet been received…
Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…
ANYTOWN BANK PLC Current account statement D. DHILLON Account name Account number 007457892 Branch Karachi Transactions Date Details Debit Credit Balance 1 October 3 October 7 October Balance 127.63 Lodgement 367.42 495.05 674 81.31 413.74 Lodgement Lodgement 84.56 498.30 10 October 97.42 595.72 15 October 675 364.42 231.30 16 October 673 272.61 41.31 OD 31 October Credit transfer G. Jackson 41.99 0.68 149.32 OD Stdg order Loan repmt Dishonoured cheque Bank charges 150.00 12.48 161.80 OD 27.56 189.36 OD Figure 12.4 Dhillon's bank statement Required a Make any adjustments to Dhillon's cash book. b Prepare a bank reconciliation statement at 31 October.