What is the cash balance per bank on June 30? 27. Shown below is the bank reconciliation for Central Company for May 2018:Balance per bank, May 31, 2018300,000.00Deposit in Transit48,000.00Outstanding checks(56,000.00)(20,000.00)272,000.00Bank credit recorded in errorCash balance per book, May 31, 2018The bank statement for June 2018 contains the following data:Total deposits220,000.00Total charges, including an NSF of P16,000192,000.00and service charge of P800All outstanding checks on April 30, including the bank credit, were cleared in the bank on May 31. There were outstandingchecks of P60,000 and deposits in transit of P76,000 on May 31, 2018.What is the cash balance per bank on June 30, 2018?

Introduction: Bank Reconciliation statement: To reconcile the difference between bank Pass book…

Answered: What is the cash balance per bank on…

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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a. The June 30 cash balance in the general ledger is $878. b. The June 30 balance shown on the bank statement is $402. c. Checks Issued but not returned with the bank statement were Number 712 for $24 and Number 723 for $55. d. A deposit made late on June 30 for $472 Is Included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $74 that was deposited on June 24 had been returned because the customer's account was overdrawn. 1. During a review of the checks that were returned with the bank statement, It was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: Prepare a bank reconciliation as of June 30 from the above information. Note: Total the entries of the same account together when entering in the bank…
Which of the following decreases a company’s cash balance? deposits in transit bank deposit slips bank credit memos outstanding cheques
Based on the following information, determine the true balance in your checking account. Balance in your checkbook Balance on bank statement $ 453 597 23 Interest earned on the account Total of outstanding checks Deposits in transit Service charge and other fees True balance $6 223 62
Which one of these documents is not required for bank reconciliation? (A) Bank Column of cash book (B) Bank pass book (C) Previous year's balance sheet (D) Bank statement
why is there generally a difference between the balance in a cash account on the company's books and the balance on the bank statement
A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified business or person is called aa. check.b. deposit slip.c. notes receivable.d. receipt.e. debit memorandum
Why does the bank treat an account balance as a Credit when there is money in the account, while in the general ledger cash records of the business, the balance would show as a Debit?
can you cash a check from an equity reserve account
Which one of the following would not appear on a bank statement for a checking account? a.Deposits b.Service charges c.Outstanding checks d.Interest earned
How much were the cash disbursement per books in June?In connection with your examination, the ABC Company presented to you the following information regarding its Cash in Bank account for the month of June of the current year: • Balance per bank statements: May 31, P1,250,000, and June 30, P1,350,000. • Balances of cash in bank account in companys books: Moy 31, P1,251,000, and June 30, P1,051,000. • Total charges in the bank statement during June were Pl,300,000. • Undeposited receipts were: May 31, P200,000 and June 30, 53,000. • Outstanding checks as of Moy 31, P150,000. • Erroneous bank credits were: May 31, P45,000 and June 30, P17,000. • Erroneous bank charges were: May 31, P20,000 and June 30, P30,000. • Collections by bank not recorded by Company were P125,000 in May and P150,000 in June. • NSF not entered in company's books were: May 31, P110,000 and June 30, P75,000. • Customer's check deposited in May amounting to P21,000 was erroneoushy entered in the books as P12,000.…
Required:1. Prepare a bank reconciliation as of February 28.2. Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation.3. What is the amount of cash that should be reported on the February 28 balance sheet?

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