Write your answer in the space provided. Show computations IN GOOD FORM after each problem. (3 to 5 minutes per problem) 1. Reconciliation of Ken Tucky Corp's bank account at fanuary 31 is as follows: Balance per bank statement Deposits outstanding Checks outstanding Correct cash balance P 2,155,000 300,000 (50,000) P 2.405,000 Balance per book Bank service charge Correct cash balance P1407,000 C 2,000) P 2,405,000 February data are as follows: Checks recorded Deposits recorded Callection by bank (w/ interest of 18,000) NSF Check Balances Bank 2,350,000 1,616,000 418,000 Depositor 2,485,000 1.875,000 15,000 1,944,000 1.915,000 a. How much is deposit in transit at February 28? b. How much is outstanding checks at February 28? c. How much is the adjusted cash balance at February 28?

Write your answer in the space provided. Show computations IN GOOD FORM after each problem. (3 to 5 minutes per problem) 1. Reconciliation of Ken Tucky Corp's bank account at fanuary 31 is as follows: Balance per bank statement Deposits outstanding Checks outstanding Correct cash balance P 2,155,000 300,000 (50,000) P 2.405,000 Balance per book Bank service charge Correct cash balance P1407,000 C 2,000) P 2,405,000 February data are as follows: Checks recorded Deposits recorded Callection by bank (w/ interest of 18,000) NSF Check Balances Bank 2,350,000 1,616,000 418,000 Depositor 2,485,000 1.875,000 15,000 1,944,000 1.915,000 a. How much is deposit in transit at February 28? b. How much is outstanding checks at February 28? c. How much is the adjusted cash balance at February 28?

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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Conway Company reported the following information: Cash balance on balance sheet (12/31) $22,066 Pre-reconciliation cash account balance (12/31) 23,916 Bank statement (12/31) 23,220 Bank service charges 350 Bank debit memos (utility payments) 1,500 Deposits in transit (12/31) 9,160 Required: Question Content Area 1. Calculate the amount of outstanding checks as of December 31.
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Write your answer in the space provided. Show computations IN GOOD FORM after each problem. (3 to 5 minutes per problem) 1. Reconciliation of Ken Tucky Corp's bank account at January 31 is as follows: Balance per bank statement Deposits outstanding Checks outstanding P 2,155,000 300,000 ( 50,000) P 2,405,000 Correct cash balance Balance per book Bank service charge Correct cash balance P 2,407,000 2,000) P 2,405,000 February data are as follows: Bank 2,350,000 1,616,000 418,000 Depositor 2,485,000 Checks recorded Deposits recorded Collection by bank (w/ interest of 18,000) 1,875,000 NSF Check Balances 15,000 1,944,000 1,915,000 a. How much is deposit in transit at February 28?. b. How much is outstanding checks at February 28? How much is the adjusted cash balance at February 28? C. 2. You were able to determine that the cash account of Griffin Company is composed of the following items: Cash in the desk drawer of the owner BPI current account PS Bank current account PS Bank 3-month…
The following data were gathered to use in reconciling the bank account of Reddan Company: Line Item Description Amount Balance per bank $ 18,050 Balance per company records 10,220 Bank service charges 40 Deposit in transit 4,000 Note collected by bank with $150 interest 5,500 Outstanding checks 6,370 Question Content Area a. What is the adjusted balance on the bank reconciliation?fill in the blank 1 of 1$ Feedback Area Feedback Question Content Area b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
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37)At Dec 31, Michael Corp has the following bank information: Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for interest $50 Bank service charge $25 What is Michael's adjusted cash balance on Dec 31? A)$5,425. B)$4,425. C)$5,325. D)$5,300
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,374 debit balance and its bank statement shows $15,539 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,735. b. The June 30 bank statement lists a $55 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,524 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 Bank reconciliation LO P3 "repare its bank reconciliation using the above information. DEL GATO CLINIC Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Deduct:…
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