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 Correct cash balance P 2,155,000 300,000 ( 50,000) P 2,405,000 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 1,875,000 Checks recorded Deposits recorded Collection by bank (w/ interest of 18,000) NSF Check Balances 15,000 1,944,000 1,915,000 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? a. C.

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 Correct cash balance P 2,155,000 300,000 ( 50,000) P 2,405,000 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 1,875,000 Checks recorded Deposits recorded Collection by bank (w/ interest of 18,000) NSF Check Balances 15,000 1,944,000 1,915,000 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? a. C.

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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