X Co. reported an ending cash balance of P35,000. An examination of the Cash T-account revealed debits of P60,000 and credits of P45,000 during the period. The company's beginning (normal) cash balance was:
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- A company's Cash account shows a balance of $3,460 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($50), an NSF check from a customer ($370), a customer's note receivable collected by the bank ($1,600), and interest earned ($130). Required: Record the necessary entry(ies) to adjust the company's balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the items that increase cash. 2 Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general JournalThe April 30 bank statement for Shopify Corporation shows an ending balance of $34.351. The unadjusted cash account balance was $28,250. The accountant for Shopify gathered the following information: 1. There was a deposit in transit for $4,240. 2. The bank statement reports a service charge of $39. 3. A credit memo included in the bank statement shows interest earned of $95. 4. Outstanding checks totaled $10,935 5. The bank statement included a $650 NSF check deposited in April. What is the true cash balance as of April 30? Multiple Choice O s27656 $27,006 $31B01The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
- On January 1, Year 2 Grande Company had a $21,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During Year 2, Grande provided $78,000 of service on account. The company collected $74,500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account. What is the amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows? Multiple Choice $57,420 $78,000 $74,500 $73,010Bridgeport Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679, of which $5,295 was outstanding at January 31. The bank statement shows a debit memorandum for $135 for cheque printing charges. Cheque no. 119 payable to Sunland Company was recorded in the general journal and cleared the bank for $343. A review of the Accounts Payable subsidiary ledger shows a $131 credit balance in the account of Sunland Company and that the payment to it should have been for $474. The total amount of cheques written during January was $75,126, of which $5,979 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $109. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $190. The bank returned an NSF cheque from a…The balance in Happ Incorporated's general ledger Cash account was $14,190 at August 31, before reconciliation. The August 31 balance shown in the bank statement was $12,730. Reconciling items included deposits in transit, $1,360; bank service charges, $150; NSF check written by a customer and returned with the bank statement, $610; outstanding checks, $540; and interest credited to the account during September but not recorded on the company's books, $120. Required: Prepare a bank reconciliation as of August 31 for Happ Incorporated Balance per bank Add: Deduct: Reconciled balance. HAPP INCORPORATED Bank Reconciliation August 31 Balance per books Add: Deduct: Reconciled balance
- Epsilon Corporation has unadjusted cash in bank balances of P1,000,000 and P900,000 at the beginning and end of the month, respectively. Book debits totaled P1,800,000. An analysis with recent bank statements showed deposits in transit of P350,000 at the start of the month, deposits in transit of P220,000 at the end of the month, outstanding checks of P80,000 at the beginning of the month, and outstanding checks of P70,000 at the end of the month. Credit memos were P200,000 last month while it is P50,000 for this month. Bank service charge totaled P30,000 last month. A P120,000 customer check deposited this month was returned by the bank due to insufficient fund. How much is the unadjusted total bank credit for the month?The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $24,869 debit balance, but its July bank statement shows a $27,258 cash balance. b. Check No. 3031 for $1,520, Check No. 3065 for $536, and Check No. 3069 for $2,288 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. d. The July bank statement shows the bank collected $5,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $8 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been…
- The following account balances come from the records of Ourso Company: Beginning Balance $2,945 123 Ending Balance $3,665 Accounts receivable Allowance for doubtful accounts 171 During the accounting period, Ourso recorded $12,350 of sales revenue on account. The company also wrote off a $183 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expenseAt August 31, Concord Company has a cash balance per books of $7,900 and the following additional data from the bank statement: charge for printing Concord Company checks $64, interest earned on checking account balance $71, and outstanding checks $840.Determine the adjusted cash balance per books at August 31. Adjusted cash balance per books $A company had beginning accounts receivable of $175,000. All sales were on account and totaled $550,000. Cash collected from customers totaled $650,000. Calculate the ending accounts receivable balance.
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