Xanthouse Company provided the following bank reconciliation onJanuary 31 of the current year.The following date were taken form the cash journals of XanthousCompanyCash Receipt JournalDateBank balanceCash Disbursement JournalAdd: Deposit in transitTotal300,000600,000900,000Debit CashCheck No.Credit CashFeb. 02Feb. 06Feb. 09Feb. 10Feb, 15Feb. 202,000,000400,000800,000200,0001,200,0001,300,000550,000450,000117118200,000900,000800,000500,000550,000180,0001,000,000250.0004.500,000Deduct: Outstanding checksNo. 114240,000160,00060.000119120121122123125No. 115No. 116460.000440.000Adjusted bank balanceFeb. 24Feb. 28All receipts of cash are deposited in the bank account. The bankstatement for the month of February is presented below:6,900,000THIRD BANKRequired:a. Prepare bank reconciliation on February 28, showing the bookbalances before and after adjustmentb. Prepare journal entries to record the adjustments that areindicated by the bank reconciliationChecksDepositsBalanceDateJan. 31Feb. 01300,000660.000600,0002,000,000240,0002,660,0002,460,0001,960,0001,800,0002,800,0002,300,0003,500,0004,800,0004,250,0004,245,0003,795,000270,000 CM 3,265,000Feb. 03Feb. 05Feb. 07200,000900,000160,000400,000Feb. 09Feb. 10Feb, 13Feb. 16Feb. 21Feb. 231,000,000500,0001,200,0001,300,000550,0005,000 SC1,000,000800,000Feb. 24550,000Feb. 27Feb. 28The following was taken from the credit memo of February 28:Face of the note250,00030.000280,00010,000270.000Interest on the noteMaturity value of the noteCollection chargeCredit to your account

Bank Reconciliation: Bank reconciliation is the method of coinciding the bank balance in the…

Xanthouse Company provided the following bank reconciliation on January 31 of the current year. The following date were taken form the cash journals of Xanthous Company Bank balance Cash Disbursement Journal Credit Cash 200,000 900,000 800,000 500,000 550,000 180,000 1,000,000 250,000 4,500.000 Add: Deposit in transit Total Deduct: Outstanding checks No. 114 No. 115 No. 116 Adjusted bank balance 300,000 600.000 900,000 Cash Receipt Journal Date Feb. 02 Feb. 06 Feb. 09 Check No. 117 118 Debit Cash 2,000,000 400,000 800,000 200,000 1,200,000 1,300,000 550,000 450.000 240,000 160,000 60.000 119 Feb. 10 120 460.000 440.000 Feb. 15 Feb. 20 121 122 Feb. 24 Feb. 28 123 125 All receipts of cash are deposited in the bank account. The bank statement for the month of February is presented below: 6.900.000 Required: a. Prepare bank reconciliation on February 28, showing the book balances before and after adjustment b. Prepare journal entries to record the adjustments that are indicated by the bank reconciliation THIRD BANK Checks Deposits Balance 300,000 660,000 2,660,000 2,460,000 Date Jan, 31 Feb. 01 Feb. 03 Feb. 05 240,000 600,000 2,000,000 200,000 Feb. 07 900.000 400.000 1.960.000

Xanthouse Company provided the following bank reconciliation on January 31 of the current year. The following date were taken form the cash journals of Xanthous Company Bank balance Cash Disbursement Journal Credit Cash 200,000 900,000 800,000 500,000 550,000 180,000 1,000,000 250,000 4,500.000 Add: Deposit in transit Total Deduct: Outstanding checks No. 114 No. 115 No. 116 Adjusted bank balance 300,000 600.000 900,000 Cash Receipt Journal Date Feb. 02 Feb. 06 Feb. 09 Check No. 117 118 Debit Cash 2,000,000 400,000 800,000 200,000 1,200,000 1,300,000 550,000 450.000 240,000 160,000 60.000 119 Feb. 10 120 460.000 440.000 Feb. 15 Feb. 20 121 122 Feb. 24 Feb. 28 123 125 All receipts of cash are deposited in the bank account. The bank statement for the month of February is presented below: 6.900.000 Required: a. Prepare bank reconciliation on February 28, showing the book balances before and after adjustment b. Prepare journal entries to record the adjustments that are indicated by the bank reconciliation THIRD BANK Checks Deposits Balance 300,000 660,000 2,660,000 2,460,000 Date Jan, 31 Feb. 01 Feb. 03 Feb. 05 240,000 600,000 2,000,000 200,000 Feb. 07 900.000 400.000 1.960.000

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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