Fundamentals of Financial Accounting
5th Edition
ISBN: 9780078025914
Author: Fred Phillips Associate Professor, Robert Libby, Patricia Libby
Publisher: McGraw-Hill Education
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Chapter 5, Problem 5.7E
To determine
To mention: The items that should be reported as cash and cash equivalents in the current assets section of the
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The following transactions by Africa Traders occurred during February 2021:
The provisional total of the bank column in the Cash receipts journal was R9 500.
The provisional total the bank column in the Cash payments journal was R7 750.
The bank balance in the general ledger amounted to R6 500 (favourable) on 1 February 2021.
A capital contribution of R1 000 was deposited directly into the bank account of Africa Traders.
Made an electronic funds transfer to the amount of R1 427 to settle the monthly telephone bill.
Bank charges for the month were R180.
SA Dealers deposited R550 directly into Africa Traders bank account.
Debit order in favour of SA Computers of R350 for monthly computer services.
Interest of R250 received on bank favourable.
What will the new total of the bank column in the Cash Payments Journal of Africa Traders at 28 February 2021 be?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to…
А.
Savonn Enterprise is a small retail business located in Alor Setar, Kedah. The
followings are information on bank transactions of Savonn Enterprise as at 31 January
2022:
i.
Amount of cash as shown on the bank statement and book respectively are
RM33,815 and RM33,044.
The bank collected RM550 on a note receivable for Savonn Enterprise. The
bank charged a collection fee of RM10 which was credited to Savonn
Enterprise's account.
A deposit of RM2,850, representing cash receipts by Savonn Enterprise on 31
January, did not appear on the bank statement.
An Non-Sufficient Fund (NSF) cheque for RM180 from a customer, Mr
Gebang Kencang, was returned with the bank statement.
Also returned with the bank statement is a cheque amounted RM650 from Mr
Kuwat Klentong for having different authorised signature on the cheque.
The bank paid correctly an amount of RM3,680 for cheque No 2808 which was
recorded in a book as RM3,860.
Outstanding cheque include cheques No. 1001 and No. 1002, with the amount…
The controller for Pharoah Company is trying to determine the amount of cash to report on the December 31, 2020 statement of financial position. The following information is provided:
1.
A commercial savings account with $660,000 and a commercial chequing account balance of $880,000 are held at First National Bank. There is also a bank overdraft of $37,000 in a chequing account at the Royal Scotia Bank. No other accounts are held at the Royal Scotia Bank.
2.
Pharoah has agreed to maintain a cash balance of $93,000 at all times in its chequing account at First National Bank to ensure that credit is available in the future.
3.
Pharoah has a $6-million investment in a Commercial Bank of Montreal money-market mutual fund. This fund has chequing account privileges.
4.
There are travel advances of $25,000 for executive travel for the first quarter of next year. (Employees will complete expense reports after they travel.)
5.
A separate cash fund in the amount of $1.0…
Chapter 5 Solutions
Fundamentals of Financial Accounting
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What aspect(s) of the Sarbanes-Oxley Act might...Ch. 5 - Prob. 7QCh. 5 - What are the five components of an internal...Ch. 5 - Prob. 9QCh. 5 - Why is it a good idea to assign each task to only...
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - Prob. 15QCh. 5 - Prob. 16QCh. 5 - What is the primary internal control goal for cash...Ch. 5 - Prob. 18QCh. 5 - Prob. 19QCh. 5 - Prob. 20QCh. 5 - Prob. 21QCh. 5 - Prob. 22QCh. 5 - Prob. 23QCh. 5 - Prob. 24QCh. 5 - Prob. 1MCCh. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - Which of the following internal control principles...Ch. 5 - Prob. 6MCCh. 5 - Prob. 7MCCh. 5 - Prob. 8MCCh. 5 - Prob. 9MCCh. 5 - Prob. 10MCCh. 5 - Prob. 5.1MECh. 5 - Prob. 5.2MECh. 5 - Prob. 5.3MECh. 5 - Prob. 5.4MECh. 5 - Prob. 5.5MECh. 5 - Prob. 5.6MECh. 5 - Prob. 5.7MECh. 5 - Prob. 5.8MECh. 5 - Prob. 5.9MECh. 5 - Prob. 5.10MECh. 5 - Prob. 5.11MECh. 5 - Prob. 5.12MECh. 5 - Prob. 5.13MECh. 5 - Prob. 5.14MECh. 5 - Prob. 5.15MECh. 5 - Prob. 5.16MECh. 5 - Identifying Internal Control Principle and...Ch. 5 - Prob. 5.2ECh. 5 - Prob. 5.3ECh. 5 - Prob. 5.4ECh. 5 - Prob. 5.5ECh. 5 - Prob. 5.6ECh. 5 - Prob. 5.7ECh. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10ECh. 5 - Prob. 5.1CPCh. 5 - Prob. 5.2CPCh. 5 - Prob. 5.3CPCh. 5 - Prob. 5.4CPCh. 5 - Prob. 5.1PACh. 5 - Prob. 5.2PACh. 5 - Prob. 5.3PACh. 5 - Prob. 5.4PACh. 5 - Prob. 5.1PBCh. 5 - Prob. 5.2PBCh. 5 - Prob. 5.3PBCh. 5 - Prob. 5.4PBCh. 5 - Recording Transactions and Adjustments,...Ch. 5 - Prob. 5.1SDCCh. 5 - Prob. 5.2SDCCh. 5 - Ethical Decision Making: A Real-Life Example When...Ch. 5 - Ethical Decision Making: A Mini-Case You are an...Ch. 5 - Accounting for Cash Receipts, Purchases, and Cash...
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