Humaid Company had the following information related to January 2020: Cash balance per books, 31/1 RO 9,500 Deposits in transit 120 interest collected by bank 800 Bank service charges 60 Outstanding checks 2,900 NSF check 230 The adjusted cash balance per books on January 31 should be: Select one: a. c. RO 7,310. b. d. RO 6,990. c. b. RO 9,020. d. a. RO 10,920. e. None of the answers are correct

Humaid Company had the following information related to January 2020: Cash balance per books, 31/1 RO 9,500 Deposits in transit 120 interest collected by bank 800 Bank service charges 60 Outstanding checks 2,900 NSF check 230 The adjusted cash balance per books on January 31 should be: Select one: a. c. RO 7,310. b. d. RO 6,990. c. b. RO 9,020. d. a. RO 10,920. e. None of the answers are correct

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 3AP

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What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR
At November 30, Mazaya Company has the following bank information: cash balance per book R 04,600; outstanding checks R.O 28o; deposits in transit R.O 550, credit memo for interest R.O10, bank service charge RO.20 What is Mazaya's adjusted cash balance on November 30? Select one: a. RO4.590 b. R.O.4.320 CRO4.870 d. RO.4.870
Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31, 2019: Cash in Bank Acct. No. 101 Balance DR (CR) Date Description Folio Debit Credit Nov. 30 Balance (overdraft) 221,000 Dec. 1-31 Cash receipts CRJ10 813,000 1,034,000 Dec. 1-31 Cash Payments CDJ21 972,000 62,000 December deposits made and checks issued were as follows: Deposits Checks Date Amount No. Amount Dec. 5 30,000 232 110,000 7 210,000 233 83,000 9 85,000 234 25,000 12 32,000 235 59,000 15 26,000 236 590,000 21 420,000 237 17,000 24 16,000 238 28,000 26 51,000 239 77,000 28 21,000 31 15,000 $813,000 $972,000 The December bank statement showed: First Chartered Bank Gibson…
Wadi Bani Khalid Company had the following information for October 2020: Cash balance per bank statement, 31/10 RO 26,000 Note receivable collected by bank 8,000 Outstanding checks 12,000 Deposits in transit 6,000 Bank service charge 100 NSF check 1,600 The cash balance per the books on 31/10 before the adjustments is: Select one: a. c. RO 5,700. b. b. RO 24,000. c. d. RO 20,000. d. a. RO 13,700. e. None of the answers are correct
The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS CASH PAYMENTS Cash Debit Check No. Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 P 208,700 20,350 27,950 109,350 92,700 4113 4114 10 4115 16 4116 22 4117 29 53,000 16,850 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 92,700 4 9 12 17 22 23 543,750 Less: Checks and other debits: Apr. 7 13 P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 50,000 1,000 Service charge 14 15 18 21 26 30 30 335,300 P 304,000 Ending balance
The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS Cash Debit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 CASH PAYMENTS Check No. 4113 Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 4114 10 4115 16 4116 22 4117 29 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 9 12 17 22 23 92,700 543,750 Less: Checks and other debits: P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 Apr. 7 13 14 15 18 21 26 30 50,000 30 1,000 Service charge 335,300 P 304,000 Ending balance
Compute for adjusted balance per book and per bank. Case 1: Use the following information to compute for the adjusted cash balance as of end of August 2018. Balance per bank statement, 8/30/2018 Outstanding checks 8/30/2018 NSF check returned 8/30/2018 P60,280 10,400 900 Deposit in transit 8/30/2018 Service charge for April 8,000 40
The bank columns in the cash book for June 2019 and the bank statement for that month for Phillips Hardware Company Ltd are as follows:DrCash BookCr 2019 $2019 $ 1-JunBalance b/d4,2305-JunR.Red540 7-JunP. Ryan18612-JunJ. Rebus1,557 16-JunG. Grey22516-JunY.Yale123 28-JunJ. Jim67229-JunBlister Disco66 30-JunT. Fling1,74630-JunBalance c/d4,773 7,059 7,059 Bank Statement June 2019 DrCrBalance $$$ 1Balance b/d 4,230 7Cheque 1864,416 5R.Red540 3,876 16Cheque 2254,101 17J. Rebus1,557 2,544 18Y.Yale123 2,421 28Cheque 6723,093 29SLM standing order156 2,937 30G.Rice: trader's credit 1923,129 30Bank charges129 3,000 As the accountant, you have been asked to do the following: a) Prepare an updated cashbook for the month b) Prepare a bank reconciliation statement for the month c) Advise the directors of Phillips Hardware how they can use theinternal control measures listed below to mitigate against error and fraud in the business. 1: Physical Observation 2: Authorization and Approval 3:…
The following information is available for Lemonaid Co. for June 30, 2020: The bank statement balance is $6,000The general ledger cash account balance is $4,715Outstanding checks totaled $1,000Deposits in transit are $500The bank service charge is $15Collection of a note by bank, $850 plus $50 in interest income.Error by bank in processing a check – overcharge to Acct 201’s account of $100, to be corrected July 2, 2020 Required: 1. Based on the previous information, prepare a bank reconciliation for Acct 201 Co. at June 30, 2019. 2. Based on the previous reconciliation, prepare any necessary adjusting journal entries. 3. List one example of internal controls over cash
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