onth of October 2021: • The bank statement at the of the month shows P10,000. Deposits not yet reflected in the bank statement, P84,000. • Checks issued but not yet encashed by the payees, P65,000. • The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, P4,000. • The ledger shows a cash-in-bank balance of P12,000. • Notes receivable collected by the bank for Moonlight Company amounted to P16,000. • Interest earned by Moonlight Company from keeping their cash at ODB Bank is P5,000. • ODB Bank charged Moonlight Company P1,000 service charges directly debited to their account as seen in the bank statement. • Moonlight Company received a check from BTS Company amounting to P7,000 but it was drawn against insufficient funds. • There was a bank-related transaction that erroneously credited the ledger balance of cash-in- bank account amounting to 8 000

onth of October 2021: • The bank statement at the of the month shows P10,000. Deposits not yet reflected in the bank statement, P84,000. • Checks issued but not yet encashed by the payees, P65,000. • The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, P4,000. • The ledger shows a cash-in-bank balance of P12,000. • Notes receivable collected by the bank for Moonlight Company amounted to P16,000. • Interest earned by Moonlight Company from keeping their cash at ODB Bank is P5,000. • ODB Bank charged Moonlight Company P1,000 service charges directly debited to their account as seen in the bank statement. • Moonlight Company received a check from BTS Company amounting to P7,000 but it was drawn against insufficient funds. • There was a bank-related transaction that erroneously credited the ledger balance of cash-in- bank account amounting to 8 000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.17E

See similar textbooks

Similar questions

Prepare the journal entry required to reconcile the book balance to the bank balance.
What are the step(s) when using the Sales with Payment customer workflow? A. Create sales receipts deposited to the Undeposited Funds account > Create Bank Deposit B. Create Sales Receipt deposited to the checking account C. Create Bank Deposit D. Create Invoice > Receive Payment deposited to the Undeposited Funds account > Create Bank Deposit
Which of the following types of transactions can be uploaded into QBO using the Receipt action. Select all that apply. Select one or more: a. Credit card receipts b. Bills c. Checks d. Invoices e. Deposits
A prenumbered document that tells the bank to pay the designated party a specific amount is a A. check B. deposit ticket C. routing number D. remittance advice
In sap, Which of the following outgoing payments will not require manual entry of bank account?a. Cashb. Credit Cardc. Checkd. Bank Transfer
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: Withdrawals Deposits Other Balance, June 1 Deposits during June Cheques cleared during June Bank service charges Balance, June 30 Balance $ 9,100 35,080 4,580 4,360 4,360 $25,980 $30,500 $ 220 Cash (A) June 1 Balance 8,700 28,500 June Deposits 30,580 Cheques written June June 30 Balance 6,620 Requlred: 1. Prepare a bank reconciliation. A comparison of the cheques written with the cheques that have cleared the bank shows outstanding cheques of $480. Some of the cheques that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June. HILLS COMPANY Bank Reconciliation June 30 Bank statement Company's books Ending balance per bank statement 6,620 Ending balance per cash account Additions: Additions: 8,620 Deductions: Deductions: Up-to-date cash ba ance 8.620Up-to-date cash ba ance Prev 1 of 2 Next >
Can you help me with these practice question with quickbooks please To begin connecting bank accounts from the Dashboard, which tab would you start with? A. The Business Overview tab B. Link Accounts C. REview Transactions D. Categorize You are reviewing downloaded bank and credit card transactions. Which action is NOT true: A. ADD - records the transaction in your register B. MATCH - records the transaction in your register C. SPLIT - allows you to choose more than one category for a transaction D. VIEW - shows you the transactions that are possible matches
Which item will appear on the credit side of ledger account? Select one: a. Rent expense b. Purchases c. Sales d. Cash received
Indicate whether the general ledger accounts will be debited or credited when recording the following entries: Settle the telephone account of R 250 Bank: DEBIT Bank: CREDIT Please avoid image based solutions thnku
Select the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…
All transactions entered in this window result in a debit to the Accounts Receivable account. a. Invoice b. Undeposited Funds c. Accounts Payable d. Cash