TB Problem Qu. 6-131 (Static) Chicago Company has hired you to... Chicago Company has hired you to reconcile its bank statement and cash account. At June 30, 2022, the Cash account on the books showed the following: Cash account Date June 1 Explanation Balance Debits Credits June 1-30 June 1-30 Deposits Checks $ 32,000 $ 29,700 Balance $ 5,600 37,600 7,900 The June bank statement, just received, showed the following: June 1 balance $5,600 20.999
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- Epto Ergo’s bank statement from Crypto Bank at July 31, 2020, gives thefollowing information.Balance, July 1 $18,400 Bank debit memorandum:August deposits 71,000 Safety deposit box fee $ 25Checks cleared in July 68,678 Service charge 50Bank credit memorandum: Balance, July 31 20,692Interest earned 45A summary of the Cash account in the ledger for July shows the following:balance, July 1, $18,700; receipts $74,000; disbursements $73,570;and balance, July 31, $19,130.Analysis reveals that the only reconciling items on the June 30 bank reconciliation were adeposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine thatthere was an error involving a company check drawn in July: A check for $400 to a creditor onaccount that cleared the bank in July was journalized and posted for $40.Instructionsa) Determine deposits in transit.b) Determine outstanding checks. (Hint: You need to correct disbursements for thecheck error.)c) Prepare a bank reconciliation at July…31.1.2020 XYZ Company withdrawn Cash RO. 4500 from the bank. Which of the following is the correct journal entry of the transaction? Select one: a. Accounts Debit Credit (RO) Date (RO) 31.1.2020 Cash 4500 Bank 4500 b. Date Accounts Debit Credit (RO) 31.1.2020 Drawings 4500 (RO) Cash 4500 С. Accounts Debit Credit (RO) Date (RO) 31.1.2020Withdrawal 4500 Bank 4500Requlred Informetion [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 ৪9, 938 88,970 88,470 88,520 88,370 Date Other Dec. 1 $ 7,620 558 $28, 000 13,900 11 17 23 36, e00 26 960 30 NSF* $300 50 19, 200 19, e00 31 Interest earned 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, e00 Deposits Dec. 11 23 Checks written during December: 7,620 28, 800 36, ee0 19,e00 13,e00 550 30 13,900 960 31 150 19,200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. Requlred: 1. Identify and list the deposits in transit at the end of December. (Select all that apply.) $28,000 $36,000 $19,000 $13,000 2. [dentify and list the outstanding checks at the end of December (Select all that apply.) $7,620 $550 $13,900 $880 $150 $19,200 $4,500 OOUI
- Given this book and bank statement information, create an October bank reconciliation for Arrowhead company. And the journal entries required for the book side. BOOK INFO: Cash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck 10102 Accounts Payable 1,374.12 6,885.74 10/2/2020 Ck 10103 Rent 3,420.00 3,465.74 10/2/2020 Ck 10104 Utilities 689.00 2,776.74 10/4/2020 Deposit 3,743.10 6,519.84 10/4/2020 Ck 10105 Advertising 344.21 6,175.63 10/4/2020 Ck 10106 Subscription 102.84 6,072.79 10/9/2020 Ck 10107 Internet 74.97 5,997.82 10/9/2020 Deposit 4,859.47 10,857.29 10/9/2020 Ck 10108 Telephone 221.00 10,636.29 10/9/2020 Deposit 11,339.64 21,975.93 10/12/2020 Ck 10109 Accounts Payable 1,680.00 20,295.93 10/13/2020 Ck 10110 Wages…O CDE3. From the following, construct a bank reconciliation with heading for Woody Co. as of May 31, 2022. GL Cash balance $1,869.60 Outstanding cheques Bank service charge NSF cheque 427.80 Bank statement balance 1,951.20 13.80 Deposits in transit 271.20 61.20Reconciliation of Heaven Company’s bank account atMay 31 is:Balance per bank statement 2,100,000Deposits in transit 300,000Checks outstanding ( 30,000)Correct cash balance 2,370,000Balance per book 2,372,000Bank service charge ( 2,000)Correct cash balance 2,370,000June data are as follows:BankTotal credits P1,620,000Total debits 2,300,000Collection by bank (P400,000Note plus interest)420,000NSF check 10,000Balance 1,420,000BooksDeposits recorded 1,800,000Checks recorded 2,360,000Balance 1,810,000 The deposits in transit on June 30 amount toa. P120,000 c. P900,000b. P480,000 d. P 0
- Problem Solving. 1. Assuming the following information for Uno Company: bank balance P65,000; book balance ? ; deposit in transit P11,000; outstanding check P10,000; credit memo P2,000; and debit memo P500. How much is the adjusted bank balance?Problem 3. The books of Marikit’s Service, Inc. disclosed a cash balance of P687,570 on December31, 2020. The bank statement as of December 31 showed a balance of P547,800. Additionalinformation that might be useful in reconciling the two balances follows:a. Check number 748 for P30,000 was originally recorded on the books as P45,000.b. A customer’s note dated September 25 was discounted on October 12. The note wasdishonored on December 29 (maturity date). The bank charged Marikit’s account forP142,650, including a protest fee of P2,650.c. The deposit of December 24 was recorded on the books as P28,950, but it was actually adeposit of P27,000.d. Outstanding check totaled P98,850 as of December 31.e. There were bank service charges for December of P2,100 not yet recorded on the books.f. Marikit’s account had been charged on December 26 for a customer’s NSF for check forP12,960g. Marikit properly deposited P6,000 on December 3 that was not recorded by the bank.h. Receipts of December 31…Probiem 9.4A (Static) Preparing a pank reconciliation statement ana journaiizing entries to aajust the cash balance. LO 9-5, 9-6 On August 31, 20X1, the balance in the checkbook and the Cash account of the Sonoma Creek Bed and Breakfast was $13,031. The balance shown on the bank statement on the same date was $13,997. Notes a. The firm's records indicate that a $1,600 deposit dated August 30 and a $601 deposit dated August 31 do not appear on the bank statement. b. A service charge of $28 and a debit memorandum of $230 covering an NSF check have not yet been entered in the firm's records. (The check was issued by Andy Stein, a credit customer.) c. The following checks were issued but have not yet been paid by the bank: $120 $130 $250 $577 $ 78 $120 Check 712, Check 713, Check 716, Check 736, Check 739, Check 741, d. A credit memorandum shows that the bank collected a $2,095 note receivable and interest of $55 for the firm. These amounts have not yet been entered in the firm's records.…
- cam - Intermediate Accounting 1.docx Open with Google Docs For Nos. 26- 27 Tron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank recondliation: Deposit in transit Outstanding checks P6,800 15,600 April 2019 data: Per Bank Per Book Balance, March 31 Deposits reflected 296,560 190,400 287,760 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) 319,680 Balance, April 30 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. 26. How much is Iron's deposits in transit at April 30? a. P12,400 b. P18,000 C. P1,200 d. P5,600 27. How much is Iron's outstanding checks at April 30? P27,600 b. a. P34,400 P18,800 d. P24,800 C. For Nos. 28-30 Page 4 / 5 The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these acgleusercontent.com/viewer/secure/pdf/ki7h0e5ernovil8j8jhia898nvne1h7r/0bntlihe Tutorial 10 Submission date: 18 January 2021 before 12.00pm 1. The following are extract from the cash book and bank statement of Fifi Enterprise. Cash Book (Bank Account only) 2020 RM 2020 Dec RM Dec 1 Balance b/d 3,419 8 Basri 462 7 Farah 101 15 Farid 21 22 Ghaz 44 28 Tengku 209 31 Weiwei 319 31 Siti 246 31 Balance c/d 3,437 4,129 4,129 Bank Statement Debit Date Items Credit Balance Dec 1 Balance b/d 3,419 3,520 3,058 3,037 3,081 3,174 7 Cheque 101 11 Basri 462 20 Farid 21 22 Cheque 31 Credit Transfer: Tina 31 Bank Charges 44 93 47 3,127 Required: a) Prepare the updated cashbook. b) Prepare the bank reconciliation statement as at 31 December 2020.Accounting Q/ Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of SR9,000. Cash account of SR7,500. Additional information for the reconciliation: Deposit in transit. NSF Check. Outstanding check. Collections made by the bank. Required: provide an amount of each information to bring the adjusted balances to be equal.