Below is the bank reconciliation for Prada Company for July 2018: Balance per bank, July 31, 2018 Add: Deposits in transit Total Less: Outstanding checks Erroneous bank credit Cash balance per books, July 31, 2018 P 140,000 50,000 P Questions: 14. How much is the unadjusted cash balance per books on August 31, 2018? a. P902,000 b. P860,000 c. P820,000 P P 750,000 120,000 870,000 190,000 680,000 The bank statement for August 2018 contains the following data: Total deposits, P550,000; Total charges (including a no sufficient fund check of P40,000 and service charge of P2,000), P480,000. All outstanding checks on July 31, 2018 including bank credit were cleared in the bank in August 2018. There were outstanding checks of P150,000 and deposits in transit of P190,000 on August 31, 2018. d. P738,000

Below is the bank reconciliation for Prada Company for July 2018: Balance per bank, July 31, 2018 Add: Deposits in transit Total Less: Outstanding checks Erroneous bank credit Cash balance per books, July 31, 2018 P 140,000 50,000 P Questions: 14. How much is the unadjusted cash balance per books on August 31, 2018? a. P902,000 b. P860,000 c. P820,000 P P 750,000 120,000 870,000 190,000 680,000 The bank statement for August 2018 contains the following data: Total deposits, P550,000; Total charges (including a no sufficient fund check of P40,000 and service charge of P2,000), P480,000. All outstanding checks on July 31, 2018 including bank credit were cleared in the bank in August 2018. There were outstanding checks of P150,000 and deposits in transit of P190,000 on August 31, 2018. d. P738,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 2SEQ

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The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.
2. Shown below is the bank reconciliation for ONMYOWN Company for May 2023: Balance per bank, May 31, 2023 Add: Deposit in Transit Total Less: Outstanding Checks Bank Credit Error Cash Balance per book, May 31, 2023 The bank statement for June 2023 contains the following data: Total deposits Total charges, including and NSF check of P 4,000 and a service charge of P200 P 14,000 5,000 P75,000 12,000 87,000 19,000 P 68,000 P 55,000 48,000 All outstanding checks on May 31, 2023, including the bank credit, were cleared in bank in June 2023. There were outstanding checks of P 15,000 and deposit in transit of P19,000 on June 30, 2023 2.1. What is the cash balance per bank on June 30, 2023? 2.2. What is the Adjusted cash balance on June 30, 2023? 2.3. What is the cash balance per book on June 30, 2023?
The following information pertains to jeng Company: Balance per bank statement, Dec. 31, 2013, P73,350Cash ledger balance, Dec. 31, 2013, P63,675Proceeds of a customer’s note collected by the bank including P50 interest, P6,525Bank service charges, P45Deposit in transit, P4,158NSF check of customer deposited and returned, P378Outstanding checks, P7,731 Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries
*P7.13 (Bank Reconciliation and Adjusting Entries) The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2020. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined. 1. There were bank service charges for June of $25. 2. A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on Aguilar’s books when Bao Dai’s note was sent to the bank for collection.) 3. Receipts for June 30 for $3,390 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $2,136.05. 5. The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check amounting to $253.20 on June 29. 6. A customer’s check for $90 (as payment on the customer’s Accounts Receivable) had been entered as $60 in the cash receipts…
Below is the bank reconciliation of CPA Company for July 2021: Balance per Bank, July 31, 2021 Add: Deposit in Transit P 750,000 120,000 P 870,000 Total Deduct: Outstanding Checks Erroneous Bank Credit Cash Balance per books, July 31, 2021 P 140,000 50,000 190,000 P 680,000 The bank statement for August 2021 contains the following data: Total deposits – P550,000; Total charges (including non-sufficient fund check of P40,000 and service charge of P2,000) – P480,000. All outstanding checks on July 31, 2021 including the bank credit were cleared in the bank in August 2021. There were outstanding checks of P150,000 and deposits in transit of P190,000 on August 31, 2021. How much were the cash disbursements per books during August 2021?
The following bank reconciliation is presented for HRCA Company for the month of November 2020: Balance per bank statement, Nov 30 P 3,600,000 Add: Deposit in transit 800,000 4,400,000 Less: Outstanding checks P 1,200,000 Bank credit recorded in error 200,000 1,400,000 Balance per book statement, Nov 30 3,000,000 Data per bank statement for the month of December follow: December deposits (includes note collected of P1,000,000 for Char) P 5,500,000 December disbursements (including NSF, P350,000 and service charge, P50,000) 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks amounting to P500,000 were outstanding and deposits of P700,000 were in transit on December 31. What is the unadjusted cash balance per book on December 31?
The following bank reconciliation is presented for HRCA Company for the month of November 2020: Balance per bank statement, Nov 30 P 3,600,000 Add: Deposit in transit 800,000 4,400,000 Less: Outstanding checks P 1,200,000 Bank credit recorded in error 200,000 1,400.000 Balance per book statement, Nov 30 P 3,000,000 Data per bank statement for the month of December follow: December deposits (includes note collected of P1,000,000 for Char) 5,500,000 December disbursements (including NSF, P350,000 and service charge, P50,000) 4,400,000 All items that were outstanding on November 30 cleared through the bank in December, including the bank credit. In addition, checks amounting to P500,000 were outstanding and deposits of P700,000 were in transit on December 31. What is the amount of cash disbursements per book in December?
In reconciling the Cash in Bank of Cake Company with the bank statement balance for the month of November 2023, the following data are summarized: Book debits for November, including October CM for note collected, P75,000-P850,000 Book credits for November, including NSF of P20,000 and service charge of P600 for October- P620,000 Bank credits for November including CM for November for bank loan of P100,000 and October deposit in transit for P80,000-P700,000 Bank Debits for November including October outstanding checks of P200,720 and November service charge of P180- P650,000 What is the amount of outstanding checks for November?*
In reconciling the Cash in Bank of Inner Company with the bank statement balance for the month of November 2018, thefollowing data were summarized: Book debits for November, including October CM for note collected, P60,000 P800,000 Book credits for November, including NSF of P20,000 and service charge of P800 for October P620,000 Bank credits for November, including CM for November for bank loan of P100,000 andOctober deposit in transit for P80,000. P700,000 Bank debits for November including October outstanding checks of P170,800 and Novemberservice charge of P200 P600,000what is the amount for outstanding checks for november?
On 30 September 2022, Piston Limited had a balance in its ‘Cash in Bank’ general ledger account of $13,034.30 debit. The bank statement from ANZ bank on that date showed a credit balance of $19,495.00. A comparison of the September 2022 bank statement with the ‘Cash in Bank’ general ledger account and the bank reconciliation for August 2022 revealed the following facts (ignore GST): Ref: (1) Electronic Funds Transfers (EFTs), totalling $1,770.10, from the August 2022 bank reconciliation has still not been presented to the bank. (2) Cash sales of $2,945 on 20 September 2022 were deposited in the bank. The general journal entry was incorrectly recorded as $2,954. Piston Limited’s bank statement showed the correct amount of $2,945 was recorded. (3) From the review of the September 2022 cash journals, it was established that outstanding EFTs totalled $3,567.10, and outstanding deposits were $1,190.40. (4) On 24 September 2022 Piston Limited made a payment (EFT…
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…
1. SaKanya Company provided the following information on December 31, 2020: Cash in Bank (net of bank overdraft of P500,000) P5,000,000, Petty cash fund (unreplenished PCF P10,000) 50,000, Notes Receivable P4,000,000. Accounts receivable (net of customers credit balance of P1,500,000) P6,000,000, Inventory P3,000,000, Bond Sinking fund P3,000,000, Total current assets P21,050,000. Accounts payable (net of suppliers debit balances of P1,000,000) P7,000,000, Notes payable P4,000,000, Bonds payable due June 20, 2021 P3,000,000, Accrued expenses P2,000,000. Total current liabilities P16,000,000. What amount should be reported as total current liabilities on December 31, 2020?