Mercury Company's unadjusted book balance at September 30 is $500. If the company's accountant mistakenly recorded a $136 check as $163. After correcting the mistake, Mercury Company would show a cash balance of $
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- On July 31, the company’s Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. Check Number 3031 for $1,482, Check Number 3065 for $382, and Check Number 3069 for $2,281 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,250. The July bank statement shows the bank collected $7,955 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $25 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. Branch's July 31 daily cash receipts of $11,514 were placed in the bank's night depository on that date but do not appear on the July 31 bank…At the beginning of Year 3 Randall Company had a $16,070 balance in its accounts receivable account and a $1,310 balance in allowance for doubtful accounts. During Year 3, Randall experienced the following events. (1) Randall earned $24,300 of revenue on account. (2) Collected $16,460 cash from accounts receivable. (3) Wrote-off $710 of accounts receivable as uncollectible. Randall estimates uncollectible accounts to be 3% of receivables. Based on this information, the December 31, Year 3 the ending balance in the allowance for doubtful accounts account (balance after expense recognition) is $_________JW Company’s cash balance at the end of the month was $4,500. After comparing the company’s records with the monthly bank statement, JW’s accountant identified the following reconciling items: outstanding checks, $800; deposits in transit, $700; bank service charge, $30; NSF check, $200. The cash receipt of the NSF check was previously wrongly recorded by the JW company as $250. What is the adjusted bank balance? (Assumption, no fraud in this case)
- A company recorded its August 15 receipts on its books as P142,000. However, the receipts were actually P124,000. The deposit slip for the bank was prepared correctly as P124,000. What adjustment is needed to the Cash balance per books? A. Increase by P18,000 B. Decrease by P18,000 C. Erase the wrong amount D. No adjustment neededAt June 30, Almond Co.'s cash balance was $10,012 before adjustments, while its ending bank statement balance was $10,772. Check number 101 was issued June 2 in the amount of $95, but was erroneously recorded in Almond's general ledger balance as $59. The check was correctly listed in the bank statement at $95. The bank statement also included a credit memo for interest earned in the amount of $35, and a debit memo for monthly service charges in the amount of $50. What was Almond's adjusted cash balance at June 30? O A. $9,598 O B. $9,961 C. $10,048 D. $10,462 OAt the end of the year, Syer Associates had a debit balance in its allowance for uncollectible accounts of $12,000 before adjustment. The balance in Syer's gross accounts receivable is $600,000. Syer's management estimates that 10% of its accounts receivable balance will not be collected.What journal entry should Syer record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
- Marin Company’s general ledger indicates a cash balance of $22,340 as of September 30, 2021. Early in October Marin received a bank statement indicating that during September Marin had an NSF check of $1,500 returnedto a customer and incurred service charges of $45. Marin also learned it had incorrectly recorded a check received from a customer on September 15 as $500 when in fact the check was for $550. Calculate Marin’s correct September 30, 2021, cash balance.A company recorded its August 15 receipts on its books as P142,000. However, the receipts were actually P124,000. The deposit slip for the bank was prepared correctly as P124,000. What adjustment is needed to the Cash balance per books? Choices: Increase by P18,000 Decrease by P18,000 Erase the wrong amount No adjustment neededMarin Company’s general ledger indicates a cash balance of $22,340 as of September 30, 2018. Early in OctoberMarin received a bank statement indicating that during September Marin had an NSF check of $1,500 returnedto a customer and incurred service charges of $45. Marin also learned it had incorrectly recorded a checkreceived from a customer on September 15 as $500 when in fact the check was for $550. Calculate Marin’s correct September 30, 2018, cash balance.
- The following account balances come from the records of Ourso Company: Accounts receivable Allowance for doubtful accounts During the accounting period, Ourso recorded $11,850 of sales revenue on account. The company also wrote off a $194 account receivable. Required Beginning Balance Ending Balance $3,198 $3,549 134 203 a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expenseA company recorded its August 15 receipts on its books as $165. However, the receipts were actually $156. The deposit slip for the bank was prepared correctly as $156. What adjustment is * ?needed to the Cash balance per books Decrease By $9 ( None Needed Increase By $9Marin Company's general ledger indicates a cash balance of $24,340 as of September 30, 2021. Early in October Marin received a bank statement indicating that during September Marin had an NSF check of $3,500 returned to a customer and incurred service charges of $80. Marin also learned it had incorrectly recorded a check received from a customer on September 15 as $500 when in fact the check was for $570. Calculate Marin's correct September 30, 2021, cash balance. Balance per books Add Deduct Corrected cash balance.