as of December 31, showed a balance of P71,364. Additional information that might be useful in reconciling the two balances follows: · A note collected by the bank was credited to the company’s account amounting to P180,000. No entry has been made yet in relation to the note. · Supplier checks dated and released December 2021 amounting to P601,278 has not yet cleared the bank. · Receipts of January 2022 totaling P199,000 was recorded by the company during December 2021. · Deposits in transit as of December 31, 2021 amounted to P549,209.
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The books of VKS Company disclosed a cash in bank balance of P38,295 on December 31, 2021. Meanwhile, the bank statement as of December 31, showed a balance of P71,364. Additional information that might be useful in reconciling the two balances follows:
· A note collected by the bank was credited to the company’s account amounting to P180,000. No entry has been made yet in relation to the note.
· Supplier checks dated and released December 2021 amounting to P601,278 has not yet cleared the bank.
· Receipts of January 2022 totaling P199,000 was recorded by the company during December 2021.
· Deposits in transit as of December 31, 2021 amounted to P549,209.
What is the adjusted ‘cash in bank’ balance as of December 31, 2021?
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- Given the following information to reconcile GCompany’s cash book balance with its bank statement balance as of July 31, 2021: a. Cheques #296 for $1,334 and #307 for $12,754 were outstanding on the September 30 bank reconciliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $893 and cheque #321 for $2,000, both written in July, were not among the cancelled cheques returned with the statement. b. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for the July rent was correctly written for $4,090 but was erroneously entered in the accounting records as $4,900. c. Also enclosed with the statement was a $74 debit memo for bank services. It had not been recorded because no previous notification had been received. d. A credit memo enclosed with the bank statement indicated that there was an electronic fund transfer related to a…The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following: 1.A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared. 2.Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020. 3.The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600. 4.The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000 5.The bank credited a deposit of $200 as $2,000 to Corey’s Construction account. 6.A cheque for $13,500 from a customer Ali Woods was returned for insufficient funds. The bank charged $50 for Wood’s NSF cheque. The company’s policy states that the bank…The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following:1. A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared.2. Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020.3. The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600.4. The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,0005. The bank credited a deposit of $200 as $2,000 to Corey’s Construction account.6. A cheque for $13,500 from a customer Ali Woods was returned for insufficient funds. The bank charged $50 for Wood’s NSF cheque. The company’s policy states that the bank…
- The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following: 1.A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared. 2.Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020. 3.The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600. 4.The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000 5.The bank credited a deposit of $200 as $2,000 to Corey’s Construction account. 6.A cheque for $13,500 from a customer Ali Woods was returned for insufficient funds. The bank charged $50 for Wood’s NSF cheque. The company’s policy states that the bank…On December 31, 2021, the cash account of Coco Corp, showed a balance of P391,480. The bank statement on that date showed a balance of P409,500. Upon examining the cash records and the bank statement, the following information were determined.a. There was a bank service charge of P 1,500 for the month of December 2021.b. There was a credit memo for a note collected by the bank for oOco Corp. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550c. December 31, 2021 receipts for P289,000 were deposited only on January 2, 2022d. Checks issued which have not yet cleared the bank as at December 31,2021 amounts to P186,610e. There is a debit memo for P45,320 for a customer’s check returned marked “DAIF”f. A receipt of P90,000 had been entered as P60,000 in the cash book. Check # 12345 issued amounting to P49,100 was erroneously recorded as P41,900 and check # 12346 issued in the correct amount of P5,820 had been taken up as P58,200.What is the…The following information of Mimosa General Dealers for July 2021 has been provided to you: • The debit balance per the bank account at 31 July 2021 was R6 250. • Bank charges of R130 appeared on the bank statement. • A deposit had been recorded on the bank statement as R620 instead of R820. The deposit slip submitted to the bank had been correctly prepared and recorded in the cashbook. • The bank statement showed a deposit of R600, of which Mimosa General Dealers had no details. It was determined that this deposit was from a debtor who had deposited the amount directly into the bank account of the business. • A receipt for a payment received from the insurance company of R1 800 was recorded on the incorrect side of the cashbook. • The DSTV subscription payable by the business for R90 was one of the debits on the bank statement. • An insurance premium direct debit of R300 appeared on the bank…