SENSIBLE COMPANY provided the following ledger account of the Cash in Bank maintained with Second Bank SECOND BANK 100,000.00 DEC 771 20,000.00 772 5,000.00 773 35,000.00 774 15,000.00 775 30,000.00 776 25,000.00 777 40,000.00 DEC 1 BALANCE 1 CK 6 DEPOSIT 12 DEPOSIT 24 DEPOSIT 30,000.00 4 40,000.00 6. 10 14 50,000.00 31 DEPOSIT 60,000.00 18 24
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- Balance of cash in bank account 1,300,000Balance of bank statement 1,200,000Outstanding checks, August 31:Number 555 10,000761 55,000762 40,000763 25,000764 65,000765 70,000Receipts of August 31, deposited September 1 275,000The bank statement showed the following charges:a. Service charge for August 5,000b. NSF check received from a customer 85,000The cashier-bookkeeper had misappropriated 30,000 and an additional 10,000 by charging sales discounts and crediting accounts receivable.The stub for check number 765 and the invoice relating thereto show that it was for 50,000. The check was recorded incorrectly in the cash disbursements journal as 70,000. The check was drawn in payment of an account payable.Payment has been stopped on check number 555 which was drawn in payment of an account payable. The payee cannot be located.Required:a. Prepare a bank reconciliation on August 31 using the adjusted balance method.b. Prepare adjusting entries in the Susan Company book on August 31SENSIBLE COMPANY provided the following ledger account of the Cash in Bank maintained with Second Bank SECOND BANK 100,000.00 DEC 30,000.00 771 20,000.00 772 DEC 1 BALANCE 1 CK# 6 DEPOSIT 5,000.00 773 35,000.00 774 15,000.00 775 30,000.00 776 25,000.00 777 40,000.00 4 12 DEPOSIT 40,000.00 6 24 DEPOSIT 50,000.00 10 31 DEPOSIT 60,000.00 14 18 24 The following bank statement was received from the Second Bank by Sensible Company Sensible Company Date Check No. Withdrawal Deposits Balance 130,000.00 120,000.00 100,000.00 95,000.00 90,000.00 115,000.00 1 768 10,000.00 771 20,000.00 4 772 5,000.00 6 773 35,000.00 30,000.00 12 774 15,000.00 40,000.00 12 776 52,000.00 63,000.00 8,000.00 50,000.00 10,000.00 45,000.00 CM 5,000.00 24 1042 105,000.00 28 NSF CHECK 140,000.00 28 SERVICE CHARGE 135,000.00 Other Information: 1. Sensible Company reconciled its bank balance on November 30 with 2 checks, No, 768 for Php 10,000.00 and No. 770 for Php 20,000.00 outstanding. 2. Check No. 1042 was drawn by…EX.06.122 Littlestown Corporation reports the following information: Balance in National Bank checking account $15,155 Certificates of deposit 5,600 Petty cash 425 Cash on hand 4,325 Employees' IOUs 225 Balance in Society Bank checking account (300) Customer's postdated check 175 Balance in Peoples Savings and Loan savings account 9,500 Required:Compute the correct amount of cash that will appear as a current asset on Littlestown Corporation's balance sheet.$__________
- Requlred 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 OOUIe - Prod x Module 8 Assessments - ACG20 * CengageNOWv2 | Online teachir ngagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company's records at July 31, $32,110. 2. Cash balance according to the bank statement at July 31, $31,350. 3. Checks outstanding, $2,870. 4. Deposit in transit, not recorded by bank, $4,150. 5. A check for $170 in payment of an account was erroneously recorded in the check register as $710. 6. Bank debit memo for service charges, $20. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge a. July 31 Cash Accounts Payable v b. July 31 Miscellaneous Expense v Cash v Feedback Check My Work Keep in mind that the company needs to journalize any adjusting items in the company section…Reconciliation 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
- Mint Company provided the following information: Mint Company Bank Statement Cash in DU Bank -Per Books Date Withdrawa Deposits Balanc Deposits Withdrawals e Oct 1 50,000 50,000 Oct 1 50,000 Oct 01 2,500 4 7,500 OSC 10,000 OSC 5,000 C# 004 5,000 2,500 15 45,000 23 25,000 7 002 42,500 25,000 67,500 12,500 80,000 79,000 19 C# 001 31 40,000DIT 10 003 25 11 004 29 CM 31 SC 1,000 The credit made by the on October 29 is proceeds from notes received from a customer. Required: Prepare a bank reconciliation for Mint Co.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.…6. A portion of your bank statement is shown. Your previous balance was $228.73. What is your present balance Date Checks and Other Charges Number 13-Oct 18-Oct 143 27-Oct 144 31-Oct ATM AT-Phone Service Charge >>> Amount $43.60 112.76 10.64 50.00 5.14 Date Deposits and Credits Amount $146.90 188.42 135.65 5-Oct 12-Oct 19-Oct [ATM] Present Balance
- Domingo Company received the following bank statement. Bank Statement Beginning balance $0 Deposits Checks A. $11,000 101 $500 D. 1,300 102 500 103 154 106 489 Bank service charges 100 Total $12,300 $1,743 Ending balance $10,557 Prepare the journal entry required to reconcile the book balance to the bank balance. If an amount box does not require an entry field, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 62. DETAILS rise BRECMBC9 4.11.TB.011. On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. O $29.95 O $943.80 O $1,003.70 $1,108.88At November 30, Mazaya Company has the following bank information: cash balance per book R 04,600; outstanding checks R.O 28o; deposits in transit R.O 550, credit memo for interest R.O10, bank service charge RO.20 What is Mazaya's adjusted cash balance on November 30? Select one: a. RO4.590 b. R.O.4.320 CRO4.870 d. RO.4.870