Shan Enterprises received a bank statement listing its May 31, 2021, bank balance as $47,582. Shan determined that as of May 31 it had cash receipts of $2,500 that were not yet deposited and checks outstanding of $7,224. Calculate Shan’s correct May 31, 2021, cash balance.
Q: The following information is extracted from the bank statement and the accounting records of Sun…
A: Bank reconciliation statement is prepared with a view to reconcile the cash balance as per records…
Q: The following information was available to reconcile A.C. Forrest Company's book cash…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: e cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: A bank reconciliation statement is a statement that is prepared to reconcile the bank balance as per…
Q: At August 31, Swifty Corporatiòn has a cash balance per books of $7,820 and the following additional…
A: Bank reconciliation statement is prepared to reconcile the differences in cash balance with bank…
Q: The book balance of a cash in bank account of Stands Corp. is P1,090,00O. As of this date,…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: The following data are assembled by the accountant of CPA Corporation: Nov. 30, 2021 | Dec. 31, 2021…
A: Cash receipts as per Cash book = P 4,11,593 Add: Notes collected V( 202,250 - 179,538)…
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: The following information of Mimosa General Dealers for July 2021 has been provided to you: •…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: On December 31, 2020, TEJ Company had a cash balance per books of $8,664. The statement from DUABI…
A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…
Q: On April 30, 2020, Dream Traders’ books show a cash book balance of OMR 3,335. As per the bank…
A: Following is the requisite bank Reconciliation
Q: The cash account for Corey's Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: The following information of Mimosa General Dealers for July 2021 has been provided to you: ● ● ● ●…
A: BRS (Bank Reconciliation Statement) compares the bank balance represented in the cash book with the…
Q: AA Corporation shows a cash balance of P1,570,000 as of December 31, 2022. The following cash…
A: Working: Amount (P) Cash balance per books on Dec 31, 2022 1,570,000 Check…
Q: In connection with your examination, the Caliao Company presented to you the following information…
A: Calculation of adjusted cash balance as of November 30, 2020: Balances of cash in Bank account in…
Q: In connection with your examination, the Caliao Company presented to you the following information…
A: The Caliao Company Adjusted Balance Method Amount in P For the Month…
Q: Shan Enterprises received a bank statement listing its May 31, 2018, bank balance as $47,582. Shan…
A: Correct cash balance = Bank balance + Cash receipts not yet deposited - checks outstanding
Q: On July 31, 2022, Wildhorse Co. had a cash balance per books of $6,290.00. The statement from Dakota…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: The cash account for Corey's Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…
Q: What is the adjusted CASH IN BANK on December 31, 2020? Love Company reported the following data in…
A: 1) Checkbook balance 4,000,000 2) Postdated customer check (200,000) 3) Undelivered check…
Q: The accounting records of BEE Company show the summary data of its cash receipts and payments for…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: Universal Bhd had a debit balance of RM56,500 in the cashbook on 31 December 2021. The Bank…
A: A bank reconciliation statement aligns an organization's bank account with its financial documents…
Q: The following information pertains to Fish Cake Company on December 31, 2021: Bank statement…
A: Formula: Cash to be reported balance = Checkbook balance - Outstanding checks + Deposit in Transit
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: 1.
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: How much is the adjusted cash balance as of November 30, 2020?
A: Adjusted cash balance as of November 30,2020 : Particulars Amount Balance of cash in Bank…
Q: On July 31, 2022, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included…
A: A bank reconciliation is the process of matching the balances in an entity's accounting records for…
Q: On July 31, 2022, Cullumber Company had a cash balance per books of $6,250.00. The statement from…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: Serato Company keeps all its cash in a checking account. An examination of the entity’s accounting…
A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…
Q: On July 31, 2022, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota…
A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: Bank Reconciliation: Bank Reconciliation is a process of matching the bank book and bank statement.…
Q: In connection with your examination, the Caliao Company presented to you the following information…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: The following information of Mimosa General Dealers for July 2021 has been provided to you: ● ● ● ●…
A: Bank Reconciliation Statement (BRS) is the process of Identifying the transactions individually and…
Q: On December 31, 2020 Buttercup Company had a cash balance per books of $10,922.25. The bank…
A: Bank reconciliation statement Bank reconciliation statement is prepared to firm to reconcile or…
Q: On December 31, 2020 Buttercup Company had a cash balance per books of $10,922.25. The bank…
A: The bank account balance and the balance of the cash book may not reconcile at the end of the year…
Q: The accountant of AA Company gathered the following information: The November 30 bank statement…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: The accountant of ABC has collected the following information for the month of July 2019. ABC’s…
A: A bank reconciliation statement balances an organization's bank account with its book records by…
Q: The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were…
A:
Q: The following information was available to reconcile A.C. Forrest Company's book cash…
A: The bank reconciliation statement is prepared to equate the cash balance and bank balance. This…
Q: The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the…
A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…
Q: The following information pertains to Kwek kwek Company on December 31, 2021: Bank statement…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. Another name for…
Q: At October 31, 2020, total debits and total credits to cash in bank account of KAI Company are…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: On July 31, 2020, Keeds Company had a cash balance per books of $6,140. The statement from Dakota…
A: Bank Reconcilation Statement : PARTICULARS AMOUNT AMOUNT BALANCE AS PER CASH BOOK (a) $6140…
Q: Compute the adjusted cash balance as at September 30, 2019 of Guyana Corp where it was preparing a…
A: Bank reconciliation is a statement which was prepared by an organisation in which the reconciliation…
Q: In connection with your examination, the Caliao Company presented to you the following information…
A: Workings: All amounts are in (P).
Q: After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st.…
A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…
Q: Odum Corporation’s cash account showed a balance of $17,000 on March 31, 2019. The bank statement…
A: 1. Bank Reconciliation Statement on March 31, 2019 Balance as shown in Cash Book $17,000.00…
Shan Enterprises received a bank statement listing its May 31, 2021, bank balance as $47,582. Shan determined that as of May 31 it had cash receipts of $2,500 that were not yet deposited and checks outstanding of $7,224. Calculate Shan’s correct May 31, 2021, cash balance.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966Shan Enterprises received a bank statement listing its May 31, 2018, bank balance as $47,582. Shan determinedthat as of May 31 it had cash receipts of $2,500 that were not yet deposited and checks outstanding of $7,224.Calculate Shan’s correct May 31, 2018, cash balance.
- 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 journal by Aguilar on June 15. 7. Check no. 742 in the amount of…Odum Corporation’s cash account showed a balance of $17,000 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,711.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $175.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $960.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March 31: Check # Amount 429 $57.40 432 147.50 433 210.80 434 191.90 A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank statement had been incorrectly…The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank statement as of that date showed a balance of $7,470. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. 3. 4. 5. 6. 7. (a) There were bank service charges for June of $45. A bank memo stated that Bao Dai's note for $2,160 and interest of $64.80 had been collected on June 29, and the bank had made a charge of $9.90 on the collection. (No entry had been made on Sheffield's books when Bao Dai's note was sent to the bank for collection.) Receipts for June 30 for $6,102 were not deposited until July 2. Checks outstanding on June 30 totaled $3,844.89. The bank had charged the Sheffield Co.'s account for a customer's uncollectible check amounting to $455.76 on June 29. A customer's check for $162 (as payment on the customer's Accounts Receivable) had been entered as $108 in the cash receipts journal by Sheffield on June 15. Check no. 742 in the amount…
- Winson Company reported the following information related to its 31 August 2019 bank statement: i) The bank statement's balance is $3267. ii) The cash account balance is $3193. iii) The outstanding checks total $612. iv) The deposits in transit amount to $1415. v)The bank service charge is $27. vi) Winson's accountant issued a check for $153 (inpayment on an account payable) that was erroneously recorded in the ledger as $135. vii)Bank debit memorandum for$138 NSF (not sufficient funds)check from one of its customers. viii) The bank collected an account receivable in the amount of $1060 on. behalf if Winson Company. Required; Prepare Winson Company's bank reconciliation on 31 August 2019.The cash account of Waterway Co. showed a ledger balance of $18,781.68 on June 30, 2025. The bank statement as of that date showed a balance of $19,920. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. There were bank service charges for June of $120. A bank memo stated that Bao Dai's note for $5,760 and interest of $172.80 had been collected on June 29, and the bank had made a charge of $26.40 on the collection. (No entry had been made on Waterway's books when Bao Dai's note was sent to the bank for collection.) 3. Receipts for June 30 for $16,272 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $10,253.04. 5. 6. The bank had charged the Waterway Co.'s account for a customer's uncollectible check amounting to $1,215.36 on June 29. A customer's check for $432 (as payment on the customer's Accounts Receivable) had been entered as $288 in the cash receipts journal by Waterway on June 15. 7. Check no. 742 in the amount…On August 31, 2024, Cullumber Company had a cash balance per its books of $26,480. The bank statement on that date showed a balance of $17,260. A comparison of the bank statement with the Cash account revealed the following. 1. 2. 3. 4. 5. 6. (a) The August 31 deposit of $17,150 was not included on the August bank statement. The bank statement shows that Cullumber received EFT deposits from customers on account totalling $2,230 in August. Cullumber has not recorded any of these amounts. Cheque # 673 for $1,470 was outstanding on July 31. It did not clear the bank account in August. All of the cheques written in August have cleared the bank by August 31, except for cheque #710 for $2,340, and #712 for $2,650. The bank statement showed on August 29 an NSF charge of $688 for a cheque issued by R. King, a customer, in payment of their account. This amount included an $9 service charge by Cullumber's bank. The company's policy is to pass on all NSF service charges to the customer. Bank…