The following information is available for Remal Bidiya Company at the erd Unadjusted bank RO 4,550; outstanding checks RO 775; deposits in transit RO 1,250; NSF check RO 80; bank service charge RO 50; credit memo from bank RO 95; a check of RO 105 was recorded erroneously as RO 150 by the company; cash balance per books RO 4,500, As a result of this reconciliation, Remal-Bidiya Company will: Select one: O a. Reduce its cash account by RO 90. O b. Increase its cash account by RO 10, Oc Increase its cash account by RO 20. O d. Reduce its cash account by RO 70

The following information is available for Remal Bidiya Company at the erd Unadjusted bank RO 4,550; outstanding checks RO 775; deposits in transit RO 1,250; NSF check RO 80; bank service charge RO 50; credit memo from bank RO 95; a check of RO 105 was recorded erroneously as RO 150 by the company; cash balance per books RO 4,500, As a result of this reconciliation, Remal-Bidiya Company will: Select one: O a. Reduce its cash account by RO 90. O b. Increase its cash account by RO 10, Oc Increase its cash account by RO 20. O d. Reduce its cash account by RO 70

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 19E: After Bunker Hill Assay Services Inc. had completed all postings for March in the current year...

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After Bunker Hill Assay Services Inc. had completed all postings for March in the current year (20Y4), the sum of the balances in the following accounts payable ledger did not agree with the 36,600 balance of the controlling account in the general ledger: Assuming that the controlling account balance of 36,600 has been verified as correct, (a) determine the error(s) in the preceding accounts and (b) prepare a listing of accounts payable creditor balances (from the corrected accounts payable subsidiary ledger).
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $49,910. Cash balance according to the bank statement at July 31, $48,250. Checks outstanding, $4,460. Deposit in transit, not recorded by bank, $6,450. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co.Bank ReconciliationJuly 31 Cash balance according to bank statement $fill in the blank eca92700cf91005_1 - Select one of 1-6 - Select one of 1-6 Adjusted balance $ Cash balance according to company's records $ - Select one of 1-6 - Select one of 1-6 Adjusted balance $ b. If the balance sheet is prepared for Nakajima Co. on July 31, what amount should be reported for cash?$ c. Must a bank…
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $49,910. Cash balance according to the bank statement at July 31, $48,250. Checks outstanding, $4,460. Deposit in transit, not recorded by bank, $6,450. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company, part (a) Error and part (b) Service Charge. If an amount box does not require an entry, leave it blank. a. July 31 Accounts PayableAccounts ReceivableCashPetty CashService RevenueCash Cash Cash Accounts PayableAccounts ReceivableCash Short and OverNotes ReceivablePetty Cash - Select - - Select - b. July 31 Accounts PayableAccounts ReceivableMiscellaneous ExpensePetty CashService Revenue - Select - - Select - Accounts ReceivableCashCash Short and…
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: Cash balance according to the company's records at July 31, $49,910. Cash balance according to the bank statement at July 31, $48,250. Checks outstanding, $4,460. Deposit in transit, not recorded by bank, $6,450. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Question Content Area a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co.Bank ReconciliationJuly 31 Cash balance according to bank statement $fill in the blank 8740c9ff3f91023_1 - Select - - Select - Adjusted balance $fill in the blank 8740c9ff3f91023_6 Cash balance according to company's records $fill in the blank 8740c9ff3f91023_7 - Select - - Select - Adjusted balance $fill in the blank 8740c9ff3f91023_12 Question Content Area b. If the…
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: cash balance according to the company's records at July 31, $32,110 cash balance according to the bank statement at July 31, $31,350 checks outstanding, $2,870 deposit in transit, not recorded by the bank, $4,150 a check for $170 in payment of an account was erroneously recorded in the check register as $710 service charges, $20 Was is the reconciled bank balance?
The June disbursements of Lovely Company shows a total of P2,566,400. The following errors, however, were discovered relating to two checks issued by the company and cleared by the bank during the month of June.*Check #12345 was drawn for P32,300 but was erroneously recorded as P23,300.*Check #12543 was drawn for P20,000 but was erroneously recorded as P2,000. How much is the correct disbursements per books?
The following information is available to reconcile Wild Willy’s White wash Co. After all posting is complete on July 31,2002, the company’s Cash account has a $13,805 debit balance, but its bank statement shows a $14,350 balance. Checks outstanding total $4,180. In comparing the canceled checks returned by the bank with the entries in the accounting records, it is found that Check No. 2222 for July phone bill was correctly written and drawn for $720 but was erroneously entered in the accounting records as $270. The bank charged Wild Willy’s $40 for a safe-deposit box. Wild Willy’s does not have a safe-deposit box. A debit memorandum for $125 lists a $100 NSF check plus a $25 NSF charge. The check had been received from the Public Trust bank. Wild Willy has not yet recorded this check as NSF. Enclosed with the statement is a $20 debit memorandum for bank services. It has not yet been recorded because no previous notification had been received. The July 31 daily cash receipts of…
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $24,930. Cash balance according to the bank statement at August 31, $26,260. Checks outstanding, $5,060. Deposit in transit not recorded by bank, $4,060. A check for $590 in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. If an amount box does not require an entry, leave it blank. Date Account Debit Credit a. 20Y6 August 31 b. August 31
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $18,670. Cash balance according to the bank statement at August 31, $19,920. Checks outstanding, $3,790. Deposit in transit not recorded by bank, $3,040. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $40. Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash. If an amount box does not require an entry, leave it blank. DateAccount Debit Credit a. 20Y6 August 31 Cash Accounts Payable b. August 31 Miscellaneous Expense Cash
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. Item 1. Outstanding checks to suppliers existed at the end of September. 2. Bank service charge. 3. The bank received an electronic funds transfer (EFT) and deposited the amount in the company's account on September 30. The company has not yet recorded this EFT. 4. Night deposit made on September 30 after the bank closed. 5. Checks written and mailed to payees on October 2. 6. NSF check from a customer is shown on the bank statement but not yet recorded by the company. 7. Interest earned on the September cash balance in the bank is not yet recorded by the company. 8. Deposit made on September 5…
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $27,010. Cash balance according to the bank statement at July 31, $28,120. Checks outstanding, $5,480. Deposit in transit, not recorded by bank, $4,400. A check for $340 in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $60. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 b. July 31
In comparing the processed checks on the bank statement with the entries in the accounting records, it is found that check number 2889 for December's utilities was correctly written and drawn for $970 but was erroneously entered in the accounting records as $790. The journal entry to adjust the books for the bank reconciliation would include which of the following for this situation? a) $970 increase to Cash and a $790 decrease to Utility Expense. b) $180 increase to Cash and a $180 increase to Utility Expense. c) $180 decrease to Cash and a $180 increase to Utility Expense. d) $180 decrease to Cash and a $180 decrease to Utility Expense. e) $180 increase to Cash and a $120 decrease to Utility Expense.