2. (LO 3) The information below relates to the Cash account in the ledger of Hillfarms Company. Balance June 1-$9,947; Cash deposited-$37,120. Balance June 30-$10,094; Checks written-$36,973. The June bank statement shows a balance of $9,525 on June 30 and the following memoranda. Credits At June 30, deposits in transit were $2,581, and outstanding checks totaled $1,382. Instructions a. Prepare the bank reconciliation at June 30. b. Prepare the adjusting entries at June 30, assuming the NSF check was from a customer on account. Balance @ 06/30/2022 Adjusted Balance @ 06/30/2022 Debits $245 Collection of electronic funds transfer $884 NSF check: R. Doll Interest earned on checking accounts $26 Safety deposit box rent $35 Cash Book 0 Bank Statement Date Account Name Debit Credit

2. (LO 3) The information below relates to the Cash account in the ledger of Hillfarms Company. Balance June 1-$9,947; Cash deposited-$37,120. Balance June 30-$10,094; Checks written-$36,973. The June bank statement shows a balance of $9,525 on June 30 and the following memoranda. Credits At June 30, deposits in transit were $2,581, and outstanding checks totaled $1,382. Instructions a. Prepare the bank reconciliation at June 30. b. Prepare the adjusting entries at June 30, assuming the NSF check was from a customer on account. Balance @ 06/30/2022 Adjusted Balance @ 06/30/2022 Debits $245 Collection of electronic funds transfer $884 NSF check: R. Doll Interest earned on checking accounts $26 Safety deposit box rent $35 Cash Book 0 Bank Statement Date Account Name Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The accountant of CLN Company gathered the following information:- The November 30 bank statement balance included the bank service charges of P2,000.- The November 30 cash balance in the ledger was P244,500.- On November 30, outstanding checks were P63,000 while undeposited collections were P36,000.- The December bank service charges as shown on the bank statement was P3,000.- The December 31 cash balance in the general ledger was P319,750 which recognized P482,750 for Decemberreceipts and P405,500 for checks written during December. In transit to the bank at December 31 were receipts of P28,750. Checks of P15,000 written prior to December and checks of P60,500 written in December had not yetcleared the bank What is the total cash receipts per bank during the month of December?a. P490,000 b. P482,500 c. P497,250 d. P488,000
Presented below is information related to Shamrock Inc. Balance per books at October 31, $58,586.99; receipts $242,933.47; disbursements $230,850.96. Balance per bank statement November 30, $78,783.88. The following checks were outstanding at November 30. 1224 $2,289.41 1230 1232 1233 3,455.62 (a) 2,975.21 675.04 Included with the November bank statement and not recorded by the company were a bank debit memo for $38.36 covering bank charges for the month, a debit memo for $520.98 for a customer's check returned and marked NSF, and a credit memo for $1,960 representing bond interest collected by the bank in the name of Shamrock Inc. Cash on hand at November 30 recorded and awaiting deposit amounted to $2,681.56. Prepare a bank reconciliation (to the correct balance) at November 30, for Shamrock Inc. from the information above. (Enter answers to 2 decimal places, e.g. 125.62.)
Using the following information: 1. The bank statement balance is $2,803. 2. The cash account balance is $3,256. 3. Outstanding checks amounted to $501. 4. Deposits in transit are $802. 5. The bank service charge is $143. 6. A check for $63 for supplies was recorded as $54 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance $
The following information pertains to Crane Company. 1. 2. 3. 4. 5. Cash balance per books, August 31, $7,424. Cash balance per bank, August 31, $7,388. Outstanding checks, August 31, $711. August bank service charge not recorded by the depositor $63. Deposits in transit, August 31, $3,860. In addition, $3,176 was collected for Crane Company in August by the bank through electronic funds transfer. The collection has not been recorded by Crane Company.
The information below relates to the Cash account in the ledger of Swifty Company. Balance September 1—$17,220; Cash deposited—$64,250. Balance September 30—$18,344; Checks written—$63,126. The September bank statement shows a balance of $17,362 on September 30 and the following memoranda. Credits Debits Collection of $1,962 note plus interest $38 $2,000 NSF check: Richard Nance $895 Interest earned on checking account $53 Safety deposit box rent $73 At September 30, deposits in transit were $4,920, and outstanding checks totaled $2,853. 1. Prepare the bank reconciliation at September 30. (List items that increase cash balance first.) 2.Prepare the adjusting entries at September 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,338 debit balance, but its July bank statement shows a $28,321 cash balance. b. Check Number 3031 for $1,760, Check Number 3065 for $656, and Check Number 3069 for $2,528 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. d. The July bank statement shows the bank collected $9,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. 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. f. The July statement shows a $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification…
Using the following information: 1. The bank statement balance is $3,322. 2. The cash account balance is $3,424. 3. Outstanding checks amounted to $693. 4. Deposits in transit are $735. 5. The bank service charge is $51. 6. A check for $75 for supplies was recorded as $66 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Add bank service charge Add error in recording check Add outstanding checks Deduct bank service charge Deduct error in recording check Deduct outstanding checks Adjusted balance H CO any's records 11 r 40 -51 -9 3,322 735 -693 $ 3,364 3,424 00 -60 3,364
Using the following information: 1. The bank statement balance is $3,322. 2. The cash account balance is $3,424. 3. Outstanding checks amounted to $693. 4. Deposits in transit are $735. 5. The bank service charge is $51. 6. A check for $75 for supplies was recorded as $66 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Add bank service charge Adjusted balance Cash balance according to company's records Add bank service charge Add bank service charge Add outstanding checks Deduct bank service charge Deduct deposits in transit not recorded by bank Deduct outstanding checks с H 3 $ EII -51 -9 8 3,322 735 -693 3,364 3,424 00 ( -60 3,364 Σ 10 ( (9
The accountant of CLN Company gathered the following information:- The November 30 bank statement balance included the bank service charges of P2,000.- The November 30 cash balance in the ledger was P244,500.- On November 30, outstanding checks were P63,000 while undeposited collections were P36,000.- The December bank service charges as shown on the bank statement was P3,000.- The December 31 cash balance in the general ledger was P319,750 which recognized P482,750 for Decemberreceipts and P405,500 for checks written during December. In transit to the bank at December 31 were receipts of P28,750. Checks of P15,000 written prior to December and checks of P60,500 written in December had not yetcleared the bank What is the total disbursements per books for the month of December?a. P403,500b. P404,500c. P405,500d. P407,500
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,127 debit balance, but its July bank statement shows a $27,260 cash balance. b. Check Number 3031 for $1,420, Check Number 3065 for $486, and Check Number 3069 for $2,188 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,290 but was erroneously entered in the accounting records as $1,280. d. The July bank statement shows the bank collected $9,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. 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. f. The July statement shows a $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification…
The information below relates to the Cash account in the ledger of Wildhorse Company. Balance September 1—$17,180; Cash deposited—$64,400. Balance September 30—$17,764; Checks written—$63,816. The September bank statement shows a balance of $16,782 on September 30 and the following memoranda. Credits Debits Collection of $1,670 note plus interest $40 $1,710 NSF check: Richard Nance $605 Interest earned on checking account $55 Safety deposit box rent $75 At September 30, deposits in transit were $4,630, and outstanding checks totaled $2,563. Prepare the bank reconciliation at September 30. (List items that increase cash balance first. Reconcile cash balance per bank first.) Wildhorse CompanyBank Reconciliationchoose the accounting period select an opening name for section one (Cash balance per bank statement/ Deposits in transit/ Outstanding checks/ Collection of note receivable/ Bank service charge/…
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