Activity 6 In reconciling the cash balance on December 31,2019 with that shown in the bank balance, Red Company gathered the following facts: Balance per bank statement 4,000,000 Outstanding checks 600,000 Deposit in transit 475,000 Service charge 10,000 Proceeds of bank loan, December 1, discounted for 6 months at 12%, not recorded on company books 940,000 Customer’s check charged back by bank for absence of counter signature 50,000 Deposit of P100,000 incorrectly recorded by bank as 10,000 Check of Rid Company charged by bank against Red Company account 150,000 Customer’s note collected by bank in favor of Red Company. Face 400,000 Interest 40,000 Total 440,000 Collection fee 5,000 435,000 Erroneous debit memo of December 28, to charge company’s account with settlement of bank loan 200,000 Deposit of Rid Company credited to Red account 300,000 Requirement: Prepare a bank reconciliation.

From the give Problem 2, What is the adjusted cash in bank on December 31?

A -1   Prepared by       Reviewed by   William, Inc.   Bank Confirmation - General Account   December 31, 2022           Balance per Bank at December 31, 2022   $20,200.22 * Deposit in Transit - per A-1-2   2,000.00 # Outstanding Checks - per A-1-3   (5,200.00)   Other - Note Collected by Bank   (10,000.00) ^ Bank Service Charge   (9.50)           Balance per Books at December 31, 2022   $8,990.72 *     f       f Column footed. ^ Amount agrees to amount recorded as a deposit on the bank statement and description agrees with receipt enclosed with 12/31/22 bank statement.  This note is the Kristopher note receivable that was recorded as a receipt by the client in the cash receipts journal on January 3, 2023.  The receivable was appropriately credited and properly reflected in the January cash receipts journal.  No adjustment needed as bank and books simply record this in different periods. #Agreed to December 31,…

Balance, December 31, 2018   $3,340   ADD: Deposit in transit   100         3,440   LESS: Outstanding checks $400 400   Adjusted bank balance, December 31, 2018   $3,040   Book:       Balance, December 31, 2018   $2,540   ADD: Bank collection $510       Interest revenue 20 530         3,070   LESS: Service charge $30 30   Adjusted book balance, December 31, 2018   $3,040

QUESTION 20 Winter Gloves Company had checks outstanding totaling $12,800 on its May bank reconciliation. In June, Winter Gloves Company issued checks totaling $79,800. The July bank statement shows that $71,400 in checks cleared the bank in July. A check from one of Winter Gloves Company's customers for of $2,000 was also returned marked "NSF." The amount of outstanding checks on Winter Gloves Company's July bank reconciliation should be $19,200. $8,400. $21,200. $23,200.

aj.8

Part A - Reconciliation At the end of April 2021, Showtime Theatre's accounting records show a cash balance of $4,800. The April bank statement reports a cash balance of $3,700. The following information is gathered from the bank statement and company records: Checks outstanding Deposits outstanding Interest earned $1,900 1,600 70 Customer's NSF check Service fee $1,300 Required: 1) Prepare a bank reconciliation for the month of April 2021. 2) Prepare entries to update the balance of cash in the company's records. 200 In addition, Showtime discovered it correctly paid for advertising with a check for $220 but incorrectly recorded the check in the company's records for $250. The bank correctly processed the check for $220.

QUESTION 9 The Gatedown Company's bank statement has an ending cash balance of $14,110.00.  The cash account       in the general ledger has a balance of $12,477.00.  Based on the following reconciling items, prepare a       bank reconciliation.       a)  Bank service charge of $20.00       b)  Deposit in transit $3,190.00       c)  A check was returned NSF $645.00       d)  Outstanding check $688.00       e)  Note collected by the bank, credit memoranda, $4,800.00   What is the total of subtractions to arrive at the book balance?   A) 645.00   B) 555.00

Bank Reconciliation Tiny Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement indicated the following: Balance, beginning of the month $15,640 Service charge for October 65 Interest earned during October 80 NSF check from Green Corp. (deposited by Tiny) for goods purchased on account 615 Note ($2,500) and interest ($75) collected for Tiny from a customer 2,575 An analysis of canceled checks and deposits and the records of Tiny revealed the following items: Checking account balance per Tiny's books $12,951 Outstanding checks as of October 31 1,410 Deposit in transit at October 31 750 Error in recording a check issued by Tiny. (Correct amount of the check is $606, but was recorded as a cash disbursement of $660. The check was issued to pay for merchandise originally purchased on account). 54 1. Prepare a bank reconciliation at October 31, 2019, in proper form.

18 The May 31 balance per bank statement was $12,400. The cash balance per books was $17,000. Outstanding checks amounted to $1,700, and deposits in transit were $4,800. The bank statement contained an NSF check for $1,100, a service charge for $50, and a debit memo for direct payment of the telephone bill of $350. Required: a. Prepare a bank reconciliation to determine the true cash balance at May 31. b. Indicate how each of the required adjusting entries impact the financial statements. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate how each of the required adjusting entries impact the financial statements. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Outstanding checks Horizontal Statements Model Balance Sheet Income Statement Item Assets Liabilities Cash Accounts Receivables Stockholders' Equity Revenue Expenses Net Income Statement of Cash Flows (1.700)…