Based on the following data of KONTINALANG Co., how much is the adjusted bank balance as of December 31, 2019? Cash per ledger, December 31, 2019Cash balance per bank statement, December 31, 2019Proceeds of bank loan discounted on December 1 for one year,Php 40,000.0070,000.00not recorded in books35,800.00Debit memo for a checkbook5.00Undeposited Collection on December 31, 2019Deposit of December 2, 2019 was incorrectly recorded by bankat Php 19,000.00; the correct amount is5,900.009,000.00 Erroneous bank debit600.00Check issued in payment of an accounts payable had been recordedby the bank as Php 6,500.00; the correct amount is5,600.00The ledger account for cash was the only cash account kept by the company; it included a petty cashaccount comprised of the following items:Currency and CoinsSuppliesTransportation1,000.00700.00200.00Postage100.002,000.00Erroneous bank credit14,000.00Deposit of December 29, 2019 ommitted inbank statement3,000.00Outstanding checks (including a certified check of Php 6,000)21,000.00

Bank reconciliation statement is the statement that reconciles balance as per bank account with…

Answered: Based on the following data of…

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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Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $62,000 in allowance for uncollectible accounts $ 394,000 Interest receivable 31,100 Notes receivable 510,000 Additional information: The notes receivable account consists of two notes, a $110,000 note and a $400,000 note. The $110,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $400,000 note is dated March 31, 2023, with principal and 10% interest payable on March 31, 2024. During 2024, sales revenue totaled $2,220,000, $2,080,000 cash was collected from customers, and $51,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 9% of year-end gross accounts receivable. Required: In addition to sales revenue, what revenue and expense amounts related…
Use Newell Brands, Inc.'s financial statement information to answer the following questions. Provide the following account balances for Newell Brands : December 31, 2020 December 31, 2019 Accounts Receivable (gross) Allowance for Doubtful Accounts Accounts Receivable, net Which of the above numbers represents the total amount Newell Brands is owed by customers as of December 31, 2020? Which of the above numbers represents the amount that Newell Brands believes it will not collect from its customers as of December 31, 2020? Which of the above numbers represents the amount that Newell Brands believes it will collect from its customers as of December 31, 2020? Provide the journal entry (both accounts and amounts) that Newell Brands must have made to record its estimate of Bad Debt Expense in 2020. Provide the journal entry (both accounts and amounts) that Newell Brands must…
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3. From the following information relating to Bank Şobar, prepare Income Statement for the year ended 31st March 2020. Show the calculations separately. (PREPARED SHEDULES) Particulars Interest on overdraft Establishment Interest on bill discounted R.O 550,000 70,000 300,000 Rent Salaries 25,000 15,000 Interest on savings Printing and stationery Interest on fixed deposits Commission Interest on loan Interest on Borrowing Interest on cash credit Administration's fees Postage and telegram Maintenance expenses General Reserve 80,000 5,900 55,000 90,000 45,000 42,000 275,000 7,000 2,500 8,400 50,000 30.000 Loan Additional information: 1. Provide OMR 50,000 for doubtful debts 2. Provide OMR 120,000 for taxation 3. Rebate on bills discounted on 31-03-20 OMR 60,000 4. Dividend proposed to pay OMR 30,000 5. Last year Profit OMR 100,000
At December 31 2019, according to the records of Graser Company, the balance of Cash account was $21,783. The October 31 bank statement showed a balance of $26,394. You are to prepare the bank reconciliation of Graser Company at December 31, using the following supplementary information: (iii) Service charge of $150 was charged wrongly to Graser's account by the bank. (iv) A note receivable for $15,000 left by Graser Company with bank for collection that had been collected and credited to company's account. Along with the note collection, interest of $150 was also collected. Interest was accrued and recorded in the month-end adjusting entries by Graser Company previously. (v) A check for $420 drawn by a customer, Stuart Sands, but deducted from Graser's account (i) The December 31 bank statement showed the following checks and deposits. Bank Statement by the bank and returned with the notation "NSF." (vi) Graser's account had a check issued in payment of Building, correctly written in…
4. You are preparing the monthly bank reconciliation of Core Company for the month ending December 31, 2020. You discovered an erroneous credit to Core's account, representing proceeds of loan granted to another company amounting to P300,000. Prepare the adjusting journal entry.
Dinesh
Company A's net credit sales in 2020 and 2021 are 21115 and 35118 respectively. Cost of sales in 2020 is 15432, and in 2021 is 17088. Company A'a account receivable in 2020 and 2021 are 500 and 1000 respectively and its inventory in 2020 and 2021 are 2839 and 3489 respectively. Company A's cash collections from customers in 2021 are:
BBB Company's check book balance on December 31,2020 was P5,000,000. In addition, BBB Company held the following items in its safe on that date: Check payable to BBB Company, dated January 2,2021 in payment of a sale made in December 2020, included in December 31 check book balance 2,000,000 Check payable on BBB Company, deposited December 15 and not included in December 31 checkbook balance but returned by bank on December 30 stamped "NSF". The check was deposited on January 2, 2021 and cleared on January 9,2021. Check drawn on BBB Company's account, payable to vendor, dated and 500,000 recorded in BBB Company's books on December 31,2020 but not mailed until January 10,2021 300,000 2. What is the amount to be reported as "cash" on December 31,2020?
On 28 February 2019, the debtors control account in the General Ledger of Lesego Fashions showed a debit balance of R8 735, while the debtors list in the Debtors ledger showed a total of R5 584. The errors and omissions described below were found on 28 February 2019. Required: Indicate in the table provided below, how the errors and omissions should be corrected in order to reconcile the control account balance with debtor's list total. Debtors ledger Debtors list No. General Ledger Debtors control Dr (+) Cr (-) Dr (+) Cr (-) 1. The debtors list was overcast by R500. 2. The balance of a debtor was omitted from the debtors list, R75. 3. The balance on the account of a debtor, R150, was brought down incorrectly as R15.
WHAT IS THE TOTAL AMOUNT INCLUDED IN THE "TRADE AND OTHER RECEIVABLE"

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