Exercise 6-11A (Algo) Determining the true cash balance, starting with the unadjusted bank balance LO 6-3 The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $56,805. 2. Deposits in transit on June 30 were $2,450. 3. A debit memo was included with the bank statement for a service charge of $27. 4. A $5,823 check written in June had not been paid by the bank. 5. The bank statement included a $1,300 credit memo for the collection of a note. The principal of the note was $1,245, and the interest collected amounted to $55. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)

Exercise 6-11A (Algo) Determining the true cash balance, starting with the unadjusted bank balance LO 6-3 The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $56,805. 2. Deposits in transit on June 30 were $2,450. 3. A debit memo was included with the bank statement for a service charge of $27. 4. A $5,823 check written in June had not been paid by the bank. 5. The bank statement included a $1,300 credit memo for the collection of a note. The principal of the note was $1,245, and the interest collected amounted to $55. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)

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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Cash Over and Short Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows: 10/3 10/4 Cash sales $36,690 $40,310 Collections on account 10,875 9,813 Total receipts $47,565 $50,123 Required: 1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers. 2. Prepare the journal entry to record the receipt and deposit of cash on October 3. For those boxes in which no entry is required 3. Prepare the journal entry to record the receipt and deposit of cash on October 4. For those boxes in which no entry is required 4. CONCEPTUAL CONNECTION: If you were the manager with responsibility over the cash registers, how would you use this information?
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Question Content Area Bank Reconciliation and Entries The cash account for Norwegian Medical Co. at April 30 indicated a balance of $12,480. The bank statement indicated a balance of $14,430 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $5,190. A deposit of $5,410, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,810 on a $2,670 note, including interest of $140. A check for $550 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $500. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account. A check drawn for $60 had been erroneously charged by the bank as $600. Bank service charges for April amounted to $50.
Proof of Cash Problems 1. Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 Deposit in transit Total Outstanding checks Balance per book, June 30 The bank statement for the month of July showed the following: The month Deposits, including P200,000 note collected for Lazer Disbursements, including P140,000 NSF customer check And P10,000 service charge P3,000,000 400,000 What is the cash balance per book on July 31? What is the amount of cash receipts per book in July ? What is the amount of cash disbursements per book in July? 3,400,000 (900,000) P2,500,000 P9,000,000 7,000,000 All reconciling items on June 30 cleared through the bank in July. The Outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31.
QUESTION 12 Brown Company's bank statement for September 30 showed: 6 poinis Bank statement balance Book balance of cash $2.790 $3.724 The following information was also available as of September 30: a. A customer's check for $150 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $10 processing fee. b. The September 30 cash receipts, $3,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. C. Outstanding checks amounted to $2,190. d. A check for rent expense was written for $326 but by mistake was recorded in the accounting records as $362. Required: Prepare bank reconciliation as of September 30.
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Problem 3-9 (IAA) Harris Company provided the following data concerning the cash records for the months of September and October: Book balance Total cash receipts per book Total cash disbursements per book Bank balance Total charges in bank statement Total credits in bank statement September 30 1,900,000 in 2,100,000 cmuntatges 60,000 30,000 vilgter NSF check Collections of accounts receivable not recorded by entity and corrected in subsequent month Overstatement of check in payment of salaries corrected in subsequent month Deposit in transit Outstanding checks Required: a. Prepare a four-column reconciliation showing adjusted balances. 90,000 130,000 had 270,000 dinon onge ni dru 94 October 31 ? b. Prepare adjusting entries on October 31. 1,400,000 2,400,000 2,500,000 1,200,000 40,000 50,000 doost amules por nga e-onelad 120,000 260,000 30,000 sing voilasibe sacomuse Galaxy S21+5G
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Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 1 Required:1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June.
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Question Content Area Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, 10/31 $15,965 Note receivable collected by bank 4,859 Outstanding checks 9,437 Deposits in transit 4,203 Bank service charge 201 NSF check 1,307 Using the above information, determine the cash balance per books (before adjustments) for Thompson Corporation. a.$19,316 b.$7,380 c.$14,082 d.$10,731