In the draft accounts for the year ended 31 October 20X9 of Thomas P Lee, garage proprietor, the balance at bank according to the cash book was £894.68 in hand. Subsequently, the following discoveries were made i) Cheque number 176276 dated 3 September 20X9 for £310.84 in favour of G Lowe Limited has been correctly recorded in the bank statement but included in the cash book payments as £301.84. i) Bank commission charged of £169.56 and bank interest charged of £109.10 have been entered in the bank statement on 23 October 20X9, but not included in the cash book. i) The recently received bank statement shows that a cheque for £29.31 received from T Andrews and credited in the bank statements on 9 October 20X9 has now been dishonoured and debited in the bank statement on 26 October 20X9. The only entry in the cash book for this cheque records its receipt on 8 October 20X9. iv) Cheque number 177145 for £15.10 has been recorded twice as a credit in the cash book. v) Amounts received in the last few days of October 20X9 totalling £1,895.60 and recorded in the cash book have not been included in the bank statements until 2 November 20X9. vi) Cheques paid according to the cash book during October 20X9 and totalling £395.80 were not presented for payment to the bank until November 20X9. vii) Traders' credits totalling £210.10 have been credited in the bank statement on 26 October 20X9, but not yet recorded in the cash book. viii) A standing order payment of £15.00 on 17 October 20X9 to Countryside Publications has been recorded in the bank statement but is not mentioned in the cash book. Required: a. Prepare a computation of the balance at bank to be included in Thomas P Lee's balance sheet asat 31 October 20X9. b. Prepare a bank reconciliation statement as at 31 October 20X9 for Thomas P Lee. Briefly explain why it is necessary to prepare bank reconciliation statements at accounting year ends. C.

The following information has been extracted from the accounting records a bank statement of ABCJM Ltd as at 31 January 2019: Closing Balance shown on the Bank Statement Cash Receipts of 31 January which deposited on 30 January did not appear on the bank statement Cheques recorded in the cash payments but not yet presented For payment to the Bank Prepare a bank reconciliation statement as at 31 January. $11 450 CR 5,500 3 550

A deposit of $25,000 made by Federal Trading appeared on the bank statement of Fidel Trading. hello, i am working on a Cash Book and did this as the entry for the statement above. would that be correct? if so can you explain how?   cashbook DATE ACCOUNT TITLE  DEBIT  DATE  ACCOUNT TITLE  CREDIT  30-November-10 Accounts receivable  $25000

The following information has been extracted from the accounting records of the Simplicity Corporation: a. Cash on hand ( undeposited collections) P1,020 b. Certificates of deposit 25,000 c. Customer’s notes receivable 1,000 d. Reconciled balance in Uno Bank checking account (350) e. Reconciled balance in Trese Bank payroll account 9,350 f. Balance in Rural bank savings account 8,560 g. Customer’s postdated checks 1,350 h. Employee travel advances 1,600 i. Cash in bond sinking fund 1,200 j. Bond sinking fund investments 8,090 k. Postage stamps 430 Required:a. What is the adjusted cash balance?b. Discuss the treatment of the items not included as cash.

Using the following information, prepare a bank reconciliation for Cullumber Company for July 31, 2022. a. The bank statement balance is $3,700. b. The cash account balance is $4,100. C. Outstanding checks totaled $1,260. d. Deposits in transit are $1,620. e. The bank service charge is $31. f. A check for $87 for supplies was recorded as $78 in the ledger.

The bank statement for Clive Company indicates a balance of $30,000 on September 30, 2021. After the journals for September had been posted, the cash account in the depositor's books had a balance of $27,800. The following reconciling items are available to prepare a bank reconciliation for Clive Company. (i) Bank debit memorandum for service charges, $250. (ii) Bank credit memorandum for interest earned, $2,105. (iii) Bank debit memorandum for $300 NSF (not sufficient funds) check from a customer. (iv) Cash sales of $480 had been erroneously recorded in the cash account as $448. (v) A check paid for $1,250 was erroneously recorded by the bank in the bank statement as $1,350. (vi) Checks outstanding, $1,463. (vii) Deposits in transit not recorded by bank, $750. Required: Prepare the bank reconciliation for Clive Company as of September 30, 2021.

Provide solution on the following requirements.

The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.

I need help with correct solution

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