What is the adjustment balance of cash in bank of Mickey Mouse Corporation in November 2020? Information concerning the cash records of Mickey Mouse Corporation for the months ofNovember and December 2020 are shown below:Nov-30 Dec-31Book balanceBook debitsBook creditsBank balanceBank debitsBank creditsBank service chargeNotes collected by bank on behalf of SNSDNSF checksDeposit in transitOutstanding checksDeposit of 2NE1 Corporation erroneously credited to SNSD 3,800|Check erroneously debited by the bank to SNSD Company?50,82087,30063,80034,000 61,92055,280?2503004,1003,20012,000 22,50019,500 35,7002,9002,5003,5001,8703,000

The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Answered: Information concerning the cash records…

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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Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation’s cash account showed a balance of $17,198 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,924.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $173.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $951.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March 31: #429 $57.40 #432 $147.50 #433 $214.80 #434 $191.90 A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank state-ment had…
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QUESTION 1 The summary of the bank column in the cash book of APINO Ltd. for the month ended October 31, 2020 is presented to you below; CASH BOOK Bal. b/d 11,000 Total Payments 54,000 Receipts 79,000 Bal. c/d 36,000 90,000 90,000 When the bank statement of the company was received on 31st October 2020, it showed a balance which differed from that of the cash book. Your investigation of the accounting records for the period reveals the following information. Bank charges of GH¢320 appear in the bank statement on 30th October 2020 but have not been recorded in the cash book. Cheques from a customer Papa Kay totaling GH¢2,890 entered in the cash book on 29th October, 2020 were credited by the bank on 2nd November, 2020. A cheque for GH¢ 1,000 entered in the cash book was yet to be submitted for payment by the payee. A cheque for GH¢12, 900 drawn by APINO Ltd. To pay for a new item of plant had been mistakenly entered…
As on 31 May 2020 the deposits awaiting clearance is RO15,240 and cheques yet to be presented for payment is RO17,590; while the bank balance as recorded in the Cash book was RO 5,480. How much should be the bank balance as on 31 May 2020 as per bank statement? a. RO 6130 b. RO 6130 Overdraft c. RO 7830 d. RO 7830 overdraft -fast-
Use the information taken from BM traders to complete the following: 1. the cash book receipts and cash book payments for july 2019
How much is the correct cash balance on December 31, 2020? * Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following bank reconciliation for November 2020: Balance per ledger Bank service charges P2,372,000 (2,000) Adjusted balance P2,370,000 Balance per bank statement P2,100,000 Deposit in transit 300,000 Outstanding checks Adjusted balance (30,000) P2,370,000 Information gathered for December 2020 are as follows: Bank Book Checks recorded 2,300,000 2,360,000 Deposits recorded Collection by bank (P400,000 note plus interest) NSF check returned with Dec. 31 1,620,000 1,800,000 420,000 bank statement 10,000 Service charge 2,000 Balances 1,828,000 1,810,000
Based on the following data of KONTINALANG Co., how much is the adjusted bank balance as of December 31, 2019?
The folowing are extracts from the cash book and the bank statement of R. Wright. You are required to. (a) Write the cash book up to date and state the new balance as on 28 February 2020. (b) Draw up a bank reconcaliation statement as on 28 February 2020 Cash Book 2005 Feb 8 A. Kirkland 3500 Feb. 15 R. Mason Feb 28 G. Harris Feb 28 W. Mullings 330 2020 Febi Balancel 10500 350 Feb. 7 R. Clarke Feb 22 K. Hughes Feb 25 K. Wood Feb 26 A. Aiken 1230 275 220 300 750 Feb 28 C. Mills Feb 28 Bal ed 220 12395 7115 7115 12395 March I Bal bif Bank Statement 2020 Cr Balance FebI Balance bf Feb 7 R. Clarke Feb 8 A Kirkland Feb 15 R. Mason Feb 22 K. Hughes Feb 23 R. Brooks Feb 24 P. Peart Feb 28 U. Ulet Feb 28 K. Campbel 10500 10850 7350 6120 350 3500 1230 275 6395 6895 6025 7525 8325 500 870 1500 800 Updated Cash Book Date Details Felio Amount Date Detail Foho Amount Bank Reconciliation Statement aat February 28, 2020 Details
What amount should be reported as cash on december 31, 2022 Huston’s company had a checkbook balance on December 31, 2022, of P820,000 and held back the following terms: I. Check payable to Huston dated January 4, 2023, included in the December 31 checkbook balance, P90,000.II. Check payable to Huston dated December 28, 2022, and included in the December 31 balance, it was returned by the bank on December on December 30 marked NSF. The check was redeposited on January 3, 2023 and is cleared January 5, 2023, P80,000. III. Check payable to Regina Mills, a supplier, dated January 3, 2023, was delivered on December 29, 2022, P65,000. This was excluded in the December 31 balance.
The Treasurer for Marvel Inc., was preparing a bank reconciliation statement as of September 30, 2020. The following were identified: Marvel Inc., book balance =$37,200 Deposit in Transit = $6,200 Outstanding checks = $1,100 Interest earned on checking account =$200 Customer NSF check returned by bank =$600 Find out the adjusted cash balance as at September 30, 2020.
a.Prepare the updated cashbook. b.Prepare the bank reconciliation statement as at 31 December 2020.

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