ANSWER ALL THE FOLLOWING QUESTIONS AND GIVE THE COMPLETE SOLUTIONS ON HOW YOU COME UP WITH THAT ANSWER. PROBLEM 8-15 Basics of Proof of CashYour client, Aira Marie Zhon Company, presented you the following data:Jan. 31200,000Feb. 28Cash per ledgerCash receipts for FebruaryBank statement balanceTotal credits per bank statementin FebruaryCredit Memo for note collected270,000150,000273,200203,300157,70010,0002,00015,0003,000NSF check205 Chapter 8 Cash and Cash EquivalentsUnderstatement of salaries expense per book(corrected the following month) 1,5009,0003,0006,0003,200600Deposit in transitOutstanding checksErroneous bank credit?4,0001,400Erroneous bank chargeQuestions:Based on the above data, compute for the following:1. Deposit in transit, February 28с. Р9,500d. P19,500a.P13,500b. P16,3002. Outstanding checks, February 28c. P5,700d. P1,300a.P700b. P2,7003. Unadjusted bank disbursements in Februaryс. Р80,100d. P81,000P81,500b. P87,800a.4. Adjusted cash in bank balance on January 31a. P206,500b. P208,000c. P203,300d. P208,5005. Adjusted Cash receipts in Februarya. P155,000b. P140,000c. P162,200d. P158,2006. Adjusted Cash disbursements in Februaryc. P79,500d. P81,500P81,000b. P80,100a.7. Adjusted cash in bank balance on February 28c. P284,000d. P280,000P282,000b. P281,400a.

This question is related to the topic of basics of proof of cash and here there are multiple-choice…

Answered: ITH THAT ANSWER

Business

Accounting

ITH THAT ANSWER

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 47E

See similar textbooks

Similar questions

PROBLEM 7A-4 Another Com- prehensive Bank Reconcil- Daytona Recycling Center reports the following information concerning cash bal- ances and cash transactions for the month of September: Cash balance per bank statement as of September 30 was $20,893.25. 2 Two.debit memoranda accompanied the bank statement: one for $10 was for service charges for the month; the other for $64.60 was attached to an NSF check from A. Smith. 1 Istlon 3 Included with the bank statement was $69 credit memorandum for interest earned on the bank account in September. 4 The paid checks returned with the September bank statement disclosed an error in Daytona's cash records. Check no. 851 for $77.44 for telephone expense had erroneously been listed in the cash payments journal as $44.77. 5 A collection charge for $26.00 (not applicable to Daytona) was erroneously de- ducted from the account by the bank. Notice that this was the bank's error. 6 Cash receipts of September 30 amounting to $585.25 were mailed to the…
Question Content Area Using the following information: The bank statement balance is $5,065. The cash account balance is $5,459. Outstanding checks amounted to $866. Deposits in transit are $1,191. The bank service charge is $60. A check for $34 for supplies was recorded as $25 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
Required Information [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: Date December 1 December 6 December 11 December 17 December 23 December 26 December 30 December 31 December 31 NSF check from J. Left, a customer. December 1 Deposits December 11 December 23 December 30 December 31 December 31 Checks $ 7,540 9,900 13,600 Debit Balance Balance BANK STATEMENT Deposits $ 27,000 34,000 18,000 Cash (A) 38,400 27,000 34,000 18,000 11,000 90,950 Other NSF* Interest earned Service charge Credit Checks written during December: 7,540 9,900 470 - $ 220 30 13,600 5,400 There were no deposits in transit or outstanding checks at November 30. Balance $ 38,400 30,860 57,390 47,490 81,490 81,020 85,200 85,230 85,160 4. Prepare any journal entries that the company should make as a result of the bank reconciliation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the…
PROBLEM CASH -9 The following information is made available to you: Outstanding checks, end of the month Deposits in transit, end of the month Bank credit memo for note collected Bank service charges DAIF check returned by bank (recorded by the depositor in the month following the month when checks were returned) January 2016 Cash per general ledger, end of month Cash per bank statement, end of month Total receipts per books Total charges by bank 1. 2. 3. 4. P65,000 54,500 123,500 3,250 February 2016 P43,000 44,700 98,800 4,650 25,000 (92,250) 13,500 837,000 598,000 What is the adjusted cash balance as of February 28, 2016? What is the adjusted amount of cash receipts during February? What is the adjusted amount of total disbursements during February? What is the adjusted cash balance as of January 31, 2016? 19,000 82,800 156,250 805,350 647,700
MOBK 10 DO: Egad Company provided the following information for October and November: lo alsoo hs Checks and charges recorded by Bank in November d bio Including a November service charge of P8,000 and And NSF check of P40,000 1,100,000 Service Charge made by bank in October and recorded by Depositor in November Total credits to cash in all journals during November Customer NSF check returned in October and redeposited 4,000 1,240,000 In November (no entry made by depositor in either October Or November 80,000 Outstanding checks on October 31 that cleared in November 560,000 Couno 27. How much are the checks paid by bank in November? 28. What is the amount of outstanding checks on November 30? Ent tering orovid ed th e fell
QUESTION 8 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 7. An EFT payment made by a receivable for R4 300 on 31 October 20.19 appeared in the bank statement but not in the Balance per Cash Book R6 500 credit October Cash Book. Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following was noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the R4 300 deposit (no. 7) must be recorded as follows: In the debit column of the Bank reconciliation statement as R4 300 O In the credit column of the Bank reconciliation statement as R4 300 Not recorded in the Bank account or the Bank reconciliation statement On the debit side of the Bank account as R4 300 On…
K Determine the adjusted cash balance per bank for Sheryl's Packaging on November 30, from the following information: Cash balance on the bank statement Customer's check returned-NSF Customer's note collected by the bank Deposits in transit, November 30 Outstanding checks, November 30 A. $1,900 OB. $1,600 O C. $500 OD. $1,800 $3,200 300 600 1,000 3,700
1 2 3 A co 4 567 8 9 10 11 DATE GENERAL JOURNAL DESCRIPTION 20-- May 16 Accounts Payable-Sunshine Suppliers Cash in Bank Check 111 20 Cash in Bank 23 Advertising Expense Cash in Bank Check 112 Accounts Rec.-Tim McGraw, Inc. Receipt 54 POST. REF. DEBIT 79500 52500 65.00 PAGE CREDIT 3 79500 52 500 6500 IN 2 3 4 5 6 7 co loo 9 10 11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
Knowledge Check 01 The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. View transaction list Journal entry worksheet > W +
Balance per ok, March 31 Cash receipts for April Cash disbursements for April No. 1331 No. 1332 No. 1333 No. 1334 No. 1335 Outstanding checks as of April 30 of which No. 1333 had been certified: ollowing information: 800,000 4,100,000 3,800,000 April debit memos were: For NSF check For bank service charge April credit memo for note collected Undeposited collections by bank in the name of Zodiac Company Balance per bank, April 30 Required: to bank approach and prepare adjusting entries. Prepare a bank reconciliation on April 30 following the book Problem 2-6 (IAA) Galaxy S21+ 5G 40,000 30,000 50,000 60,000 10,000 59 5,000 25,000 January: Virgo Company provided the following data for the month of 60,000 270,000 1,000,000 Balance per book, January 31 Balance per bank statement, January 31 Collections on January 31 but undeposited NSF check received from a customer returned by the bank on February 5 with the January bank statement Checks outstanding on January 31 Bank debit memo for safety…
PROBLEM #5 Jorjan Co. showed the following information on August 31: Balance of cash in bank account Balance of bank statement Outstanding checks, August 31: Number 555 1,300,000 1,200,000 10,000 761 55,000 762 40,000 763 25,000 764 65,000 765 70,000 Receipts of August 31, deposited September 1 275,000 Service charge for August NSF check received from a customer The cashier-bookkeeper had misappropriated P30,000 and an additional P10,000 by charging sales discount and crediting accounts receivable. The stub for check no. 765 and the invoice relating thereto showed that it wo for P50,000. It was recorded incorrectly in the cash disbursement journal as P70,000. This check was drawn in payment of an accounts payable. Payment has been stopped on check no. 555 which was drawn in payment of an accounts payable. The payee cannot be located. 5,000 85,000 What is the ADJUSTED CASH IN BANK on August 31?
Requlred Informetion [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance $ 48,000 40, 380 67,830 53,930 ৪9, 938 88,970 88,470 88,520 88,370 Date Other Dec. 1 $ 7,620 558 $28, 000 13,900 11 17 23 36, e00 26 960 30 NSF* $300 50 19, 200 19, e00 31 Interest earned 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, e00 Deposits Dec. 11 23 Checks written during December: 7,620 28, 800 36, ee0 19,e00 13,e00 550 30 13,900 960 31 150 19,200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. Requlred: 1. Identify and list the deposits in transit at the end of December. (Select all that apply.) $28,000 $36,000 $19,000 $13,000 2. [dentify and list the outstanding checks at the end of December (Select all that apply.) $7,620 $550 $13,900 $880 $150 $19,200 $4,500 OOUI