werow abboro IIA a 31. Decreased the petty cash fund by $100.usted balance:Ddgerbalance:om cash sales was $18,780.InstructionsJournalize the transactions.PR 8-3A Bank reconciliation and entries THOMOBJ. 5The cash account for Capstone Medical Co. at November 30, 2016, indicated a balanceof $89,620. The bank statement indicated a balance of $128,660 on November 30, 2016.Comparing the bank statement and the accompanying canceled checks and memos withthe records revealed the following reconciling items:SS nuta. Checks outstanding totaled $32,700.b. A deposit of $18,550, representing receipts of November 30, had been made too lateto appear on the bank statement.c. The bank collected $26,750 on a $25,000 note, including interest of $1,750.d.A check for $1,500 returned with the statement had been incorrectly recorded byCapstone Medical Co. as $150. The check was for the payment of an obligation toABC Supply Co. for a purchase on account.oll bede. A check drawn for $490 had been erroneously charged by the bank as $940.f. Bank service charges for November amounted to $60.Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries. The accounts have not been closed.3. If a balance sheet were prepared for Capstone Medical Co. on November 30, 2016,what amount should be reported as cash?PR 8-4A Bank reconciliation and entriesOBJ. 5The cash account for Brentwood Bike Co. at May 1, 2016, indicated a balance of $34,250.During May, the total cash deposited was $140,300, and checks written totaled $138,880.The bank statement indicated a balance of $43,525 on May 31. Comparing the bank state-the accompanying memos with the records revealed the

S the transactions. ank reconciliation and entries OBJ. 5 Ecount for Capstone Medical Co. at November 30, 2016, indicated a balance The bank statement indicated a balance of $128,660 on November 30, 2016. the bank statement and the accompanying canceled checks and memos with revealed the following reconciling items: outstanding totaled $32,700. t of $18,550, representing receipts of November 30, had been made too late on the bank statement. x collected $26,750 on a $25,000 note, including interest of $1,750. for $1,500 returned with the statement had been incorrectly recorded by Medical Co. as $150. The check was for the payment of an obligation to ply Co. for a purchase on account. drawn for $490 had been erroneously charged by the bank as $940. vice charges for November amounted to $60. bank reconciliation. - the necessary entries. The accounts have not been closed. ce sheet were prepared for Capstone Medical Co. on November 30, 2016, -unt should be reported as cash?

S the transactions. ank reconciliation and entries OBJ. 5 Ecount for Capstone Medical Co. at November 30, 2016, indicated a balance The bank statement indicated a balance of $128,660 on November 30, 2016. the bank statement and the accompanying canceled checks and memos with revealed the following reconciling items: outstanding totaled $32,700. t of $18,550, representing receipts of November 30, had been made too late on the bank statement. x collected $26,750 on a $25,000 note, including interest of $1,750. for $1,500 returned with the statement had been incorrectly recorded by Medical Co. as $150. The check was for the payment of an obligation to ply Co. for a purchase on account. drawn for $490 had been erroneously charged by the bank as $940. vice charges for November amounted to $60. bank reconciliation. - the necessary entries. The accounts have not been closed. ce sheet were prepared for Capstone Medical Co. on November 30, 2016, -unt should be reported as cash?

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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On March 31, 20XX, Able Company received its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation: Balance per ledger, P1,460,000 Note collected by bank, P100,000 Interest earned on note, P10,000 NSF check of customer, P130,000 Bank service charge on NSF check, P2,000 Other bank service charges, P3,000 Outstanding checks, P202,000 Deposit placed in night depository, P85,000 Check issued by Axle Company charged to Able's account, P20,000 What is the balance per bank statement?
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