## Required Information**The December bank statement and cash T-account for Stewart Company follow:**### Bank Statement| Date | Checks | Deposits | Other | Balance ||--------------|--------|----------|---------------|----------|| December 1 | | | | $36,000 || December 6 | $7,520 | | | 28,480 || December 11 | 450 | $27,000 | | 55,030 || December 17 | 8,900 | | | 46,130 || December 23 | | 34,000 | | 80,130 || December 26 | 450 | | | 79,680 || December 30 | 12,200 | 18,000 | NSF* | 85,280 || December 31 | | | Interest earned | 85,300 || December 31 | | | Service charge | 85,250 |*NSF check from J. Left, a customer.### Cash (A)| | Debit | Credit ||-----------|-------|-----------------------------------------|| December 1 | Balance 36,000 || Deposits | || December 11 | 27,000 | Checks written during December: || December 23 | 34,000 | || December 30 | 18,000 | 7,520 || December 31 | 11,000 | 450 || | | 8,900 || | | 450 || | | 50 || | | 12,200 || | | 5,700 || | 90,730 | || December 31 | Balance |**Note:** There were no deposits in transit or outstanding checks at November 30. The image displays a section from a financial education platform, focusing on preparing journal entries for bank reconciliation. It provides step 4 of the process alongside a journal entry worksheet.### Instructions: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 first account field.)### Journal Entry Worksheet:- **Current Task:** Record the interest of $20 received from the bank.- **Note:** Enter debits before credits.### Worksheet Structure:- **Tabs:** Labeled A to E, indicating different transaction entries.- **Entry Fields:** - **Transaction Number:** An input box labeled "1" that allows for multiple entries. - **General Journal:** A column for recording the name of the accounts involved. - **Debit and Credit Columns:** Clearly marked for entering the respective amounts.### Action Buttons:- **Record entry:** Saves the current journal entry.- **Clear entry:** Erases all data from the current entry fields.- **View general journal:** Opens the general ledger to review all recorded entries.This worksheet is a crucial tool for teaching accurate recording of financial transactions in company bookkeeping.

Bank reconciliation statement is used to determine the differences between the bank statement…

Answered: The December bank statement and 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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mn.3
What is the adjustment balance of cash in bank of Mickey Mouse Corporation in December 2020?
Theta Corporation gathered the following for its proof of cash for the month of September: End Beginning P1,200,000 Cash balance per ledger Cash balance per bank statement 1,000,000 Deposits in transit Outstanding checks Credit memos 400,000 600,000 700,000 160,000 270,000 370,000 Debit memos 30,000 420,000 Book debits P8,100,000 Book credits 8,350,000 Bank debits 8,200,000 Bank credits 8,000,000 W hat should Theta report as cash in bank as of the end of September? A.P850,000 B.P900,000 C.P950,000 D.P1,440,000
Q1: Outstanding check, June 30? Q2: Deposits in Transit, June 30? Q3: Cash per bank statement, June 30?
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.
The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,170 August 2 $ 100 13,070 August 3 $ 9,000 22,070 August 4 200 21,870 August 5 150 21,720 August 9 490 21,230 August 10 110 21,120 August 15 3,000 24,120 August 21 200 23,920 August 24 14,900 9,020 August 25 5,500 14,520 August 30 600 13,920 August 30 Interest earned $ 20 13,940 August 31 Service charge 10 13,930 Cash (A) Debit Credit August 1 Balance 13,170 Deposits Checks written August 2 9,000 100 August 1 August 12 3,000 200 August 2 August 24 5,500 150 August 3 August 31 4,000 110 August 4 490 August 5 190 August 15 250 August 17 600 August 18 200 August 19 14,900 August 23 August 31 Balance 17,480 No deposits were in transit and no checks were…
1
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 Cash (A) Debit June 1 Checks $ 19,900 Deposits Other $ 18,800 Credit Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 $31 Balance $ 7,360 26,160 6,260 6,229 6,229 1. In addition to the balance in its bank account, Hills Company also has $420 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?
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.
Required information Skip to question [The following information applies to the questions displayed below.]The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,600 August 2 $ 120 13,480 August 3 $ 9,300 22,780 August 4 220 22,560 August 5 160 22,400 August 9 530 21,870 August 10 130 21,740 August 15 3,100 24,840 August 21 220 24,620 August 24 15,500 9,120 August 25 5,650 14,770 August 30 620 14,150 August 30 Interest earned $ 20 14,170 August 31 Service charge 10 14,160 Cash (A) Debit Credit August 1 Balance 13,600 Deposits Checks written August 2 9,300 120 August 1 August 12 3,100 220 August 2 August 24 5,650 160 August 3 August 31 4,100 130 August 4 530 August 5 200 August 15 280 August 17 620 August 18 220 August 19…
The bank column in the cash book for December 2020 and the bank statement for that month for King Trading are as follows: Cash Book (Bank Account only) 2020 RM 2020 RM Dec 6 Peypei 230 20 Ceria 265 31 Baiti 325 31 Balance c/d 1,682 2,502 Dec 1 Balance b/d 1,900 10 Luna 304 19 Wilson 261 29 Cikmah 37 2,502 Bank Statement Date Items Debit Credit Balance Dec 1 Balance 1,900 6 Cheque 230 1,670 13 Luna 304 1,974 20 Cheque 265 1,709 22 Wilson 261 1,970 30 Tox:Standing Order 94 2,064 31 Rina:Trader’s Credit 102 1,962 31 Bank charges 72 2,034 Required: a) Prepare the updated cashbook. b) Prepare the bank reconciliation statement as at 31 December 2020
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 2 Prepare any journal entries that should be made as a result of the bank reconciliation.

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