The following bank statement was received by Sensi from Metrobank. Date Checks Deposits Balance Dec. 1 Balance 130,000 Check No. 768 10,000 1 771 20,000 4 772 5,000 773 35,000 30,000 12 774 15,000 40,000 12 776 52,000 24 1042 8,000 50,000 28 NSF Check 10,000 45,000 CM 28 Service charge 5,000 Other information: 1. Sensi Company reconciled its bank balance on November 30 with two checks, No. 768 for P10,000 and No. 770 for P20,000 outstanding. 2. Check No. 1042 was drawn by Sansi Company. The bank charged it in error to the account of Sensi.
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Please show me a solution of correct amount of cash in bank to be presented in the balance sheet.
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- Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35Examine and Understand the Bank Statement and the Cash-in-bank Ledger. Prepare a Bank Reconciliation Statement. Use the space provided after the illustrations for your answer. Cash-in-bank (IPB Bank) Dec. 4 Check No. 6 Check No. 8 Check No. 9 Check No. Dec. 1 Deposit 90,000 45,000 9,000 72,000 4,500 13,500 324003 36,000 9,100 324005 27,000 324006 22,500 324001 12 Deposit 324002 23 Deposit 27 Deposit 324004 12 Check No. 20 Check No. 28 Check No. 324007 45,000 Bank Statement Date Check No. Withdrawals Deposits 90,000 Balance 90,000 Dec. 1 10 324004 9,100 80,900 20 324001 4,500 22,500 76,400 53,900 22 324006 27 45,000 98,900 29 9,000 107,900 29 324003 36,000 71,900 29 27,000 CM 98,900 31 1800 SC 97,100 CM - Credit Memo DM - Debit Memo SC - Service Charge RT - Returned Check Legend:
- Bank Reconciliation (Transactions are Presented Using Bank Statement and Ledger) Examine and Understand the Bank Statement and the Cash-in-bank Ledger. Prepare a Bank Reconciliation Statement. Use the space provided after the illustrations for your answer. Cash-in-bank (IPB Bank) 1 Deposit 12 Deposit 23 Deposit 27 Deposit 90,000 45,000 Dec. Dec. 4 Check No. 324001 4,500 6 Check No. 324002 13,500 9,000 8 Check No. 324003 36,000 9 Check No. 9,100 324005 27,000 72,000 324004 12 Check No. 20 Check No. 324006 22,500 28 Check No. 324007 45,000Question 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 14SENSIBLE COMPANY provided the following ledger account of the Cash in Bank maintained with Second Bank SECOND BANK 100,000.00 DEC 30,000.00 771 20,000.00 772 DEC 1 BALANCE 1 CK# 6 DEPOSIT 5,000.00 773 35,000.00 774 15,000.00 775 30,000.00 776 25,000.00 777 40,000.00 4 12 DEPOSIT 40,000.00 6 24 DEPOSIT 50,000.00 10 31 DEPOSIT 60,000.00 14 18 24 The following bank statement was received from the Second Bank by Sensible Company Sensible Company Date Check No. Withdrawal Deposits Balance 130,000.00 120,000.00 100,000.00 95,000.00 90,000.00 115,000.00 1 768 10,000.00 771 20,000.00 4 772 5,000.00 6 773 35,000.00 30,000.00 12 774 15,000.00 40,000.00 12 776 52,000.00 63,000.00 8,000.00 50,000.00 10,000.00 45,000.00 CM 5,000.00 24 1042 105,000.00 28 NSF CHECK 140,000.00 28 SERVICE CHARGE 135,000.00 Other Information: 1. Sensible Company reconciled its bank balance on November 30 with 2 checks, No, 768 for Php 10,000.00 and No. 770 for Php 20,000.00 outstanding. 2. Check No. 1042 was drawn by…
- Calculator Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts? Oa. debit Cash; credit Other Income Ob. debit Accounts Receivable; credit Cash Oc. debit Other Income; credit Cash Od. debit Cash: credit Accounts Receivable 231 PM 8.Balance of cash in bank account 1,300,000Balance of bank statement 1,200,000Outstanding checks, August 31:Number 555 10,000761 55,000762 40,000763 25,000764 65,000765 70,000Receipts of August 31, deposited September 1 275,000The bank statement showed the following charges:a. Service charge for August 5,000b. NSF check received from a customer 85,000The cashier-bookkeeper had misappropriated 30,000 and an additional 10,000 by charging sales discounts and crediting accounts receivable.The stub for check number 765 and the invoice relating thereto show that it was for 50,000. The check was recorded incorrectly in the cash disbursements journal as 70,000. The check was drawn in payment of an account payable.Payment has been stopped on check number 555 which was drawn in payment of an account payable. The payee cannot be located.Required:a. Prepare a bank reconciliation on August 31 using the adjusted balance method.b. Prepare adjusting entries in the Susan Company book on August 31YOU CAN DO IT The accounting records and bank statement of Entity A show the following information. SUBSIDIARY LEDGER CASH IN BANK – FCB CURRENT ACCOUNT Date Description Debit Credit Balance 6/1 Balance forwarded 881,000 750,200 530,200 826,000 1,496,000 80,000 1,416,000 380,000 1,036,000 1,196,000 130,800 220,000 6/11 Check #1113 6/15 Check #1114 295,800 670,000 6/16 Deposit Deposit Check #1115 6/22 6/24 6/28 Check #1116 6/29 Deposit 160,000 |FirstCitizens Bank Account Number 5022-0007-00 Account Type FCB CURRENT ACCOUNT Branch VILLAMOR BRANCH Period Covered 6/1/2019 – 6/30/2019 Date Description Ref Details Debit Credit Balance BALANCE FORWARDED 881,000.00 5/10/2019 CASH DEPOSIT 050 PASAY 350,000.00 1,231,000.00 5/11/2019 PAYMENT 010 2,000.00 1,229,000.00 5/12/2019 CHECK ENCASHMENT 090 CK#1114 220,000.00 1,009,000.00 5/15/2019 CHECK DEPOSIT 040 PASAY 295,800.00 1,304,800.00 5/18/2019 PAYMENT 011 50,000.00 1,254,800.00 5/26/2019 CASH DEPOSIT 051 670,000.00 1,924,800.00 6/24/2019 CHECK…
- PROBLEM NO. 4 ABC Company maintains a checking account at the HCBC Bank. At August 31, selected data from the ledger balance and the bank statement are as follows: Cash in Bank Book Balance, August 1 Book Debits Book Credits Balance per bank, August 1 Bank Credits Bank Debits P17,600 82,000 76,900 19,200 80,070 74,740 Your examination of the bank data shows that the credits consist of P78,000 of August deposits and a credit memorandum of P2,070 for collection of a P2,000 note plus interest revenue of P70. The August debits per bank consist of checks cleared, P74,700 and a debit memorandum of P40 for printing additional company checks. You also discover the following errors involving August checks: (1) a check for P230 to a creditor on account that cleared the bank in August was journalized and posted as P320, and (2) a salary check to an employee for P255 was recorded by the bank for P155. The July 31 bank reconciliation contained only two reconciling items: deposits in transit, P1,000…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 3,700The balance of the general ledger cash accounts as of December 31, 20P1 is P7,120. On the other hand, the bank statement showed a December 31 20P1 balance of P6,580. You were tasked to prepare the bank reconciliation statement for the company's bank account. Your analysis of the bank statement and the general ledger account revealed the following: |Deposit in transit Credit memo for direct collection of a note receivable Credit memo for interest income Auto debit of cell phone bill Customers NSF check |Outstanding check Debit memo for bank charges A check received from a customer was recorded in the accounting books for P3,280. The bank statement revealed that the customer check cleared at the correct amount of P3,820. P1,345 755 65 290 455 575 25 The bank deducted P360 from the account of JECAF for a check issued by Claire Inc. Page 13 of 17 Required: Prepare the bank reconciliation statement as of December 31, 20P1 for JECAF bank account. Solution: Bank Book