FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
1. What is the expected cash collection for May?
2. What is the expected cash disbursements in May?
3. What is the expected cash balance at May 31?
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- Hahaarrow_forwardPart 1: 1. Identify and list the deposits in transit at the end of December. 2. Identify and list the outstanding checks at the end of December. Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received from the bank. 2. Record the service charges of $130 deducted by the bank. 3. Record the return of the J. Left check of $280 due to insufficient funds 4. Record the checks outstanding at the end of the month. 5. Record the deposit in transit at the end of the month. Part 4: After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280, of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet?arrow_forwardRespond to the corresponding focus questions when you finish balancing the checkbook.arrow_forward
- The LLYOD bank statement for the month of June shows that there is $13,300 difference with the cash balance per book. The difference occurs on the 12 of June as one of the customers’ outstanding check has been returned because of not sufficient fund. Record the required entries at the end of June.arrow_forwardThe bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying instead, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, current year, bank statement and the April ledger accounts for cash showed the following (summarized): Balance, March 31, current year Deposits during April Notes collected for company (including $83 interest) Cheques cleared during April NSF cheque-A. B. Wright Bank service charges Balance, April 30, current year Mar. 31 Balance Apr. Deposits Bank Statement Apr. 30 Balance Cash in Bank 24,800 43,450 Apr. Cheques written Cash on Hand 230 Cheques Deposits Balance $33,600 71,000 72,310 26,510 26,337 26, 254 26,254 $45,800 173 83 $ 37,400 1,310 42,400 A comparison of cheques written before and during April with the cheques cleared through the bank showed that cheques of $5,400 are still outstanding at April 30. No deposits in transit were carried over…arrow_forwardE47.arrow_forward
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