FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Which of the following item, have been recorded on the company's books but not yet by the bank
Select one
a Deposits in transit
O bCash per bank
c Outstanding checks
O d Cash per book
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- The following information has been extracted from the accounting records of the Simplicity Corporation:a. Cash on hand ( undeposited collections) P1,020b. Certificates of deposit 25,000c. Customer’s notes receivable 1,000d. Reconciled balance in Uno Bank checking account (350)e. Reconciled balance in Trese Bank payroll account 9,350f. Balance in Rural bank savings account 8,560g. Customer’s postdated checks 1,350h. Employee travel advances 1,600i. Cash in bond sinking fund 1,200j. Bond sinking fund investments 8,090k. Postage stamps 430 Required:a. What is the adjusted cash balance?b. Discuss the treatment of the items not included as cash.arrow_forwardGiven this book and bank statement information, create an October bank reconciliation for Arrowhead company. And the journal entries required for the book side. BOOK INFO: Cash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck 10102 Accounts Payable 1,374.12 6,885.74 10/2/2020 Ck 10103 Rent 3,420.00 3,465.74 10/2/2020 Ck 10104 Utilities 689.00 2,776.74 10/4/2020 Deposit 3,743.10 6,519.84 10/4/2020 Ck 10105 Advertising 344.21 6,175.63 10/4/2020 Ck 10106 Subscription 102.84 6,072.79 10/9/2020 Ck 10107 Internet 74.97 5,997.82 10/9/2020 Deposit 4,859.47 10,857.29 10/9/2020 Ck 10108 Telephone 221.00 10,636.29 10/9/2020 Deposit 11,339.64 21,975.93 10/12/2020 Ck 10109 Accounts Payable 1,680.00 20,295.93 10/13/2020 Ck 10110 Wages…arrow_forwardAt August 31, Saladino Coffee has the following bank information: cash balance per bank Rp5.200.000, outstanding checks Rp1.462.000, deposits in transit Rp1.211.000, and a bank debit memo Rp110.000. Determine the adjusted cash balance per bank at July 31. Cash balance per bank Rp 5.200.000,00 Add : Deposits in Transit Rp 1.211.000,00 Rp 6.411.000,00 Less Outstanding Checks Rp 1.462.000,00 Adjusted cash balance per bank Rp 4.949.000,00 The information below relates to the Cash account in the ledger of Saladino Coffee Balance Rp 10.094.000 Rp 884.000 Collection of electronic funds transfer Interest earned on checking accounts NSF check: R. Doll Rp 26.000 Rp 245.000 Safety deposit box rent Rp 35.000 Cash balance per books Rp10.094.000 Add: *** ... Less NSF Check Rp245.000 Adjusted cash balance per booksarrow_forward
- Based on the following information, determine the true balance in your checking account. Balance in your checkbook Balance on bank statement $ 453 597 23 Interest earned on the account Total of outstanding checks Deposits in transit Service charge and other fees True balance $6 223 62arrow_forwardIdentify whether each of the following items would on appear on the bank side or the book side of a bank reconciliation. Enter Bank or Book below. Bank service charges Outstanding checks Deposits in transit NSF check Interest on a checking account The company properly wrote a check for $95.80 that the bank incorrectly paid as $9.58. The bank printed checks for the depositor for a fee. Bank debit memorandum Bank credit memorandum The bank collected a $1,000 note for the depositor.arrow_forwardPrepare a bank reconciliation from the following information:a. Balance per bank statement as of May 31, $17,755.44b. Balance per books as of May 31, $12,211.94c. Deposits in transit, $2,254.81d. Outstanding checks, $7,819.16e. Bank service charge, $20.85arrow_forward
- Q- 4211 Which journal entry recognizes that an NSF check had been deposited by a company and returned by their bank? O Debit Cash and credit Accounts Receivable Debit Accounts Receivable and credit Cash O Debit Accounts Receivable and credit Accounts Payable O Debit Bank Service Charge and credit Casharrow_forwardItems on company bank statement: 1. Bank correction of an error from posting another customers check(disbursement) to the company account 2. EFT deposit 3. Loan proceeds 4. NSF. Using the following format indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company account.arrow_forwardAnswer with in a hour for upvotes?arrow_forward
- Assign the letter to indicate whether the following items would be added from the company's books or the bank statement during the construction of a bank reconciliation. Clear All Charges for some other company's safe deposit box were posted to your account A $1,000 note from one of Added to the bank your customers was statement balance collected by the bank Added the company's Interest revenue earned by books the note above EFT deposit from a customerarrow_forwardNeed assistancearrow_forwardplease answerarrow_forward
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