Your firm’s cash book shows a credit bank balance of $1,240 at 30 April 2021. On comparison with the bank statement, you determine that there are unpresented cheques totalling $450, and a receipt of $140 which has not yet been passed through the bank account. The bank statement shows bank charges of $75 which have not been entered in the cash book. Please provide solution. The balance on the bank statement is: ______ Dr.
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Your firm’s
Please provide solution. The balance on the bank statement is: ______ Dr./Cr.
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- The following information of Mimosa General Dealers for July 2021 has been provided to you: • The debit balance per the bank account at 31 July 2021 was R6 250. • Bank charges of R130 appeared on the bank statement. • A deposit had been recorded on the bank statement as R620 instead of R820. The deposit slip submitted to the bank had been correctly prepared and recorded in the cashbook. • The bank statement showed a deposit of R600, of which Mimosa General Dealers had no details. It was determined that this deposit was from a debtor who had deposited the amount directly into the bank account of the business. • A receipt for a payment received from the insurance company of R1 800 was recorded on the incorrect side of the cashbook. • The DSTV subscription payable by the business for R90 was one of the debits on the bank statement. • An insurance premium direct debit of R300 appeared on the bank…The following information of Mimosa General Dealers for July 2021 has been provided to you: •The debit balance per the bank account at 31 July 2021 was R6 250. •Bank charges of R130 appeared on the bank statement. •A deposit had been recorded on the bank statement as R620 instead of R820. The deposit slip submitted to the bank had been correctly prepared and recorded in the cashbook. •The bank statement showed a deposit of R600, of which Mimosa General Dealers had no details. It was determined that this deposit was from a debtor who had deposited the amount directly into the bank account of the business. •A receipt for a payment received from the insurance company of R1 800 was recorded on the incorrect side of the cashbook. •The DSTV subscription payable by the business for R90 was one of the debits on the bank statement. •An insurance premium direct debit of R300 appeared on the bank statement in July. Upon enquiring with the bank it was determined that the premium should have been…Read and understand the transaction. Prepare a Bank Reconciliation Statement using the following methods: a. Adjusted Method b. Book-to-bank Method c. Bank-to-book Method Use the space provided for each method for you answer. Moonlight Company maintains cash in ODB Bank. The following information was made available for the month of October 2021: • The bank statement at the of the month shows P10,000. • Deposits not yet reflected in the bank statement, P84,000. • Checks issued but not yet encashed by the payees, P65,000. The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, P4,000. • The ledger shows a cash-in-bank balance of P12,000. Notes receivable collected by the bank for Moonlight Company amounted to P16,000. • Interest earned by Moonlight Company from keeping their cash at ODB Bank is P5,000. • ODB Bank charged Moonlight Company P1,000 service charges directly debited to their account as seen in the bank statement. •…
- The 31 August 2021 bank statement of Bach Ltd has just arrived from United Bank. To prepare Bach’s bank reconciliation, you gather the following data: a) Bach’s Cash account has a balance of $2,900 on 31 August. b) The bank statement includes two dishonoured cheques from customers: B. Smith, $400 and A. Green, $110. c) The following cheques appear in the cash payments journal of Bach but have not yet been cleared by the bank at 31 August: Cheque no. Amount 237 $190 288 170 291 520 294 630 d) Bach collects from a few customers by EFT. The August bank statement lists a $1,300 EFT deposit for a collection on account. e) The bank statement includes two special deposits that Bach hasn’t recorded yet: $970 for dividend revenue, and $80 interest revenue which Bach earned on its bank balance during August. f) The bank statement lists a $30 bank service charge and a $15 excess transaction…On December 31, 2021, the cash account of Coco Corp, showed a balance of P391,480. The bank statement on that date showed a balance of P409,500. Upon examining the cash records and the bank statement, the following information were determined.a. There was a bank service charge of P 1,500 for the month of December 2021.b. There was a credit memo for a note collected by the bank for oOco Corp. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550c. December 31, 2021 receipts for P289,000 were deposited only on January 2, 2022d. Checks issued which have not yet cleared the bank as at December 31,2021 amounts to P186,610e. There is a debit memo for P45,320 for a customer’s check returned marked “DAIF”f. A receipt of P90,000 had been entered as P60,000 in the cash book. Check # 12345 issued amounting to P49,100 was erroneously recorded as P41,900 and check # 12346 issued in the correct amount of P5,820 had been taken up as P58,200.What is the…Using the following, prepare a bank reconciliation for Samtani Co. for August 31, 2020, including a proper three-line heading (please use Figure 8.6 in the text as your guide): a) The bank statement balance is $4,010 b) The cash account balance is $4,207 c) Outstanding checks amounted to $507 d) Deposits in transit are $633 e) The bank service charge is $35 f) A check for $84 for supplies was recorded as $48 in the ledger (an error in recording)
- The following items may appear on a bank statement: Bank correction of an error from recording a $3,200 deposit as $2,300 EFT payment Note collected for company Service charge Using the format shown below, 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’s account.On March 31, 2021 the bank column of the cashbook of showed a credit balance of P118,100 (Overdraft). On examining of the cash book and the bank statement, it was found that: a) Cheques received and recorded in the cashbook but not sent to the bank of collection P12,400. b) Payment received from a customer directly by the bank P27,300 but no entry was made in the cashbook. c) Cheques issued for P175,200 not presented for payment. d) Interest of P8,800 charged by the bank was not entered in the cashbook. Prepare bank reconciliation statement.The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.
- Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,166. The general ledger Cash account, No. 101, shows an ending cash balance per books of $67,730 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. The bank erroneously cleared a $590 check against the company account in March that S.Rey did not issue. The check was actually issued by Business Systems. On March 25, the bank statement lists a $48 charge for the safety deposit box. Santana has not yet recorded this expense. On March 26, the bank statement lists a $103 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. On March 31, the bank statement lists $44 interest earned on Business Solutions’s checking account for the month of March. Santana has not yet recorded this…Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,966. The general ledger Cash account, No. 101, shows an ending cash balance per books of $68,432 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. The bank erroneously cleared a $480 check against the company account in March that S.Rey did not issue. The check was actually issued by Business Systems. On March 25, the bank statement lists a $40 charge for the safety deposit box. Santana has not yet recorded this expense. On March 26, the bank statement lists a $111 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. On March 31, the bank statement lists $29 interest earned on Business Solutions’s checking account for the month of March. Santana has not yet recorded this…The accountant of Sophia Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Sophia Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.