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Topic: Cash and Cash Equivalents / Intermediate Accounting 1
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- Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.Prepare the journal entry to reconcile the bank statement in EB9.Which of the following item, have been recorded on the company's books but not yet by the bank: ered f1.00 Select one: stion a. Cash per bank b. Outstanding checks c. Cash per book d. Deposits in transit
- O CDE3. From the following, construct a bank reconciliation with heading for Woody Co. as of May 31, 2022. GL Cash balance $1,869.60 Outstanding cheques Bank service charge NSF cheque 427.80 Bank statement balance 1,951.20 13.80 Deposits in transit 271.20 61.20YOU 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…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 following information pertains to jeng Company: Balance per bank statement, Dec. 31, 2013, P73,350Cash ledger balance, Dec. 31, 2013, P63,675Proceeds of a customer’s note collected by the bank including P50 interest, P6,525Bank service charges, P45Deposit in transit, P4,158NSF check of customer deposited and returned, P378Outstanding checks, P7,731 Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entriesThe 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 BookUse the following information that was drawn from the books of Ralesego as on 31December 2020 to draw the bank reconciliation statement. Details Amount ‘Pulas’Cash at bank as per cashbook bankcolumn 2,910Unpresented Cheques 730 Bank lodgments 560Credit transfers appearing in the bank 340statement but not entered in the cashbookCash balance as per bank statement 3,420
- Using general GL codes (expense, receivable, revenue, etc.), write out the JE necessary to post each of these bank transactions: Account Activity Transaction Date 07/01/2022 07/01/2022 07/01/2022 07/01/2022 07/01/2022 Description Beginning Balance FX 157510619000001 EUR 17145 R ATE: 1.03944INV3318 INV3307 BRAINTREE FUNDING 6XDJXT LONGTAILVIDEO WIRE IN 220701B1Q8021C018706 202218219086;ORG AMAGI MEDIA L ABS PRIVATE LIMITED;OBI S1023 ADP 401K ADP 401k 94YL7 063026V01 LONGTAIL AD SOLUTIONS Debits -$17,821.20 $0.00 $0.00 -$54,337,80 Credits $0.00 $55,477.13 $8,175.00 $0.00 BProblem Solving. 1. Assuming the following information for Uno Company: bank balance P65,000; book balance ? ; deposit in transit P11,000; outstanding check P10,000; credit memo P2,000; and debit memo P500. How much is the adjusted bank balance?Reconcile the bank account and theaccounting books based on the followinginformation: a. The bank statement for theaccount of Hungry Joe Companyreflects the July 31 balance ofP54,780.00 b. P68,757 was the ending balance ofthe general ledger cash account onJuly 31. c. A check issued by Hungry JoeCompany for P3,000 was recorded inthe accounting books as P4,500. d. checks that were issued and received bypayees that have not yet cleared the bankas of July 31 totaled to P9,885. e. Bank service charge according tothe July bank statement is P210.Hungry Joe ‘s accountant has not yetrecorded this on the books. f. Deposit in transit as for July amountedto P13,425 g. Comparison of the accountingrecords and bank statement showeda July 3 P600 deposit (with validateddeposit slip on file) that was notfound in the bank statement. h. There were two customers checks thatwere dishonored by the bank in July fornonsufficient funds: From Cris Corporation = P1,296 From May Incorporated = P14,265 i. The…