he deposit in transit balance for the previous and current months are P200,000 and P100,000, respectively. If the total deposits acknowledged by the bank is P1,100,000 compute the book’s total deposits

he deposit in transit balance for the previous and current months are P200,000 and P100,000, respectively. If the total deposits acknowledged by the bank is P1,100,000 compute the book’s total deposits

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 4.4C

See similar textbooks

Related questions

Q: Fill in the missing amounts in the following schedules. Complete this question by entering your answ...

A: Beginning Accumulated depreciation + Depreciation expense during the year = Ending Accumulated depre...

Q: Buffalo Limited has the following information available regarding its share capital at December 31, ...

A: Shareholders also invest money in the company and in return they become the owners in proportion to ...

Q: War Room Company manufactures fire extinguisher per the design and specification of its customers, a...

A: Answer) In the given question, the defective units are due to error in specifications made by the cu...

Q: Bonanza has two operating departments (Movies and Video Games) and one service department (Office). ...

A: In this question, we have to find out the departmental contribution margin. Contribution means the ...

Q: Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accept...

A: Direct cost is the cost that is directly involved in the production process of the company that incl...

Q: Required: Prepare journal entries for each transaction (No narrations required) Prepare the Allowan...

A: Solution: Accounts receivable: it is a current asset of an organization. it is the amount due from c...

Q: Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time of acquisit...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: Young Medical Supply is a retailer of home medical equipment. Last year, Young's sales revenues tota...

A: Breakeven point is the level of sales at which no profit or loss. Breakeven sales in the dollar can ...

Q: The Cheesecake Factory Incorporated is publicly held and had more than 93 million common shares outs...

A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for yo...

Q: SONA Co. received an order for 1,000 units of item AY-14. Because of the order’s exacting specifica...

A: Cost per unit of finished product = Total cost / good Qty produced Total cost (in the given case) =...

Q: BC Co. provided the following information on selected transactions during 2021: Proceeds from issuin...

A: Lets understand the basics. Cashflow statement shows the cash inflow and cash outflow from the all t...

Q: Is conceptual framework for Financial Reporting Necessary? Discuss

A: The conceptual Framework sets out the basic ideas for money reportage that guide the Board in develo...

Q: EXCESS CAPACITY Krogh Lumber’s 2016 financial statements are shown here. a. Assume that the company...

A: Financial statements (sometimes referred to as financial reports) are formal papers that provide inf...

Q: Handy Home sells windows (60% of sales) and doors (40% of sales). The selling price of each window i...

A: Contribution margin = Selling price - variable cost

Q: On January 1, 2022, AA Company received cash of P1,000,000 and a 4-year, oninterest bearing note to ...

A: Solution Given Life of note 4 years Amount to be collected every year 600000 Effecti...

Q: At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts rec...

A: January 1, 2020 accounts receivable = $73,000 December 31, 2020 accounts receivable = $54,000 Sales ...

Q: Why is it important you possess at least a rudimentary understanding of accounting and being able to...

A: Financial Statement: Generally speaking, financial statements are written documents that provide inf...

Q: Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6) Fill in the missing amoun...

A: The statement of retained earnings is prepared to record changes in retained earnings such as net in...

Q: 1986 $10,000 18% 1987–1997 10,000 20,000 1,800 20 10,000 1998 20,000 40,000 3,800 22 20,000 40,000 6...

A: The answer is stated below:

Q: he balance sheet items of The Original Malt Sh yws at the close of business on September 30, 2 Accou...

A: (A) BALANCE SHEET AS ON SEPTEMBER 30,2001 Assets Amount Liabilities Amount Cash $7,400 Acc...

Q: Teal Mountain Inc has recorded all necessary adjusting entries, except for income tax expense, at it...

A: The income statement explains the financial performance of the company for a particular period of ti...

Q: BC Co. provided the following information on selected transactions during 2021: Proceeds from issuin...

A: Financing activities: It considers the impact of any change in Capital structure of the entity and i...

Q: JPB Company has only one job in process on January 1, 2022, Job No. 97 for 75 units, carried at a co...

A: The overhead variance is the difference between the applied overhead and actual overhead cost incurr...

Q: Laiho Industries^ 2018 and 2019 bal ance sheets (in thousands of dollars) are shown. a. Sales for ...

A: Balance Sheet: A balance sheet is an assertion of the resources, liabilities, and capital of a busin...

Q: ) On 30th of Sentember 2020 Bobby delivered the October

A: As per standard accounting principles a revenue is recognised not w...

Q: Bramble Inc. reports the following incomes (losses) for both book and tax purposes (assume the carry...

A: Income before tax means the earnings from which the tax is yet to be deducted.

Q: Financial information for Powell Panther Corporation is shown here. a. What was net operating wor...

A: The explanation is given as,

Q: rm in a remote area of Texas at a cost of $10 million. Bit Cat is legally required to dismantle and ...

A: Pv factor @ 8% for 10th year is 0.463193.

Q: 10. Which of the following should be disclosed in a şummary of significant accounting policies? a. T...

A: Let's Understand the basics Accounting policies are the specific principles and procedures impleme...

Q: Webb Company uses a job-order costing system and the following information is available from its rec...

A: Solution: Prime cost is the total direct costs of production, including direct materials and labor. ...

Q: of your answer on the space provided before each item. 1.On finding good strategies A. "Never discou...

A: Match 1. M 2. A 3 F 4 C 5 K 6 D 7 B 8 E 9 H 10 I 11 F 12 G 13 J 14 ...

Q: War Room Company manufactures fire extinguisher per the design and specification of its customers, a...

A: Gross profit rate = Gross profit / Sales Selling price per unit = Cost per unit + Gross profit per u...

Q: Nictorious Company manufactures two types of Electronic Toy, the Regular and SuperPro. The following...

A: Total manufacturing cost includes the cost incurred on the production process by the entity.

Q: AA Corporation shows a cash balance of P1,570,000 as of December 31, 2022. The following cash transa...

A: Cash balances between bank book and local ledger can vary due to many aberrations and deferrals betw...

Q: r spoilage P180 Final inspection revealed that 600 bags were sp

A: Cost of production(COP) refers to material, labours and overheads incurred during production.

Q: connection with the audit of the financial statements Janus Corporation ended December 31, 2020, you...

A: (a) cash shortages are expressions of financial disintermediation: the banking sector is unable to a...

Q: Simple interest 1. If 30,000Pesos accumulates to 30,412.50!at 8 ¼ % simple interest, how many days a...

Q: PROBLEM 7. In your year end audit of A. Bonifacio Corporation, the Cashier showed a cash accountabil...

A: 17. Opening cash accountability P240,000 Less: Disbursements for cost and expense (P15,000,000)...

Q: The controller of D-Day Chemical Supply has established the following activity centers with overhead...

A: Overhead cost per activity = Total overhead cost for the activity / No. of activity

Q: BE5.2 (LO 1), AP The following are the components in Gates Company's income statement. Determine the...

A: Gross profit is an excess of revenue over the cost of goods sold and operating income is the remaini...

Q: 3. Evening Company purchased a warehouse on February 8, 2015 for $500,000. Evening sells the factory...

A: Under MACRS depreciation different depreciation methods are used to depreciate different types of pr...

Q: In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Cla...

A: Introduction Accounting for Construction costs Works under construction is usually carried out in mo...

Q: The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 ...

A: External financing needed can be calculated by using this equation External financing needed =increa...

Q: ) The company is also considering the launch of a new product, component TDX 489, and has provided y...

A: Fixed Cost are the cost which is fixed in nature and can not vary with increase or decrease in produ...

Q: ovak Company buys merchandise on account from Bramble Corp.. The selling price of the goods is $1,35...

A: Solution Given Novak Company buys merchandise on account from Bramble Corp The selling price of the ...

Q: Lido Corp. has a commissary that supplies food and other products to its franchisees. It has two ser...

A: Direct Method: Under direct method, Service departments’ costs are allocated to Operating Department...

Q: Altex Inc. manufactures two products: car wheels and truck wheels. To determine the amount of overhe...

A: In the manufacturing or service industries, direct labor is labor that is assigned to a specific pro...

Q: t. The bottle manufacturing segment was sold on June 30. Operating profit from January 1 to May 30 f...

A: BB Company had a net income after tax of P3,500,000 for the year ended December 31, 2021.The company...

Q: Show a journal entry writing off an account using both the allowance method and the direct write-off...

A: Accounts Receivables - Accounts Receivables are the amount due from the customer but remain unpaid a...

Question

100%

The deposit in transit balance for the previous and current months are P200,000 and P100,000, respectively.

If the total deposits acknowledged by the bank is P1,100,000 compute the book’s total deposits.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Formula

VIEW

Answer

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR