Hechter Company's checkbook balance as of December 31,2020 was Php11,750,000. On the same date, Hechter had the following items on its safe, together with 18 blank checks: a. A Php70,000 check payable to Hechter Co., dated January 2,2021 that was included in the December 31 checkbook balance. b. A Php300,000 check payable to a supplier and drawn on Hechter Co.'s account that was dated and recorded December 31 but not mailed until January 3, 2021.
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What amount of cash should Hechter Co. report on its December 31,2020 statement of financial position?
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- Suga Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items in the safe:· Check payable to Suga, dated January 4, 2021, included in the December 31 checkbook balance- P3,000,000· Check payable to Suga, deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2022 and cleared January 3, 2022- P1,000,000· Check drawn on Suga’s account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2022- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2021?On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,439. The company's cash receipts for the month total $74,600, of which $71,365 has been deposited in the bank. In addition, the company has written checks for $72,509, of which $71,234 has been processed by the bank. The bank statement reveals an ending balance of $12,749 and includes the following items not yet recorded by Damon: bank service fees of $290, note receivable collected by the bank of $6,400, and interest earned on the account balance plus from the note of $1,020. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $860 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) DAMON COMPANY Bank…On October 31, 2021, Damon Company’s general ledger shows a checking account balance of $8,397. The company’s cash receipts for the month total $74,320, of which $71,295 has been deposited in the bank. In addition, the company has written checks for $72,467, of which $70,982 has been processed by the bank.The bank statement reveals an ending balance of $11,727 and includes the following items not yet recorded by Damon: bank service fees of $150, note receivable collected by the bank of $5,000, and interest earned on the account balance plus from the note of $320. After closer inspection, Damon realizes that the bank incorrectly charged the company’s account $300 for an automatic withdrawal that should have been charged to another customer’s account. The bank agrees to the error.Required:1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021.2. Record the necessary entries to adjust the balance for cash.
- Hotdog Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items in the safe:· Check payable to Hotdog, dated January 4, 2021, included in the December 31 checkbook balance- P3,000,000· Check payable to Hotdog, deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2022 and cleared January 3, 2022- P1,000,000· Check drawn on Hotdog's account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2022- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2021?On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,433. The company's cash receipts for the month total $74,560, of which $71,355 has been deposited in the bank. In addition, the company has written checks for $72,503, of which $71,198 has been processed by the bank. The bank statement reveals an ending balance of $12,603 and includes the following items not yet recorded by Damon: bank service fees of $270, note receivable collected by the bank of $6,200, and interest earned on the account balance plus from the note of $920. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $780 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) DAMON COMPANY Bank Reconciliation…Taemin Inc. had a checkbook balance on December 31, 2020 of P10,000,000 and held the following items in the safe:· Check payable to Taemin Inc., dated January 4, 2020, included in the December 31 checkbook balance- P3,000,000· Check payable to Taemin Inc., deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2021 and cleared January 3, 2021- P1,000,000· Check drawn on Taemin Inc.’s account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2021- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2020?
- On June 30, 2019, Wally Company's bank statement showed a $7,500.10 bank balance. Wally has a beginning checkbook balance of $9,800.00. The bank statement also showed that it collected a $1,200.50 note for the company. A $4,500.10 June 30 deposit was in transit. Check No. 119 for $650.20 and check No. 130 for $381.50 are outstanding. Wally's bank charges $.40 cents per check. This month, 80 checks were processed. Prepare a reconciled statement. (Round your answers to the nearest cent.) Checkbook balance Wally's checkbook balance Add: Deduct: Reconciled balance WALLY COMPANY Bank Reconciliation as of June 30, 2019 Bank balance Add: Deduct: Reconciled balance Bank balanceThe following selected data were taken from the bank statement and cash records of Taehyung V for the months of November and December 2020. December receipts recorded in the books amounted to P482,750 and checks written during the same period were P405,500. November bank service charges of P2,000 were recorded in the books in December. A debit memo for a customer’s NSF check for P5,800 is included in the December bank statement. Outstanding checks at November 30 and December 31 were P63,000 and P75,500, respectively. How much is the unadjusted cash disbursements per bank statement during the month of December?On December 31, 2020, TEJ Company had a cash balance per books of $8,664. The statement from DUABI Islamic Bank on that date showed a balance of $15,900. A comparison of the bank statement with the Cash account revealed the following facts. NSF check of customer returned by bank $4,200. Check No. 210 was correctly written and paid by the bank for $593. The cash payment journal reflects an entry for Check No. 210 as a debit to Accounts Payable and a credit to Cash in Bank for $539. Bank service charge for December was $100. A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared by the bank in December. The bank collected a note receivable for the company for $3,000 plus $100 interest revenue. Checks written in December but still outstanding $8,000. Checks written in November but still outstanding $5,150. Deposits of December 29 and 30…
- On December 31, 2020, TEJ Company had a cash balance per books of $8,664. The statement from DUABI Islamic Bank on that date showed a balance of $15,900. A comparison of the bank statement with the Cash account revealed the following facts. NSF check of customer returned by bank $4,200. Check No. 210 was correctly written and paid by the bank for $593. The cash payment journal reflects an entry for Check No. 210 as a debit to Accounts Payable and a credit to Cash in Bank for $539. Bank service charge for December was $100. A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared by the bank in December. The bank collected a note receivable for the company for $3,000 plus $100 interest revenue. Checks written in December but still outstanding $8,000. Checks written in November but still outstanding $5,150. Deposits of December 29 and 30…On December 31, 2020, the cash account of Jungkook Company showed a balance of P396,980. Upon examining the cash records and the bank statement, the following information were determined. There was a bank service charge of P 1,500 for the month of December There was a credit memo for a note collected by the bank for Jungkook. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550 December 31, 2020, receipts for P289,000 were deposited only on January 2, 2021 Checks issued which have not yet cleared the bank as at December 31,2020 amounts to P186,610 There is a debit memo for P45,320 for a customer’s checked returned marked “DAIF” 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. Jungkook’s correct amount of cash presented in its December…Western Flyers received its bank statement for the month of July 2019 with an ending balance of $11,065.00 whereas the cash book balance for Western Flyers is $12875. Western Flyers determined that check #598 for $125.00 and check #601 for $375.00 were both outstanding. Also, a $7,500.00 deposit for July 30th was in transit as of the end of the month. Big Bucks Bank also collected an amount of $5,300 from a client of Western Flyer as payment of a note ($5,000) and interest ($300) earned on a note. Big Bucks Bank charged Flyers a $15.00 fee for the collection service and $20 for issuance of 10 check books. 5. A check for $75.00 from Colin Abraham, a client, was returned with the bank statement marked “NSF”.