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Deposit of P100,000 incorrectly recorded by bank as 10,000
Check of Rid Company charged by bank against Red Company
account 150,000
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- The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.The bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.Orion Rentals is unable to collect on a note worth $25,000 and has accumulated interest of $250. It convert this note and interest to accounts receivable. After some time, Orion is still unable to collect the debt and it decides to sell the converted note to a collection agency. The collection agency will pay only 20% of the value of accounts receivable to Orion. What is the amount of cash paid to Orion from the collection agency? A. $5,000 B. $5,050 C. $20,000 D. $19,950
- TRUE OR FALSE 1. The book recorded a checkdisbursement of P1.000 as P10.000.The book is understated by P9,000. 2. The bank omits a deposit of P 10,000for the month. This is subtracted to thebook balance. 3. The bank deducted twice the checkissued by JOY Trading. This is a bookerror. 4. The book recorded twice a deposit of P2,000. The book is overstated ascompared to bank balance. 5. JOY Trading collected P 10,000 butforgot to deposit it at the end of themonth. This is outstanding check.. Cash book balance RM4,000Bank statement balance RM 4,270On comparison on the following were found:1. Cheque not yet presented for payment RM2,500. 2. Bank rejected cheque (Dishonoured cheque) amounting RM140. 3. Standing order for a staples order of RM700 was not noted. 4. A customer paid RM170 directly into the bank without notifying us. 5. Bank charges of RM160 were entered in the bank statement only. 6. A dividend of RM250 was paid directly into the bank and not recorded in the cash book. 7. Cheque for RM1,650 were entered into the cash book and deposited in the bank but had not been cleared. Prepare a bank reconciliation statement for the monthCash in bank, net of bank overdraft of P100,000 1,200,000 Petty cash, including unreplenished petty cash expenses (P10,000) 50,000 Notes receivable 750,000 Notes receivable, net customers’ accounts with credit balances of P200,000 2,000,000 Inventory, excluding unrecorded purchase of P300,000 on account in transit shipped FOB shipping point on December 31, 2019 2,500,000 Deferred charges 150,000 Accounts payable, net of suppliers’ accounts with debit balances of P400,000 3,000,000 Note payable,…
- A Company provided the following account balances on December 31, 2021:Accounts receivable P1,300,000 Allowance for bad debts 500,000 Financial assets at fair value through profit or loss400,000 Financial assets at amortized cost/held to maturity 1,100,000 Cash in bank, net of bank overdraft of P200,000 maintained in the same bank 900,000 Petty cash 10,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 1,100,000 Patent 300,000 Prepaid expenses 200,000 **Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.Wraith Inc. factored without recourse its accounts receivable amounting to P100,000. Wraith received P82,000 as cash advance from the bank and the bank withheld 3,000 as contingency for uncollectible accounts. The bank charged Wraith P15,000 as finance service fee for factoring. How much is the loss on factoring from the transaction? a. Zero b. 10,000 c. 15,000 d. 20,000The cash book of Intan shows an overdraft balance of RM80,000 on the 31 January 20X1. The Bank Statement for 31 January 20X1 shows an overdraft balance of RM90,900. After examining the two, the following are found: Credit side of the cash book cast short – RM1,000 Premium on Life Insurance Policy paid on standing order – RM5,000 Cheque recorded for collection but not sent to the bank – RM10,000 Bank Charges recorded twice in the cash book – RM100 Customer’s cheque returned by the bank as dishonoured – RM4,000 Bill Receivable collected by the bank directly on the behalf of company – RM20,000 Cheque received entered twice in the cash book – RM6,000 Cheque issued but dishonoured on technical grounds – RM3,000 Cheques deposited into the bank of worth RM45,000 but RM8,000 cheque was not collected by bank Required: Prepare a Bank Reconciliation statement for the month of 31 January 20X1, after making the necessary adjustments to the cash book.
- The following data pertains to Blessed Trading on April 30:Correct cash balance in a general checking account with Banco de Bro - P322,000Overdraft in a special checking account with General Bank (Blessed Trading does not have another account with General Bank - P20,000Cash accumulated in a special fund that will be used for plant expansion in the following year - P150,000Cash surrender value of life insurance policy - P32,000Cash travel advances in the hands of sales personnel - P12,000Currency and coins in petty cash fund (the company has not replenished the fund to the imprest amount of P10,000) - P2,850How much cash should Blessed Trading report on April 30?MC29 The following pertains to Onyx Trading on April 30, 2020: Correct cash balance in a general checking account with Equitable-PCIBank — P320,000 Overdraft in a special checking account with Family Bank (Onyx does not have another account with Family Bank) — P20,000 Cash accumulated in a special fund that will be used for plant expansion in five years — P150,000 Cash surrender value of life insurance policy — P 32,000 Cash travel advances in the hands of sales personnel — P12,000 Currency and coins in a petty cash fund (the company has not replenished the fund to the imprest amount of P2,000) — P580 How much cash should Onyx report on the April 30, 2020 statement of financial position? (WITH SOLUTION) a. P332,580 b. P322,000 c. P320,580 d. P302,000Information pertaining to 67 company appears belowBalance per ledger, July 31 P 650,000Balance per bank statement July 31 1.240.000Deposit in transit 280,000debit memo - service charges 10,000credit memo collection of notes receivables by bank of 67 company 300,000Oustanding checks ?check for purchase supplies was drawn for P60,000 but was recorded as 90,000 what is the amount of outstanding checks on July 31?
