Humanizer Company provided the following information: Balance per bank statement — May 31 2,600,000 Deposits outstanding 300,000 Checks outstanding ( 100,000) Correct bank balance — May 31 2,800,000 Balance per book — May 31 2,810,000 Bank service charge ( 10,000) Correct book balance — May 31 2,800,000 June data are as follows: Bank Book Checks recorded 2,200,000 2,500,000 Deposits recorded 1,600,000 1,800,000 Service charges recorded 50,000 Note collected by bank,P500,000 plus interest 550,000 NSF check returned with June 30 statement 100,000 Balances 2,400,000 2,100,000 1. What is the amount of outstanding checks on June 30? 2. What is the amount of deposits in transit on June 30? 3. What is the adjusted cash in bank on June 30?
1-3
Humanizer Company provided the following information:
Balance per bank statement — May 31 2,600,000
Deposits outstanding 300,000
Checks outstanding ( 100,000)
Correct bank balance — May 31 2,800,000
Balance per book — May 31 2,810,000
Bank service charge ( 10,000)
Correct book balance — May 31 2,800,000
June data are as follows: Bank Book
Checks recorded 2,200,000 2,500,000
Deposits recorded 1,600,000 1,800,000
Service charges recorded 50,000
Note collected by bank,P500,000 plus interest 550,000
NSF check returned with June 30 statement 100,000
Balances 2,400,000 2,100,000
1. What is the amount of outstanding checks on June 30?
2. What is the amount of deposits in transit on June 30?
3. What is the adjusted cash in bank on June 30?
4-7 Cool Company prepared the following bank reconciliation for the month of November:
Balance per bank statement, November 30 3,600,000
Add: Deposit in transit 800,000
4,400,000
Less: Outstanding checks 1,200,000
Bank credit recorded in error 200,000 1,400,000
Balance per book, November 30 3,000,000
Data per bank statement for the month of December:
December deposits, including note receivable
collected of P 1,000,000 for Cool Company 5,500,000
December disbursements, including NSF check
P350,000 and service charge P50,000 4,400,000
All items that were outstanding on November 30 cleared through the bank in December,
including the bank credit.
In addition, checks of P500,000 were outstanding and deposits of P700,000 were in transit on December 31.
4. What is the adjusted cash in bank on December 31?
5. What is the balance of cash per ledger on December 31?
6. What is the amount of cash receipts per book in December?
7. What is the amount of cash disbursements per book in December?
8. Rapture Company had the following information for the current year relating to
receivable
Accounts receivable, January 1 1,300,000
Credit sales 5,400,000
Collections from customers, excluding recovery 4,750,000
Accounts written off 125,000
Collection of accounts written off in prior year,
customer credit was not reestablished 25,000
Estimated uncollectible receivables per aging
at December 31 165,000
What is the balance of accounts receivable before allowance for doubtful accounts on
December 31?
9. Jinx Company provided the following information for the current year in relation to
accounts receivable:
Accounts receivable, January 1 1,300,000
Credit sales 5,500,000
Sales return 150,000
Accounts written off 100,000
Collections from customers 5,000,000
Estimated future sales return on December 31 50,000
Estimated uncollectible accounts per aging at year-end 250,000
What amount should be reported as net realizable value of accounts receivable on December 31?
10. At year-end, Harem Company reported accounts receivable of P8,200,000 with the following
analysis:
Accounts known to be worthless 100,000
Advance payments on purchase orders 400,000
Advances to subsidiary 1,000,000
Customers' accounts reporting credit balances arising
from sales returns (600,000)
Trade accounts receivable 3,500,000
Subscription receivable due in 30 days 2,000,000
Trade installments receivable due 1 — 18 months,
including unearned finance charge of P50,000 850,000
Trade accounts receivable from officers, due currently 150,000
Trade accounts on which postdated checks are held and
no entries were made on receipt of checks 200,000
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