Kanor Company provided the following on December 31, 2020: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty Cash (unreplenished petty cash expenses, P10,000) 50,000 Notes receivable 4,000,000 Accounts receivable, net of accounts with credit balances of P1.5M 6,000,000 Inventory 3,500,000 Bond Sinking Fund 3,000,000 Accounts Payable, net of accounts with debit balances of P1M 7,000,000 Notes payable 4,000,000 Bond payable due June 30, 2021 3,000,000 Accrued expenses 2,000,000 What amount should be reported as total current liabilities on December 31, 2020? A. 19,000,000 B. 16,000,000 C. 15,500,000 D. 15,000,000

Kanor Company provided the following on December 31, 2020: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty Cash (unreplenished petty cash expenses, P10,000) 50,000 Notes receivable 4,000,000 Accounts receivable, net of accounts with credit balances of P1.5M 6,000,000 Inventory 3,500,000 Bond Sinking Fund 3,000,000 Accounts Payable, net of accounts with debit balances of P1M 7,000,000 Notes payable 4,000,000 Bond payable due June 30, 2021 3,000,000 Accrued expenses 2,000,000 What amount should be reported as total current liabilities on December 31, 2020? A. 19,000,000 B. 16,000,000 C. 15,500,000 D. 15,000,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 4QY: What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the...

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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
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.
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35
Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
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.