PROBLEM 4: MULTIPLE CHOICE-COMPUTATIONAL1. In preparing its August 31, 2004 bank reconciliation, CloudCorp. has made available the following information:P25,650Balance per bank statement, 8/31/04Deposit in transit, 8/31/045,900600Return of customer's check for insufficient fundsOutstanding checks, 8/31/04750100Bank service charges for AugustErroneous credit by bank2,000At August 31, 2004, Cloud's correct cash balance isa. P28,800.b. P28,200.c. P28,100.d. P26,500.(Adapted)

>Bank reconciliation statement, is a statement prepared on a particular date, to reconcile the…

PROBLEM 4: MULTIPLE CHOICE-COMPUTATIONAL 1. In preparing its August 31, 2004 bank reconciliation, Cloud Corp. has made available the following information: P25,650 Balance per bank statement, 8/31/04 Deposit in transit, 8/31/04 5,900 Return of customer's check for insufficient funds 600 750 Outstanding checks, 8/31/04 100 Bank service charges for August Erroneous credit by bank 2,000 At August 31, 2004, Cloud's correct cash balance is a. P28,800. b. P28,200. c. P28,100. d. P26,500. (Adapted)

PROBLEM 4: MULTIPLE CHOICE-COMPUTATIONAL 1. In preparing its August 31, 2004 bank reconciliation, Cloud Corp. has made available the following information: P25,650 Balance per bank statement, 8/31/04 Deposit in transit, 8/31/04 5,900 Return of customer's check for insufficient funds 600 750 Outstanding checks, 8/31/04 100 Bank service charges for August Erroneous credit by bank 2,000 At August 31, 2004, Cloud's correct cash balance is a. P28,800. b. P28,200. c. P28,100. d. P26,500. (Adapted)

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 5DQ

See similar textbooks

Similar questions

Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance: $6,626 Deposits in transit: $1,600 Outstanding checks: $599 and $1,423 Bank charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense.
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.
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
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.