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- For each of the following, indicate if the statement reflects an input component, output component, or storage component of the accounting information system for a bank. A. Online customer check ordering system. B. Approved loan applications. C. Report of customers with savings accounts over $5,000. D. Desktop hard drive on computer used by bank presidents administrative assistant. E. List of the amount of money withdrawn from all of the banks ATMs on a given day.Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?Bigger Company provided the following information: Balance per book, August 31 2,000,000Book debits for August 4,400,000Book credits for August 3,600,000Balance per bank, August 31 1,860,000Bank credits for August 5,000,000Bank debits for August 3,940,000August collection of P200,000 recorded by entity as 20,000August check in payment of account payable for P600,000 recorded by entity as 60,000Deposit of Biggers Company erroneously credited by bank to Bigger Company 200,000August check of Biggers Company erroneously charged by bank to Bigger Company 400,000NSF:July 31August 31100,00050,000Note collected by bank for Bigger Company:July 31August 31200,000300,000Deposit in transit:July 31August 31600,000480,000Outstanding Checks:July 31August 31100,000650,000 Required: Prepare a four-column bank reconciliation showing adjusted balances and Prepared adjusting entries on August 31.
- 1-3 Humanizer Company provided the following information:Balance per bank statement — May 31 2,600,000Deposits outstanding 300,000Checks outstanding ( 100,000) Correct bank balance — May 31 2,800,000 Balance per book — May 31 2,810,000Bank service charge ( 10,000)Correct book balance — May 31 2,800,000 June data are as follows: Bank Book Checks recorded 2,200,000 2,500,000Deposits recorded 1,600,000 1,800,000Service charges recorded 50,000Note collected by bank,P500,000 plus interest 550,000NSF check returned with June 30 statement 100,000Balances…Drawings of £13,000 are paid to the owner of a sole trader business through the business’s bank account. Which ledger accounts are to be debited and credited, respectively? a) Debit Capital A/c & Bank A/c b) Debit Drawings A/c & Credit Bank A/c c) Debit Bank A/c & Credit Drawings A/cMake your solutions, calculations or computations legible, neat, and in good accounting form. ENCIRCLE/ HIGHLIGHT your final answer. 1. HIRO Company provided you its June bank statement for its PNB demand account. The beginning balance, total bank debits and total bank credits are P350,000, P2,800,000 and P2,850,000 respectively. Checks disbursed by the company last month that cleared this month totaled P250,000 while checks issued this month but still outstanding amount to P350,000. Deposit in transit at the beginning and end of the month total P200,000 and P350,000, respectively. The bank also returned P30,000 which it incorrectly charged against the HIRO bank account during May. What is the correct cash receipts amount for the month? 2. Using the same information in the previous problem, what is the correct cash disbursements amount for the month? 3. ABC Corporation recorded debits of P2,500,000 and credits of P2,450,000 in the Cash in Bank account during the month of September.…
- The accountant for the Goshen Company assembled the following data:June 30 July 31Cash account balance P 15,822 P 39,745Bank statement balance 107,082 137,817Deposits in transit 8,201 12,880Outstanding checks 27,718 30,112Bank service charge* 72 60Customer's check deposited July 10, returnedby bank on July 16 marked NSF, and redeposited immediately; no entry made on books for return or redeposit 8,250Collection by bank of company's notes receivable 71,815 80,900* (Recorded on books in month following charge or collection)The bank statements and the company's cash records show these totals:Disbursements in July per bank statement P218,373Cash receipts in July per Goshen's books 236,452Checks written in July per Goshen's books 212,529Receipts in July per bank statement 249,108 Determine the correct balance of the following:A. June 30 adjusted cash in bank balance B. July 31 adjusted receipts C. July 31 adjusted disbursements D. July 31 adjusted cash in bank balanceThe following information is available for Pyle Garage for March, Year 2: BANK STATEMENTHAZARD STATE BANK215 MAIN STREETHAZARD, GA 30321 Pyle Garage629 Main StreetHAZARD, GA 30321 Account number62-00062March 31, Year 2 Beginning balance 3/1/Year 2 $9,070 Total deposits and other credits 30,096 Total checks and other debits 25,024 Ending balance 3/31/Year 2 14,142 Checks and Debits Deposits and Credits Check No. Amount Date Amount 1462 $ 3,795 March 1 $ 1,140 1463 1,684 March 2 6,548 1464 8,040 March 6 4,976 1465 2,946 March 12 6,209 1466 1,449 March 17 6,006 1467 6,220 March 22 2,126 DM 60 CM 3,091 1468 830 The following is a list of checks and deposits recorded on the books of Pyle Garage for March, Year 2: Date Check No. Amount of Check Date Amount of Deposit March 1 1463 $ 1,684 March 1 $ 6,548 March 5…2. Which of the following on a Balance Sheet would cause concern for you? Use the sample Balance Sheet provided Notes & Comments Current Assets 10350 Bank Chequing $75,992 10857 Visa Credit Card -$226 12000 Accounts Receivable $21,296 13500 Inventory Assets $27,791 14990 Hold Backs -$275 Total Current Assets $124,578 Liabilities & Equity 20000 Accounts Payable $22,063 22100 Unapplied Cash $8,716 29300 Shareholder Loan $24,410 35600 Retained Earnings $52,416 Net Icome (Current Year) $16,873 Total Liabilities & Equity $124,478
- 2nd - The business has drawn a check of the same amount on the deposit account of Bank “A” in return for its debt of TL 28,000 to the seller. Which of the following accounts is correct to use in the journal entry to be made according to this information? a) Checks and payment orders given account is owed 28.000 TL B) Banks account credited 28.000 TL NS) Received checks account is credited 28.000 TL D) Sellers account credited 28.000 TL TO) Sellers account owed 28.000 TLOn April 30, a company’s bank statement had an ending balance for cash of $43,352. The cash balance on the same date, in the accounting records, was $43,512.1. A company received a cheque for $865 from a customer which was deposited in the bank account. The cheque amount was correct and correctly recorded in the accounting records. According to the bank statement, $695 was deposited in the bank account.2. One entry in the bank statement was the $2,329 payment of a receivable by a customer via electric funds transfer.3. A company cheque for $1,650, originally mailed during March to a supplier, had not cleared the bank account by the end of April. Two other company cheques, for $1,010 and $275 issued during the current month to suppliers were still outstanding at month end.4. During April, a customer’s cheque for $862 was deposited in the bank in settlement of a receivable. The customer’s cheque did not clear the bank due to nonsufficient funds. The bank deducted $22 for the NSF fee from…Only typed answer Refer to the accompanying table of information for the Moolah Bank. Assume that the listed amounts constitute this bank's complete set of accounts. Moolah's Multiple Choice assets are $1,100. liabilities are $1,100. net worth is $300. profit is $1,000.
