Cash balance per books, September 30 $5,300 510 Deposits in transit Notes receivable with interest collected by bank 580 Bank service charges 70 Outstanding cheques 1,800 NSF cheque 150 The adjusted cash balance per books on September 30 is 1) $5,700.00 2) $5,660.00 3) $6,210.00 4) $5,810.00
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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.JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: Sept. 15 Borrowed 7,000 cash from the bank, giving a 60-day non- interest- bearing note. The note is discounted 8 % by the bank. Nov. 14 Paid the 7,000 note, recognizing the discount as interest expense.JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: July15 Borrowed 5,000 cash from the bank, giving a 60-day non- interest-bearing note. The note is discounted 8% by the bank. Sept.13 Paid the 5,000 note, recognizing the discount as interest expense.
- Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?Cash balance per books, September 30 $5,300 Deposits in transit 510 Notes receivable with interest collected by bank 580 Bank service charges 70 Outstanding cheques 1,800 NSF cheque 150 The adjusted cash balance per books on September 30 is O 1) $5,700.00 O 2) $5,660.0O O 3) $6,210.00 O 4) $5,810.0OBank balance as per Cash book RO 25,000 Cheques deposited into bank but not credited up to December 31, 2018 is RO 8,900. Cheques issued but not presented for payment RO 12,500. Bank credited RO 6,000 for receiving dividend through Electronic Clearing System. Cheque book charges debited by Bank RO 400. The balance as per the Pass book is A) 28600 B) 30600 C) 29600 ) 21400
- Balance of cash in bank account 1,300,000Balance of bank statement 1,200,000Outstanding checks, August 31:Number 555 10,000761 55,000762 40,000763 25,000764 65,000765 70,000Receipts of August 31, deposited September 1 275,000The bank statement showed the following charges:a. Service charge for August 5,000b. NSF check received from a customer 85,000The cashier-bookkeeper had misappropriated 30,000 and an additional 10,000 by charging sales discounts and crediting accounts receivable.The stub for check number 765 and the invoice relating thereto show that it was for 50,000. The check was recorded incorrectly in the cash disbursements journal as 70,000. The check was drawn in payment of an account payable.Payment has been stopped on check number 555 which was drawn in payment of an account payable. The payee cannot be located.Required:a. Prepare a bank reconciliation on August 31 using the adjusted balance method.b. Prepare adjusting entries in the Susan Company book on August 31Bank Reconciliation Statements lecture Homework #1 ZipFlyer Inc. 's cash T-Account for May shows the foliowing information: Cash Date Commenis Amount S13,846 1.550 2,700 Date Comments Amount Cheque 75 Cheque #76 Cheque 877 Cheque 78 Cheque #79 Cheque #80 Cheque #81 Cheque #82 Cheque #83 Cheque #84 Cheque #85 Cheque 486 Opening balance Deposit May ! May 3 May 1 May I May 3 May 15 May 21 Миу 31 5550 875 Deposit Deposit Deposit Deposit May 4 1,256 May 7 May 10 May 13 Миу 17 May 21 May 25 May 28 May 29 May 31 4.950 3.684 2.600 3,000 1,100 486 548 3,058 1,244 983 68 175 May 31 Ending Balance $14,619 The following comes from the company's April 2024 Bank Statement: Date Description Balance Forward Depasit Cheque #75 Depasit Cheque #77 NSF Cheque- W. White Cheque #76 Cheyue #78 Bank Collection Cheque #79 EFT - ltilities bill Deposit Cheque #80 Depasit EFT- Telephone Cheque #82 Cheque #83 Bank plan fee Withdrawals Deposits Balance $13846 15,396 14.846 17.546 16,290 15,690 April 30 Мay 2 May 3…Balance, December 31, 2018 $3,340 ADD: Deposit in transit 100 3,440 LESS: Outstanding checks $400 400 Adjusted bank balance, December 31, 2018 $3,040 Book: Balance, December 31, 2018 $2,540 ADD: Bank collection $510 Interest revenue 20 530 3,070 LESS: Service charge $30 30 Adjusted book balance, December 31, 2018 $3,040
- The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance $ 48, 000 40, 380 67,830 53,930 ৪9,938 88,970 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 6. 11 17 23 36, e00 26 960 30 19, 200 19,000 NSF* $300 31 Interest earned 50 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 23 48, 000 28, e0e 36, eee Checks written during December: 7,620 550 30 13,900 960 19, e00 31 13,e00 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 3. Prepare a bank reconciliation for December. STEWART COMPANY Bank Reconciliation At December 31 Bank Statement Company's Books Ending Balance Per Bank Statement Ending Balance Per Cash Account Additions: Additions: Deductions: Deductions: Up-to-Date Cash Balance Up-to-Date Cash BalanceWhat is the adjusted cash in bank on December 31? 8,200,000 9,050,000 8,970,000 9,150,000 What is the cash in bank per ledger on December 31? 8,990,000 8,270,000 8,560,000 8,660,000 for fc479f51-46ab-41af-b134-12bc9f4c0777.png How much from the list above should be presented as part of noncurrent assets 4,000,000 1,000,000 4,900,000 5,500,0009 The AA Company’s cash in bank for the year ended December 31, 2022, following information are available: November 30 December 31 Cash per books P530,500 ? Cash per bank statements 510,000 520,500 Deposits in transit 260,100 ? Outstanding checks 162,600 220,400 Bank service charges 2,500 2,700 Insufficient fund check 10,500 12,000 Company's notes receivable collected by bank 130,000 125,000 The bank statement and the company’s cash records show the following totals: Checks and debit memos per bank statement P470,500 Cash receipts per cash record 490,500 Cash disbursements per cash records 450,000 Deposits and credit memos per bank statement 481,000 Additional information: A P40,000 book debit error in November was corrected in December. A P25,000 withdrawal of AB Corporation…