.ABC Corp held the following items on Dec 31, 20X1: Cash on hand, P50,000 Petty cash fund (currencies and coins P3,000) , P5,000 Customers check #453 dated Dec 30, P45,000 Customer check #7600 dated Jan 2, 20X2, P23,000 NSF check (received from the bank dated Dec 28, 20X1), P4,000 Cash in bank (per bank statement) P37,000 Outstanding checks for the month, P4,800 What amount should ABC Corp. show as cash at Dec 31, 20X1? 130,200 132,200 137,000 179,000

.ABC Corp held the following items on Dec 31, 20X1: Cash on hand, P50,000 Petty cash fund (currencies and coins P3,000) , P5,000 Customers check #453 dated Dec 30, P45,000 Customer check #7600 dated Jan 2, 20X2, P23,000 NSF check (received from the bank dated Dec 28, 20X1), P4,000 Cash in bank (per bank statement) P37,000 Outstanding checks for the month, P4,800 What amount should ABC Corp. show as cash at Dec 31, 20X1? 130,200 132,200 137,000 179,000

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 5E

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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 statement of ABC Corp disclosed a cash balance of P687,000 at Dec 31. Additional information showed the following:a. An NSF check for Dec was for P4,000.b. Bank credit memo for Dec was P3,500c. Deposit in transit, P5,000d. Outstanding checks, P3,400e. Undeposited collections P10,000Adjusting entry at Dec 31 should include: dr Cash in bank 5,000 dr Cash in bank 500 cr Cash in bank 3,400 cr Cash in bank 500
[The following information applies to the questions displayed below.] 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 ৪৪, 978 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 11 17 23 36, 800 26 960 NSF Interest earned 30 19, eee $300 5e 19, 200 31 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 48, e00 28,e00 36, e00 19,e09 13, еев Checks written during December: 7,620 550 13,900 960 23 30 31 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $300 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the…
The books of ABC Corp disclosed a cash balance of P687,000 at Dec 31. Additional information showed the following: a. An NSF check for Dec was for P4,000. b. Bank credit memo for Dec was P3,500 c. Deposit in transit, P5,000 d. Outstanding checks, P3,400 e. Undeposited collections P10,000 How much is the correct cash balance at Dec 31? 686,500 687,000 698,600 679,500
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14. The books of Hotsilog Service Inc. disclosed a cash balance of P48,757 on June 30. The bank statement as of June 30 showed a balance of P54,780. Additional information that might be useful in reconciling the two balances follows: a. Outstanding checks totaled P9,885 as of June 30. b. Deposit in transit totaled P13,425 as of June 30. C. There were bank service charges for June of P210 not yet recorded on the books. d. Hotsilog's account had been charged on June 26 for a customer's NSF check for P1,296. e. A bank memo stated that a customer's note for P9,000 and interest of P164 had been collected on June 27. f. Check payable to creditors for P3,000 was erroneously recorded on the books as P4,500. g. The deposit of June 24 was recorded on the books as P2,895, but it was actually a deposit of P2,700. h. Hotsilog's account had been credited by the bank for P600. This amount should have been credited to Langsilog. How much is the correct cash balance at the end of the month? A. 57,720…
6. Yerojin Company provide the following data on December 31, 2022: Petty cash fund P 12,500 Cash on hand 250,000 Current account 625,000 Cash in sinking fund 750,000 Money market placement 500,000 Savings deposit – set aside for dividend payable on June 30, 2022 125,000 The petty cash fund included unreplenished petty cash vouchers of P5,000. The cash on hand included a customer check of P100,000 received on December 15, 2021 but dated January 15, 2022. The sinking fund is restricted for the payment of bonds payable that is due on July 31, 2023. What is the amount of cash and cash equivalents should be reported on December 31, 2022? А. 907,000 C. 1,657,500 В. 1,407,500 D. 2,157,500
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