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- ABC company are involved with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug 3 Aug 5 Aug 7 Aug 10 Aug 10 Aug 11 Aug 12 Aug Started business with $150, 000 in the bank Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug 36 Boxes Brake Shoe 24 Boxes Disc Pads Provided services for cash less 10% discount 12 small motorbike engines 6 large motorbike engines (full service) 8 medium size motorbike engines (full service) Paid Rent by cheque Paid Wages by cheque Bought Fixtures from CT Limited paying by cash Provided services on credit to Auto Care. 24 small motorbike engines 8 large motor bike engines (partial service) 12 medium size motorbike engine (partial service)…Scenario: Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 28 Aug The owner took $5000 out of the bank for his personal use. 28 Aug Provided services for cash 12 small motorbike engines $350.00 per engine 6 medium size motorbike engines $550.00 per engine 4 medium size motor bike engines $800.00 per engine 29 Aug…Question 2 You are the bookkeeper of Holmes Traders. You undertake a bank reconciliation at the end of every month. Holmes Traders received its bank statement for the month ending 31 March 2021. The bank reconciliation at the end of February showed a deposit in transit of $780 and two outstanding cheques (no. 563 for $204 and no. 571 for $420). The adjusted cash balance in the entity’s records was $7087 debit at the end of February. Below are the entity’s March bank statement and the entity’s book records that indicate the deposits made and cheques written during the month of March: AU Bank - Bank Statement For the period 01/03/2021 – 31/03/2021 Holmes Traders, NSW Dr Cr Balance $ Balance brought forward 6931 CR 1 March Deposit 780 7711 CR 3 March Deposit 708 8419…
- following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 4/9 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.00 per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited $3,500.00 paying by cash 11 Aug Provided services on credit to…PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 Cash receipts from sales: On 2019 sales $295,000 $160,000 $ 30,000 On 2020 sales –0– 355,000 90,000 On 2021 sales 408,000 Cash payments for expenses: On 2019 expenses 185,000 67,000 25,000 On 2020 expenses 40,000a 160,000 55,000 On 2021 expenses 45,000b 218,000 a Prepayments of 2020 expenses. b Prepayments of 2021 expenses. Instructions a. Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the cash basis. b. Using the data above, prepare abbreviated income statements for the years 2019…
- 2. The bank sends you a memorandum informing you that they have increased the balance of your account... A. Credit Memo B. Debit MemoC. Deposit in Transit D. Outstanding Checks 3. An entity has P2,201,000 cash balance per books, P521,000 deposit in transit, P543,000 outstanding checks, P390,000 notes collected by the bank from entity's customer, P600 bank service charge and P89,000 NSF check. What is the adjusted cash balance? A. P2,048,000 B. P2,502,400 C. P2,501,400 D. P2,179,000 4. When preparing a bank reconciliation, interest credited to the business’ bank account but not yet recorded in the books of account is... A. Added to the balance of cash per books B. Deducted from the balance of cash per books C. Added to the balance per bank statement D. Deducted from the balance per bank statementThe bookkeeper for Blossom Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bank reconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bank statement showed the following: Date May 1 3 5 15 19 21 25 25 27 28 31 BLOSSOM MANUFACTURING LTD. Bank Statement May 31 NSF fee Description Deposit Cheque, No. 001 Cheque, No. 002 Deposit Cheque, No. 004 Cheque, No. 006 Returned cheque-NSF, S. Gillis Cheque, No. 009 Cheque, No. 010 Bank service charges Amounts Deducted from Account (Debits) 1.648 7,277 8,457 1,016 1,377 31 2,173 2,005 43 Amounts Added to Account (Credits) 25,500 4,743 Balance 25,500 23,852 16,575 21,318 12,861 11,845 10,468 10,437 8,264 6,259 6,216 Blossom's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following:PROBLEM 1. The accounting records for Ortiz, Inc. revealed the following information on April 30, 2020: $51,000 Bank statement balance, April 30, 2020 Credit memo with bank statement for interest 15 earned during April on bank account Debit memo with bank statement for April's service charge 27 2,000 Deposits in transit on April 30 Cash on hand 500 1,000 NSF customer check on April 30 A $175 deposit made on April 3 was recorded incorrectly by the bank as The bank collected a customer's note receivable 125 (including 10% interest) Outstanding checks on April 30 Cash account balance, April 30, 2020 1,100 3,900 50,000 Required: Prepare a bank reconciliation using good format. b. Prepare any necessary adjusting journal entries for April 30, 2020. а.
- cam - Intermediate Accounting 1.docx Open with Google Docs For Nos. 26- 27 Tron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank recondliation: Deposit in transit Outstanding checks P6,800 15,600 April 2019 data: Per Bank Per Book Balance, March 31 Deposits reflected 296,560 190,400 287,760 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) 319,680 Balance, April 30 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. 26. How much is Iron's deposits in transit at April 30? a. P12,400 b. P18,000 C. P1,200 d. P5,600 27. How much is Iron's outstanding checks at April 30? P27,600 b. a. P34,400 P18,800 d. P24,800 C. For Nos. 28-30 Page 4 / 5 The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these acCalculate the profit of a bank by preparing income and expenditure statement. -Assume that you are an accountant in a PNZ Bank. From the following particulars, prepare the profit and loss account of bank PNZ for the year ended 31-03-2020. Particulars OMR Particulars OMR Locker rent Discount on bills discounted Director and auditor fee Establishment Expenses Interest on loan Interest on fixed deposit Interest on cash credit Sundry expenses Impairment for credit loss Transfer fee Fee and commission expenses Provision for doubtful debts Decrease in net changes in face value of sale of investment 70,000 2,100,000 50,000 600,000 2,800,000 2,980,000 2,400,000 20,000 2,000 5,000 25,000 300,000 900 Interest on current account Interest on over draft Interest on savings bank account Postage and telegram Printing and stationary Discount on bills discounted Rent and taxes Income tax expenses Depreciation Fee and commission income Profit on exchange difference arising on foreign…You have been asked to help out a small Landscaping company by preparing their month-end bank reconciliation for February, 2022. You have gathered the following information: Balance per the bank statement, February 28, 2022 $5,033 Unadjusted balance per books (G/L), February 28, 2022 $1,950 A deposit made on February 28th not yet recorded by the bank $6,375 Outstanding cheques (total) as of February 28, 2022 $4,928 You found the following items on the bank statement that were either not included in the books (G/L) or were entered incorrectly: Bank Service Charges $35 NSF cheque from R. Bounce was returned by the bank $685 (this was for an outstanding account receivable) Note and interest collected by the bank on behalf of the company $5,250 ($5,000 is for the note and $250 is interest that was collected) Required – а. Prepare the adjusting entries required for the cash account. Calculate the adjusted balance per books. b. Prepare a bank reconciliation as at February 28.