Please answer all the following questions as appear in the pictures, below: 1- Cash Receipts and Cash Payments 2- Bank Ledger Account July 3- Bank Reconciliation Statement Thanks!
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Please answer all the following questions as appear in the pictures, below:
1- Cash Receipts and Cash Payments
2- Bank Ledger Account July
3-
Thanks!
Step by step
Solved in 2 steps
- 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.The balance of the general ledger cash accounts as of December 31, 20P1 is P7,120. On the other hand, the bank statement showed a December 31 20P1 balance of P6,580. You were tasked to prepare the bank reconciliation statement for the company's bank account. Your analysis of the bank statement and the general ledger account revealed the following: |Deposit in transit Credit memo for direct collection of a note receivable Credit memo for interest income Auto debit of cell phone bill Customers NSF check |Outstanding check Debit memo for bank charges A check received from a customer was recorded in the accounting books for P3,280. The bank statement revealed that the customer check cleared at the correct amount of P3,820. P1,345 755 65 290 455 575 25 The bank deducted P360 from the account of JECAF for a check issued by Claire Inc. Page 13 of 17 Required: Prepare the bank reconciliation statement as of December 31, 20P1 for JECAF bank account. Solution: Bank BookHere is the following information given for Amazon Traders account. The reconciliation on June 30 showed that the Bank Ledger Account had a credit balance (overdraft/owing) of $3,182.90. The Bank Statement had reconciled to the Bank Ledger Account after allowing for: An outstanding deposit $733.10 and ● • Unpresented cheque #324856 for $934.02 July Cash Receipt and Payments: Extract Cash Receipts Book of Amazon Traders 02/07 07/07 11/07 11/07 12/07 21/07 30/07 BMS Bank Statement for the month of July Date Particulars Brought forward 01/07 Cheque #324875 The BMS Bank Bank Statement for Amazon Traders Debit Credit Cash/cheques deposit 02/07 Cash/cheques deposit 05/07 Cheque #324856 07/07 Cash/cheques deposit 11/07 Cash/cheques deposit 12/07 Cheque #324877 Cash/cheques deposit $ 1,446.52 01/07 3,486.72 04/0 1,538.90 08/07 436.84 12/07 2,360.20 15/07 1,039.30 20/07 846.76 28/07 15/07 Cheque book fee 17/07 Cheque #324879 18/07 Cash/cheques deposit 21/07 Cheque #324878 24/07 L. Mami cheque…
- 3. Prepare journal entries for items (a-(f) from the bank reconciliation. (If no entry is requlred for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 3 4 5 6 > 1 2 The bank deducted $250 for an NSF check from a customer deposited on December 22. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journalFor each of the items in the following list, identify where it is included on a bank reconciliation: 1. EFT payment made by a customer. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Bank debit memorandum for service charges. Outstanding cheques from the current month. Bank error in recording a $1,779 deposit as $1,977. Outstanding cheques from the previous month that are still outstanding. Outstanding cheques from the previous month that are no longer outstanding. Bank error in recording a company cheque made out for $160 as $610. Bank credit memorandum for interest revenue. Company error in recording a deposit of $160 as $1,600. Bank debit memorandum for a customer's NSF cheque. Deposit in transit from the current month. Company error in recording a cheque made out for $630 as $360.On April 30, the bank reconciliation of Blossom Company shows a deposit in transit of $1,450. The May bank statement and the general ledger Cash account in May show the following: BLOSSOM COMPANY Bank Statement (partial) Deposits Additional information: The bank did not make any errors in May. EFT is an electronic online payment from a customer. (a) Calculate the deposits in transit at May 31. Deposits in transit at May 31 $
- Based on the he following information,preaper a blank reconciliation to determine the adjusted( corrected) balance; ( input each amount bas a positive value) Bank balance. $680 Checkbook balance. $642 Outstanding checks. $112 Direct deposit. $70 Account fees. $12 ATM withdrawal $80 Deposit in transit. $60 Interest earned. $8 Bank statement. Your checkbookOn December 15, you received your bank statement showing a balance of $2,275.34. Your checkbook shows a balance of $2,437.40. Outstanding checks are $225.50 and $356.10. The account earned $77.55. Deposits in transit amount to $805.21, and there is a service charge of $16.00. Calculate the reconciled balance. O $162.06 O $2,051.73 O $2,375.85 O $2,498.95Bank reconciliations are typically prepared for... A. Savings Accounts B. Current Accounts C. Time Deposits D.Credit Accounts The cash ledger showed a balance of P2M, while the bank statement showed a balance of P800,000. What item must be reconciled to balance the cash ledger and bank statement? A. P1.2M deposit in transitB. P1.2M outstanding check C. P1.2M book error D. P1.2M debit memo Which of the following is not a bank reconciling items? A. Deposit in Transit B. Credit Memo C. Bank Error D. Outstanding Checks
- On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88At November 30, Mazaya Company has the following bank information: cash balance per book R 04,600; outstanding checks R.O 28o; deposits in transit R.O 550, credit memo for interest R.O10, bank service charge RO.20 What is Mazaya's adjusted cash balance on November 30? Select one: a. RO4.590 b. R.O.4.320 CRO4.870 d. RO.4.870Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…