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Modos Company has deposited $4,180 in checks received from customers. It has written $1,530 in checks to its suppliers. The initial bank and book balance was $470. If $3,550 of its customers' checks have cleared, but only $430 of its own, calculate its float.
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- For the month of July, Adam Company had the following information: bank service charge for July, P16,500, “NSF” check, P40,000. Upon review of its records, Adam determined the following: deposit in transit P143,000, outstanding checks P110,000 and an unrecorded customer check of P38,500. If the cash in bank balance per ledger is P920,000, how much is the adjusted balance?Your examination of the bank data shows that the credits consist of P78,000 of August deposits and a credit memorandum of P2,070 for collection of a P2,000 note plus interest revenue of P70. The August debits per bank consist of checks cleared, P74,700 and a debit memorandum of P40 for printing additional company checks. You also discover the following errors involving August checks: (1) a check for P230 to a creditor on account that cleared the bank in August was journalized and posted as P320, and (2) a salary check to an employee for P255 was recorded by the bank for P155. The July 31 bank reconciliation contained only two reconciling items: deposits in transit, P1,000 and outstanding checks, P2,600. 1. How much is the deposit in transit on August 31? 2. How much is the outstanding check on August 31? 3. How much is the adjusted cash balance on August 31?ABC Corporation is preparing its bank reconciliation for the month of April. The bank statement showed and ending balance of P500,000, collection of a customer note by the bank of P100,000, bank service charge of P10,000, and an erroneous bank debit of P5,000 which it immediately corrected within the month. The cash in bank balance per ledger is P400,000. You determined that the entity recorded a P50,000 check payment as P5,000. W hat is the correct cash in bank balance?
- Using the following information, prepare a bank reconciliation for Sunland Company for July 31, 2022. The bank statement balance is $3,770. The cash account balance is $4,170. Outstanding checks totaled $1,360. a. b. C. d. e. f. Deposits in transit are $1,670. The bank service charge is $54. A check for $95 for supplies was recorded as $59 in the ledger.The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.On October 31, 2021, the bank statement for a company shows a balance of $12,676, while the company's records show a balance of $8,436. Information that might be useful in preparing a bank reconciliation follows: --The company’s cash receipts for the month total $74,580, of which $71,360 has been deposited in the bank. --The company has written checks for $72,506, of which $71,216 has been processed by the bank. --Bank service fees of $280 are listed on the bank statement. --In accordance with prior authorization, the bank collected a note receivable of $6,300 and interest earned on the note of $970. --The bank made an automatic withdrawal in error of $820 that should have been charged to different customer’s account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) 2. Record the necessary entries to adjust the balance for…
- Hosung Company's Cash account shows a balance of $801.65 as of August 31 of this year. The balance on the bank statement on that date is $1,383.00. Checks for $260.50, $425.10, and $331.00 are outstanding. The bank statement shows a check issued by another depositor for $237.25 (in other words, the bank made an error and charged Hosung Company for a check written by another company). The bank statement also shows an NSF check for $180 received from one of Hosung's customers. Service charges for the month were $18. What is the adjusted ledger balance of cash as of August 31?Hosung Company's Cash account shows a balance of $801.65 as of August 31 of this year. The balance on the bank statement on that date is $1,383.00. Checks for $260.50, $425.10, and $331.00 are outstanding. The bank statement shows a check issued by another depositor for $237.25 (in other words, the bank made an error and charged Hosung Company for a check written by another company). The bank statement also shows an NSF check for $180 received from one of Hosung's customers. Service charges for the month were $18. What is the adjusted ledger balance of cash as of August 31? Round your answer to two decimal places.Hosung Company's Cash account shows a balance of $801.65 as of August 31 of this year. The balance on the bank statement on that date is $1,383.00. Checks for $260.50, $425.10, and $331.00 are outstanding. The bank statement shows a check issued by another depositor for $237.25 (in other words, the bank made an error and charged Hosung Company for a check written by another company). The bank statement also shows an NSF check for $180 received from one of Hosung's customers. Service charges for the month were $18. What is the adjusted ledger balance of cash as of August 31? Round your answer to two decimal place
- Minor Company had checks outstanding totaling $4,889 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,278. The May bank statement shows that $26,319 in checks cleared the bank in May. A check from one of Minor Company's customers of $451 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a. $67,597 b. $21,430 c. $19,848 d. $19,397The Cash account of Rettell Corporation had a balance of $3,570 at October 31, 2021. Included were outstanding checks totaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement. The bank statement, which came from Parway State Bank, listed an October 31 balance of $5,540. Included in the bank balance was an October 30 collection of $529 on account from a customer who pays the bank directly. The bank statement also showed a $34 service charge, $15 of interest revenue that Rettell earned on its bank balance, and an NSF check for $40. Prepare a bank reconciliation to determine how much cash Rettell actually had at October 31.The book debits and credits of the Cash in Bank – DBO checking account of Gamma Corporation are P4,800,000 and P5,200,000, respectively. Its ending balance is P900,000. The prior month’s bank statement showed collection of company notes receivables by the bank in the amount of P500,000, a bank service charge of P20,000, and an NSF check debit of P200,000. This month’s bank statement included a transfer of P600,000 from a matured time deposit, P30,000 bank service charge, and an erroneous bank debit of P100,000 from a check issued by Gammo. What is the correct cash receipts for the month?