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    Intacc Quiz1

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    Armina Bagsic
    The bank reconciliation shows a balance per ledger of $34,349.72, additions of $5,324.50 for collections not deposited and $5,000 for debit memos, resulting in a computed balance of $14,449.22, but an unlocated difference of $36,601 results in the confirmed balance per bank of $51,050.22, with $18,625 in outstanding checks listed.

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    Intacc Quiz1

    Uploaded by

    Armina Bagsic
    37 views15 pages
    The bank reconciliation shows a balance per ledger of $34,349.72, additions of $5,324.50 for collections not deposited and $5,000 for debit memos, resulting in a computed balance of $14,449.22, but an unlocated difference of $36,601 results in the confirmed balance per bank of $51,050.22, with $18,625 in outstanding checks listed.

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    INTACC_QUIZ1

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    The bank reconciliation shows a balance per ledger of $34,349.72, additions of $5,324.50 for collections not deposited and $5,000 for debit memos, resulting in a computed balance of $14,449.22, but an unlocated difference of $36,601 results in the confirmed balance per bank of $51,050.22, with $18,625 in outstanding checks listed.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    37 views15 pages

    Intacc Quiz1

    Uploaded by

    Armina Bagsic
    The bank reconciliation shows a balance per ledger of $34,349.72, additions of $5,324.50 for collections not deposited and $5,000 for debit memos, resulting in a computed balance of $14,449.22, but an unlocated difference of $36,601 results in the confirmed balance per bank of $51,050.22, with $18,625 in outstanding checks listed.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 15

    8-12:

    Information on Tina’s Company is shown below:

    January 31 February 28
    Book balance ? 370,000
    Book debits 150,000
    Book credits ?
    Bank balance 221,200 ?
    Bank debits 57,320
    Bank credits 216,940
    Adjusted cash balance as of 302,800 _
    Jan 31

    Credit memos 30,000 52,500


    Bank charges 15,600 10,680
    Understatement of book 4,000 _
    receipts
    Overstatement of book _ 2,800
    receipts
    Deposit in transit 95,040 43,800
    Outstanding check 13,440 15,600

    13-15

    Tina Company provided the following bank reconciliation on May 31:


    Balance per bank statement 2,100,000
    Deposits outstanding 300,000
    Checks outstanding ( 30,000)
    Erroneous bank credit (corrected in June) ( 10,000)
    Erroneous bank charge (corrected in June) 3,000
    Correct cash balance 2,363,000
    Balance per book 2,372,000
    Bank service charge (recorded in June) (9,000)
    Correct cash balance 2,363,000

    June data are as follows:


    Bank Book
    Cash Disbursement 2,200,000 2,260,000
    Cash Receipts 1,800,000 2,000,000
    Collection by bank (P400,000 note plus interest) 430,000
    NSF check returned with June 30 statement 20,000
    Overstatement in cash receipts 10,000
    18-20

    Tina Company provided the following information on December 31,2020:


    Cash on hand 500,000
    Petty cash fund 20,000
    Security Bank current account 1,000,000
    PNB Current account No. 1 400,000
    PNB Current account No. 2 ' ( 50,000)
    BSP treasury bill 3,000,000
    BPI time deposit - 30 days 2,000,000
    * The cash on hand included a customer postdated check of P 100,000 and postal money order of P40,000.
    * A check for P200,000 was drawn against Security Bank account, dated January 15, 2021, delivered to the payee
    and recorded December 31, 2020.
    * The BPI time deposit is set aside for acquisition of equipment.
    * PNB current accounts (right of offset exists)
    * BSP treasury bill was purchased on December 29, 2020 and will mature on March 15, 2021
    * The petty cash fund includes the following:
    *P4000 placed inside an envelop tagged for the birthday party of Erika (contributed by employees)
    *It also includes unreplenished PCVs amounting to P8000
    *The remaining bills and coins on hand is 3,000
    *An envelop was found open and inside it is a note saying “Salary of Mr. X amounting to 2,000, for safekeep of Petty
    Cash Custodian”
    For #26:
    For #28

    You are given the following bank reconciliation.

    BANK RECONCILIATION
    December 31, 2020
    Balance per ledger P 34,349.72
    Add: Collections received on the last day of
    December and charged to “Cash in Bank”
    on books but not deposited 5,324.50
    Debit memo for customer’s checks returned unpaid (check
    is on hand but no entry has been
    made on the books) 4,000.00
    Debit memo for bank service charge for December 1,000.00 P
    46,674.22
    Deduct:
    Outstanding checks P 18,625
    (see details below)
    Credit memo for proceeds of a note receivable
    which had been left at the bank for collection
    but which has not been recorded as collected 8,000
    Check for an account payable entered on books
    as P12,625 but drawn and paid by bank as
    16,225 3,600 32,225.00
    Computed balance P 14,449.22
    Unlocated difference 36,601.00
    Balance per bank (check to confirmation) P 51,050.22

    LIST OF OUTSTANDING CHECKS


    December 31, 2020
    Check No. Amount
    14344 P 5,820
    14358 1,295
    14367 3,543
    14399 2,001
    14401 4,892
    14407 5,074
    P 18,625

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