User Account

All Pages

How much is the outstanding checks for December

Assignment Help Accounting Basics
Reference no: EM132837143

Question - NVG Company prepared in November 2020 a bank reconciliation, which can either be correct or incorrect:

Unadjusted balance per books 250,000

Add: Note collection including P10,000 interest 510,000

Error (JVG deposit) 50,000

Total 810,000

Less: November bank service charge 5,000

Deposit in transit 400,000

NSF checks 95,000 500,000

Adjusted Book Balance 310,000

Unadjusted balance per bank 550,000

Add: Error (JVG check) 300,000

Total 850,000

Less: Outstanding checks 400,000

Loan from bank 140,000 540,000

Adjusted Bank Balance 310,000

During December 2020, the following took place:

NVG Company's receipts amounted to P4,650,000 and its disbursement to P2,400,000.

The bank reported debits of P2,450,000 plus bank service charges of P50,000 and NSF checks of P200,000. It also reported credits of P4,500,000 including note collection of P100,000.

Bank erroneously recorded in December a deposit of JVG to NVG by P700,000.

All reconciling items for November 2020 were recorded in the books of the company and its bank.

Required - Prepare the bank reconciliation. Prepare the adjusting entries. Then, answer the following:

1. How much is the outstanding checks for December 2020?

2. How much is the deposit in transit for December 2020?

3. How much is the adjusted balance of cash in bank at the end of November 2020?

4. How much is the adjusted cash receipts for cash in bank?

5. How much is the adjusted cash disbursements for cash in bank?

6. How much is the adjusted balance of cash in bank on December 31?

Reference no: EM132837143

Questions Cloud

Prepare the required journal entries to record transactions : On May 15, 2021, the company issued an additional 81,000 common shares for $7 each. Prepare the required journal entries to record transactions
What is the amount of interest that holiday will pay : Che Holiday Brands issued $26 million of 5%, 30-year bonds for $23.5 million. What is the amount of interest that Holiday will pay semiannually to bondholders?
What soft skills did matt develop in dealing with clients : What soft skills did Matt develop in dealing with clients, customers, and employees that are transferable to other positions? Explain.
About the body system and one disease : Write a paper about the body system and one disease (diabetes) that is associated with the particular system.
How much is the outstanding checks for December : Bank erroneously recorded in December a deposit of JVG to NVG by P700,000. How much is the outstanding checks for December
Describe a role in a network organization : Describe a role in a network organization, and the capabilities and roles of other firms that could fit in the network.
Implications of each tqm model for your selected program : International Standards Organization (ISO) 9001:2008, a total quality management (TQM) control model, is a set of quality standards that has been assisting.
What should each of the journal entries look like : What should each of these journal entries look like? New Slang Pest Control paid $2,220 for 12 months of insurance coverage on October 1, 2022.
Business level cost leadership : How can you evaluate the business-level strategy of Starbucks to determine whether you believe the strategy is appropriate to offset forces in the industry.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine for december the amount of earnings per share

Use this information to determine for December 31, 2018 the amount of Earnings per Share (rounded to the nearest cent)

  What will be the expected minimum price

JEN Corp. is expected to pay a dividend of $6.00 per year indefinitely. What will be the expected minimum price in light of the dividend payment logistics

  How an investor can generate a return

"long" or a "short" position. Discuss what each of these terms mean and how an investor can generate a return by taking such a position

  Fuller company builds swimming pools fuller budgets that

fuller company builds swimming pools. fuller budgets that they will build 13 pools during the month of april at a price

  Identify any negative amount by putting it in parentheses

Using your accounting knowledge, fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting.

  Adjustment to record accrued salaries at the end of the year

Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded:

  Calculate residual income

Handel Company is reviewing their operational performance. Below is data pertaining to their financials (in millions): Calculate Residual Income

  Prepare journal entry to account for impairment of goodwill

Snowy Ltd acquires Pax Ltd on 1 July 2018 for $5,000,000 being the fair value of the consideration transferred. Prepare journal entry to account

  How record the transactions in the books of xyz company

Record the transactions in the books of XYZ Company, On December 31, 2019, Loyal Inc. shares been valued at $ 20 per share, and XYZ still owns 200,000 shares

  What was the amount of net sales

For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, What was the amount of net sales

  Prepare the journal entry to record the capitalization

Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2014

  What is Sarah holding period for the farmland

The land was worth $4,000,000 at the date of the gift, had been farmed by her father for 40 years, What is Sarah holding period for the farmland

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd