Reference no: EM132741181
Questions -
Q1. On June 30,2020, the bank statement of bacon company had an ending balance of 3,735,000.t The following data were assembled in the course of reconciling the bank balance:
The bank erroneously credited bacon company for 21,000 on June 22
During the month, the bank charged back NSF checks amounting to 23,000 of which 8000 had been re deposited by june 25
Collection for june 30 totalling 103,000 was deposited the following month
Checks outstanding on june 30 amounted to 302,000
Note collected by the bank for bacon company was 80,000 and the corresponding bank charge was 5,000
Required - What is the unadjusted cash in bank per ledger on june 30,2020?
Q2. Ace Company provided the following information on December 31 2020:
Petty cash fund 50,000
current account(first bank) 4,000,000
Current Account (second bank) (250,000)
Money market placement ( third bank) 1,000,000
Time Deposit-fourth bank 2,000,000
The petty cash fund included unreplenished december 2020 petty cash expense vouchers for 15,000 and an employee check for 5,000 dated on January 31,2021.
-A check for 100,000 was drawn against First bank current account dated and recorded December 29,2020 but delivered to payee on January 15, 2021.
-The fourth bank time deposit is set aside for land acquisition in early january 2021
Required - What total amount should be reported as cash and cash equivalents on December 31, 2020?
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