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63

CHAPTER 6

Problem 6-1 Problem 6-2 Answer A

1. D Bank statement balance


1,000,000
2. A Add: Deposit in transit 500,000
3. B Total 1,500,000
4. C Less: Outstanding checks
100,000
5. A Adjusted bank balance 1,400,000
6. B
7. C Problem 6-3 Answer A
8. A
9. C Balance per bank 1,500,000
10. C Deposit in transit
200,000
Outstanding checks ( 300,000)
Problem 6-4 Answer A Bank error
( 50,000)
Adjusted bank balance 1,350,000
Checkbook balance 6,000,000
Undelivered check 1,000,000
Adjusted book balance 7,000,000

Problem 6-5 Answer A Problem 6-6 Answer B

Balance per book 4,000,000 Balance per bank 2,000,000


Bank charges ( 10,000) Add: Deposit in transit
200,000
Customer note collected Total 2,200,000
by bank 1,500,000 Less: Outstanding checks 400,000
Interest on customer note 60,000 Erroneous bank credit 300,000
700,000
NSF customer check ( 250,000) Adjusted bank balance
1,500,000 Depositor’s note charged
to account (1,000,000)
Adjusted book balance 4,300,000 The adjusted cash in bank can also be
computed by starting with the balance
Problem 6-7 Answer C per book.

Balance per book 8,500,000 Balance per book 850,000


Note collected by bank 950,000 Add: Proceeds of note collected 750,000
Book error (20,000 – 2,000) ( 180,000) Total 1,600,000
NSF check ( 250,000) Less: NSF checks (15,000 – 5,000)
100,000
Bank service charge ( 20,000) Adjusted book balance
1,500,000
Adjusted book balance 9,000,000
64

Problem 6-8 Answer D

Balance per ledger 3,750,000 Balance per bank 6,200,000


Service charges ( 50,000) Deposit in transit
1,400,000
Collection of note 1,500,000 Total 7,600,000
Book error ( 100,000) Outstanding checks (squeeze)
3,000,000
Unrecorded check for Adjusted bank balance 4,600,000
traveling expenses ( 500,000)
Adjusted book balance 4,600,000

Problem 6-9 Answer C

Outstanding checks – May 31 3,000,000


Checks issued by depositor in June:
Total credits to cash in June 9,000,000
Service charge in May recorded in June ( 100,000)
8,900,000
Total 11,900,000
Checks paid by bank in June:
Checks and charges by bank in June 8,000,000
Service charge in June ( 50,000)
NSF check in June (1,000,000)
6,950,000
Outstanding checks – June 30 4,950,000

Problem 6-10 Answer A

Balance per book – June 30 2,100,000 Outstanding checks – May 31


100,000
Service charges ( 50,000) Checks recorded by book in June
2,500,000
Collection by bank 550,000 Total
2,600,000
NSF check ( 100,000) Less: Checks recorded by bank
Adjusted book balance 2,500,000 in June
2,200,000
Outstanding checks – June 30
400,000
Balance per bank – June 30 2,400,000
Deposits outstanding – June 30 500,000 Deposits outstanding – May 31
300,000
Checks outstanding – June 30 ( 400,000) Deposits recorded by book
Adjusted bank balance 2,500,000 in June
1,800,000
Total
2,100,000
Less: Deposits recorded by bank
in June
1,600,000
Deposits outstanding – June 30
500,000

Problem 6-11 Answer A

Note collected
1,936,000
Book error (1,930,000 – 1,390,000) (
540,000)
NSF check
( 840,000)
Service charge
( 47,000)
Net debt to cash
509,000

65
Problem 6-12 Answer D

Balance per bank – November 30 3,600,000


December deposits 5,500,000
Total 9,100,000
December disbursements
(4,400,000)
Balance per bank – December 31 4,700,000
Deposit in transit – December 700,000
Outstanding checks – December
( 500,000)
Adjusted bank balance – December 31 4,900,000

Balance per book – December 31 (squeeze) 4,300,000


Note collected by bank 1,000,000
NSF check
( 350,000)
Service charge
( 50,000)
Adjusted book balance
4,900,000

Problem 6-13 Answer A Problem 6-14 Answer B

Bank disbursements for July 9,000,000 Bank receipts for April


6,000,000
Outstanding checks – June 30 (1,400,000) Deposits in transit – March 31
(1,000,000)
Outstanding checks – July 31 1,000,000 Deposits in transit – April 30
1,500,000
Book disbursements for July 8,600,000 Book receipts for April
6,500,000
Problem 6-15

Balance per book 65,000


Add: CM for note collected 30,000
Total 95,000
Less: DM for service charge
2,000
Adjusted book balance 93,000

Balance per bank 108,000


Add: Deposit in transit 80,000
Total 188,000
Less: Outstanding checks:
No. 102 15,000
105 30,000
107 50,000 95,000
Adjusted bank balance 93,000

Adjusting entries:

1. Cash in bank 30,000


Note receivable
30,000

2. Bank service charge 2,000


Cash in bank 2,000

66

Problem 6-16 Problem 6-17

Balance per book 110,000 Balance per book


2,840,000
Add: CM for note collected 45,000 Add: CM for note collected
270,000
Total 155,000 Total
3,110,000
Less: DM for service charge 5,000 Less: DM for service charge 5,000
NSF check 10,000 Adjusted book balance 3,105,000
Book error
(52,000 – 25,000) 27,000 42,000 Balance per bank
3,265,000
Adjusted book balance 113,000 Add: Deposit in transit
450,000
Total
3,715,000
Balance per bank 135,000 Less: Outstanding checks:
Add: Deposit in transit 60,000 No. 116 60,000
Erroneous bank debit 8,000 68,000 122 180,000
Total 203,000 124 120,000
Less: Outstanding checks: 125 250,000
610,000
No. 770 20,000 Adjusted bank balance 3,105,000
775 30,000
777 40,000 90,000 Adjusting entries:
Adjusted bank balance 113,000
1. Cash in bank 270,000
Adjusting entries: Bank service charge 10,000
Note receivable 250,000
1. Cash in bank 45,000 Interest income 30,000
Bank service charge 5,000
Note receivable 50,000 2. Bank service charge 5,000
Cash in bank 5,000
2. Bank service charge 5,000
Accounts receivable 10,000
Accounts payable 27,000
Cash in bank 42,000

Problem 6-18
Balance per book 5,000,000 Adjusting entries:
Add: Note collected by bank 2,150,000
Total 7,150,000 1. Cash in bank 2,150,000
Less: Bank service charge 50,000 Bank service charge 50,000
NSF check 500,000 550,000 Note receivable
2,000,000
Adjusted book balance 6,600,000 Interest income
200,000

Balance per bank 4,450,000 2. Bank service charge 50,000


Deposit in transit 3,000,000 Accounts receivable 500,000
Total 7,450,000 Cash in bank
550,000
Less: Outstanding checks 850,000
Adjusted bank balance 6,600,000

67
Problem 6-19

Book balance 1,405,000


Add: Collection of note 2,500,000
Interest on note 150,000
Book error on check no. 175 45,000 2,695,000
Total 4,100,000
Less: Bank service charge 5,000
Payment for light and water 245,000
NSF check 220,000 470,000
Adjusted book balance 3,630,000

Bank balance 5,630,000


Add: Deposit in transit 750,000
Total 6,380,000
Less: Bank error 1,100,000
Outstanding checks 1,650,000 2,750,000
Adjusted bank balance 3,630,000
Adjusting entries:

1. Cash in bank 2,695,000


Note receivable 2,500,000
Interest income 150,000
Accounts payable 45,000

2. Bank service charge 5,000


Light and water 245,000
Accounts receivable 220,000
Cash in bank 470,000

Problem 6-20

a. Balance per book – April 30 1,100,000


Credit memo for note collected 60,000
Outstanding checks:
No. 1331 40,000
1332 30,000
1334 60,000
1335 10,000 140,000
Total 1,300,000
Less: Bank service charge 5,000
NSF check 25,000
Undeposited collections 270,000 300,000
Balance per bank – April 30 1,000,000

b. Adjusting entries:

1. Cash in bank 60,000


Note receivable 60,000
68

2. Bank service charge 5,000


Accounts receivable 25,000
Cash in bank 30,000

c. Balance per book – April 30 1,100,000


CM for note collected 60,000
Bank service charge ( 5,000)
NSF check ( 25,000)
Adjusted cash in bank 1,130,000

Problem 6-21

a. Balance per bank 3,500,000


Add: Undeposited collections 550,000
NSF check 50,000
DM for safety deposit 5,000
Unrecorded check 125,000 730,000
Total 4,230,000
Less: Checks outstanding 650,000
Overstatement of creditor’s check 270,000
Understatement of customer’s check 180,000 1,100,000
Balance per book 3,130,000

b. Adjusting entries:

1. Cash in bank 450,000


Accounts payable 270,000
Accounts receivable 180,000

2. Accounts receivable 50,000


Bank service charge 5,000
Accounts payable 125,000
Cash in bank 180,000

c. Balance per book 3,130,000


Overstatement of creditor’s check 270,000
Understatement of customer’s check 180,000
Total 3,580,000
Less: NSF check 50,000
DM for safety box 5,000
Unrecorded check 125,000 180,000
Adjusted book balance 3,400,000

69
Problem 6-22

Balance per book 2,700,000


Add: Proceeds of bank loan 940,000
Note collected by bank 435,000 1,375,000
Total 4,075,000
Less: Service charge 10,000
Customer’s check charged back 50,000 60,000
Adjusted book balance 4,015,000

Balance per bank 4,000,000


Add: Deposit in transit 475,000
Incorrect deposit 90,000
Erroneous bank charge 150,000
Erroneous debit memo 200,000
915,000
Total 4,915,000
Less: Outstanding checks 600,000
Erroneous bank credit 300,000
900,000
Adjusted bank balance 4,015,000

Adjusting entries:

1. Cash in bank 1,375,000


Bank service charge 5,000
Interest expense (60,000 x 1/6) 10,000
Prepaid interest expense 50,000
Loan payable (940,000/94%)
1,000,000
Note receivable 400,000
Interest income 40,000

2. Bank service charge 10,000


Accounts receivable 50,000
Cash in bank
60,000

Problem 6-23

Balance per book (squeeze)


2,120,000
Add: Proceeds of bank loan 500,000
Proceeds of note collected 435,000 935,000
Total 3,055,000
Less: Bank service charge 5,000
NSF check 50,000 55,000
Adjusted book balance 3,000,000

Balance per bank (squeeze)


3,070,000
Add: Deposit in transit 450,000
Bank error (200,000 – 20,000) 180,000
630,000
Total 3,700,000
Less: Outstanding checks (750,000 – 50,000)
700,000
Adjusted bank balance 3,000,000

70
Adjusting entries:

Cash in bank 880,000


Bank service charge (5,000 + 15,000) 20,000
Accounts receivable 50,000
Loan payable 500,000
Notes receivable 400,000
Interest income
50,000

Problem 6-24

Balance per book 5,000,000


Add: Proceeds of bank loan 516,000
Total 5,516,000
Less: Understatement of check in payment of account
(200,000 – 20,000) 180,000
Petty cash fund 10,000
190,000
Adjusted book balance 5,326,000
Balance per bank 5,500,000
Add: Undeposited collections 300,000
Erroneous bank charge 50,000
Deposit omitted from bank statement 150,000
500,000
Total 6,000,000
Less: Erroneous bank credit 130,000
Outstanding checks 544,000 674,000
Adjusted bank balance 5,326,000

Adjusting entries:

Cash in bank 326,000


Interest expense (84,000 x 2/12) 14,000
Prepaid interest expense 70,000
Accounts payable 180,000
Petty cash fund 4,000
Supplies 2,000
Transportation 3,000
Postage 1,000
Loan payable (516,000/86%) 600,000

Problem 6-25

Balance per book 1,300,000


Add: Overstatement of check number 765 20,000
Check number 555 stopped for payment 10,000 30,000
Total 1,330,000
Less: Service charge 5,000
NSF check 85,000 90,000
Adjusted book balance 1,240,000

71
Balance per bank 1,200,000
Add: Undeposited collections 275,000
Total 1,475,000
Less: Outstanding checks:
Number 761 55,000
762 40,000
763 25,000
764 65,000
765 50,000
235,000
Adjusted bank balance 1,240,000

Adjusting entries:

1. Cash in bank 30,000


Accounts payable 20,000
Miscellaneous income
10,000

2. Bank service charge 5,000


Accounts receivable 85,000
Cash in bank 90,000

3. Receivable from cashier 40,000


Accounts receivable 30,000
Sales discounts 10,000

Problem 6-26

a. Bank reconciliation – June 30

Book balance 1,000,000


Add: Credit memo for note collected 300,000
Total
1,300,000
Less: NSF check 100,000
Service charge 4,000 104,000
Adjusted book balance 1,196,000

Bank balance 1,650,000


Add: Deposit in transit 400,000
Total
2,050,000
Less: Outstanding checks 854,000
Adjusted bank balance 1,196,000

Bank reconciliation – July 31

Book balance 1,400,000


Add: Credit memo for bank loan 500,000
Total
1,900,000
Less: Service charge 1,000
Adjusted book balance 1,899,000

72
Bank balance 2,650,000
Add: Deposit in transit 1,100,000
Total
3,750,000
Less: Outstanding checks 1,851,000
Adjusted bank balance 1,899,000

b. Adjusting entries, July 31

1. Cash in bank 500,000


Bank loan payable 500,000

2. Bank service charge 1,000


Cash in bank 1,000

Computation of deposit in transit – July 31

Deposit in transit – June 30 400,000


Add: Deposits during July:
Book debits 4,000,000
Less: June credit memo for note collected 300,000
3,700,000
Total 4,100,000
Less: Deposits credited by bank during July:
Bank credits 3,500,000
Less: July credit memo for bank loan 500,000 3,000,000
Deposit in transit – July 31 1,100,000

Computation of outstanding checks – July 31

Outstanding checks, June 30 854,000


Add: Checks drawn by company during July:
Book credits 3,600,000
Less: June debit memos for
NSF check 100,000
Service charge 4,000 104,000 3,496,000
Total 4,350,000
Less: Checks paid by bank during July:
Bank debits 2,500,000
Less: July service charge 1,000 2,499,000
Outstanding checks, July 31 1,851,000

Problem 6-27

a. Reconciliation – October 31

Adjusted book balance 600,000

Bank balance 400,000


Add: Deposit in transit 300,000
Total
700,000
Less: Outstanding checks 100,000
Adjusted bank balance 600,000
73

Reconciliation – November 30

Book balance 1,000,000


Add: Understatement of collection from customer 90,000
Total
1,090,000
Less: Understatement of check disbursement 270,000
Adjusted book balance 820,000

Bank balance 930,000


Add: Deposit in transit 190,000
Check of Susan Company charged in error 200,000
390,000
Total
1,320,000
Less: Outstanding checks 400,000
Deposit of Susan Company erroneously credited 100,000 500,000
Adjusted bank balance 820,000

b. Adjusting entries – November 30

1. Cash in bank 90,000


Accounts receivable 90,000

2. Accounts payable 270,000


Cash in bank 270,000

Computation of outstanding checks – October 31

Outstanding checks – October 31 (squeeze)


100,000
Add: Checks issued by depositor:
Book disbursements 1,800,000
Understatement of check paid 270,000 2,070,000
Total 2,170,000
Less: Checks paid by bank:
Bank disbursements 1,970,000
Check of Susan Company charged in error ( 200,000)
1,770,000
Outstanding checks – November 30 400,000

Computation of deposit in transit – November 30

Deposit in transit – October 31 300,000


Add: Cash receipts deposited during November:
Book receipts 2,200,000
Understatement of collection from customer 90,000 2,290,000
Total 2,590,000
Less: Deposits credited by bank during November:
Bank receipts 2,500,000
Deposit of Susan Company erroneously credited ( 100,000)
2,400,000
Deposit in transit – November 30 190,000

74

Problem 6-28

a. Reconciliation on July 1

Adjusted book balance 1,270,000

Bank balance 1,720,000


Add: Deposit in transit 500,000
Total
2,220,000
Less: Outstanding checks 950,000
Adjusted bank balance 1,270,000
Reconciliation on July 31

Book balance 470,000


Add: Note collected by bank 1,500,000
Total
1,970,000
Less: Bank service charge 20,000
Adjusted book balance 1,950,000

Bank balance 2,700,000


Add: Deposit in transit 400,000
Total
3,100,000
Less: Outstanding checks:
Check # 107 650,000
108 500,000 1,150,000
Adjusted bank balance 1,950,000

b. Adjusting entries on July 31

1. Cash in bank 1,500,000


Note receivable 1,500,000

2. Bank service charge 20,000


Cash in bank
20,000

Computation of deposit in transit – July 1

Deposit in transit – July 1 (squeeze) 500,000


Cash receipts per book 3,400,000
Total 3,900,000
Less: Deposits credited by bank 3,500,000
Deposit in transit – July 31 400,000

75
Computation of outstanding checks – July 1

Outstanding checks – July 1 (squeeze) 950,000


Checks drawn by depositor 4,200,000
Total 5,150,000
Less: Checks paid by bank 4,000,000
Outstanding checks – July 31
1,150,000

Problem 6-29

Balance per book – November 30 500,000


Less: Service charge 10,000
NSF check 50,000
Customer’s note erroneously recorded as cash receipt 100,000
160,000
Adjusted book balance 340,000

Balance per bank – November 30 600,000


Add: Deposit in transit
120,000
Total 720,000
Less: Outstanding checks 380,000
Adjusted bank balance 340,000

Deposit in transit – October 31 45,000


Cash receipts deposited:
Book debits 710,000
October collections recorded in November ( 45,000)
Customer’s note recorded as cash receipt (100,000) 565,000
Total 610,000
Less: Deposits credited by bank:
Bank credits 500,000
Correction of bank error ( 10,000) 490,000
Deposit in transit – November 30 120,000

Outstanding checks – October 31 125,000


Checks issued by depositor:
Book credits 1,200,000
October bank service charge ( 5,000) 1,195,000
Total 1,320,000
Checks paid by bank:
Bank debits 1,000,000
November bank service charge ( 10,000)
November NSF check ( 50,000) 940,000
Outstanding checks – November 30 380,000

Adjusting entry:

Bank service charge 10,000


Accounts receivable 50,000
Note receivable 100,000
Cash in bank 160,000

76

Problem 6-30

March 31 Receipts Disbursements April


30
Book balance 200,000 800,000 720,000 280,000
Note collected by bank
March 60,000 ( 60,000)
April 100,000 100,000
Service charge
March ( 8,000) ( 8,000)
April 2,000 ( 2,000)
NSF check
March ( 20,000) ( 20,000)
April 30,000 ( 30,000)
Deposit in transit
March 31 ( 80,000) 80,000
April 30 (220,000) (220,000)
Outstanding checks
March 31 178,000 178,000
April 30 (372,000) 372,000
Bank balance 330,000 700,000 530,000 500,000

Problem 6-31

July 31 Receipts Disbursements


August 31
Bank balance 800,000 5,000,000 3,940,000 1,860,000
Book error on collection ( 180,000) ( 180,000)
Book error on payment ( 540,000) 540,000
Bank error on deposit ( 200,000)
( 200,000)
Bank error on payment ( 400,000) 400,000
NSF check:
July 100,000 100,000
August ( 50,000) 50,000
Note collected by bank:
July ( 200,000) 200,000
August ( 300,000) ( 300,000)
Deposit in transit:
July 600,000 ( 600,000)
August 480,000 480,000
Outstanding checks:
July ( 100,000) ( 100,000)
August 650,000 ( 650,000)
Book balance 1,200,000 4,400,000 3,600,000 2,000,000

77

Problem 6-32

Nov. 30 Receipts Disbursements


Dec. 31

Book balance 2,032,000 2,568,000 1,440,000


3,160,000
Bank service charge
November 30 ( 2,000) ( 2,000)
December 31 4,000
( 4,000)
Collection of note
November 30 ( 200,000) 200,000
December 31 ( 300,000)
( 300,000)
Adjusted book balance 1,830,000 2,468,000 1,442,000
2,856,000

Bank balance 1,890,000 2,090,000 1,080,000


2,900,000
Outstanding checks
November 30 ( 180,000) ( 180,000)
December 31 592,000
( 592,000)
Deposit in transit
November 30 80,000 ( 80,000)
December 31 498,000 498,000
Check erroneously charged by bank
November 30 40,000 ( 40,000)
December 31 ( 50,000)
50,000
Adjusted bank balance 1,830,000 2,468,000 1,442,000
2,856,000

Adjusting entry:

Bank service charge 4,000


Note receivable 300,000
Cash in bank 304,000

78

Problem 6-33
Sept. 30 Receipts
Disbursements Oct. 31

Book balance 1,900,000 1,400,000 2,400,000


900,000
NSF check:
September 30 ( 60,000) ( 60,000)
October 31 40,000 (
40,000)
Collection of accounts receivable
September 30 30,000 ( 30,000)
October 31 50,000
50,000
Overstatement of check
September 30 90,000 ( 90,000)
October 31 _______
( 120,000) 120,000
Adjusted balance 1,960,000 1,330,000 2,260,000
1,030,000

Bank balance 2,100,000 1,200,000 2,500,000


800,000
Deposit in transit
September 30 130,000 ( 130,000)
October 31 260,000
260,000
Outstanding checks
September 30 ( 270,000) ( 270,000)
October 31
30,000 ( 30,000)
Adjusted balance 1,960,000 1,330,000 2,260,000
1,030,000

Adjusting entries on October 31

1. Accounts receivable 40,000


Cash in bank 40,000

2. Cash in bank 170,000


Accounts receivable 50,000
Salaries
120,000
79

Problem 6-34

May 31 Receipts Disbursements June


30

Balance per book 2,500,000 5,300,000 5,400,000 2,400,000


Bank service charge:
May 31 ( 20,000) ( 20,000)
June 30 25,000 ( 25,000)
NSF check:
June 30 200,000 ( 200,000)
Interest collected:
June 30 75,000 75,000
Book error:
June 30 _ ______ ( 300,000) 300,000
Adjusted balance 2,480,000 5,375,000 5,305,000 2,550,000

Balance per bank 2,700,000 5,500,000 5,600,000 2,600,000


Deposit in transit
May 31 625,000 ( 625,000)
June 30 500,000 500,000
Outstanding checks
May 31 ( 845,000) ( 845,000)
June 30 550,000 ( 550,000)
Adjusted balance 2,480,000 5,375,000 5,305,000 2,550,000

Adjusting entries on June 30:

1. Cash in bank 375,000


Interest income 75,000
Equipment 300,000

2. Bank service charge 25,000


Accounts receivable 200,000
Cash in bank 225,000

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