Comprehensive Problem

FINACT1
You obtained the following information from the Cash BDO Current Account No. 11234021 of
Billionaire Corporation:
Date
Aug. 31
Sept. 3
Sept. 4
Sept. 20
Sept. 21
Sept. 25
Sept. 29
Sept. 29

Particulars
Balance
August bank credit for customers direct
deposit to the bank
August bank service charges
Proceeds of a bank loan
Customer NSF check
September bank charges
Cash receipts
Cash disbursements

Debit

Credit
P

60,000
300
291,000
7,800
360
4,243,800
2,448,000

Balance
690,000
750,000
749,700
1,040,700
1,032,900
1,032,540
5,276,340
2,828,340

Details of the cash records revealed the following list of the companys receipts and
disbursements for the month:
RECEIPTS
OR No.
0908021
0908115
0908129
0908144
0908169
0908189
0908211
0908228
0908254
0908279
0908288
0908329
0908369
0908399
0908459
0908479
0908504
0908534
0908590
0908609

Amount
P 66,000
127,800
120,000
336,000
234,000
396,000
528,000
462,000
126,000
180,000
330,000
48,000
114,000
54,000
102,000
126,000
192,000
444,000
30,000
228,000

DISBURSEMENTS
Check No.
008901
P
008902
008903
008904
008905
008906
008907
008908
008909
008910
008911
008912
008913
008914
008916
008917
008918
008919
008920
008921
008922
008923
008924
008925
008926

Amount
12,000
18,000
6,000
18,000
72,000
114,000
156,000
180,000
366,000
42,000
48,000
96,000
120,000
132,000
216,000
66,000
300,000
42,000
24,000
18,000
72,000
78,000
174,000
12,000
66,000

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You proceeded by obtaining a copy of the bank statement for the month of September:

Date
Aug. 31
Sept. 1
Sept. 2
Sept. 3
Sept. 4
Sept. 5
Sept. 8
Sept. 9
Sept. 10
Sept. 11
Sept. 12
Sept. 15
Sept. 16
Sept. 17
Sept. 18
Sept. 19
Sept. 22
Sept. 23
Sept. 24
Sept. 24
Sept. 26
Sept. 28
Sept. 28
Sept. 29
Sept. 29
Sept. 29
DM 0091
DM 0099
DM 0210
EC

Particulars
Balance
Check No. 008892
Check No. 008902

Bank Statement
BDO Current Account No. 11234-021
September 30, 2016
Debit

Check No. 008904

EC
Check No. 008905
CM 0015
Check No. 008899
DM 0091
Check No. 008908
Check No. 008903
Check No. 008909
DM 0099
Check No. 008913
CM 0020
Check No. 008915
Check No. 008916
Check No. 008911
Check No. 008901
Check No. 008914
Check No. 008918
DM 0210
Check No. 008921
CM 0056
Check No. 008920
-Non-sufficient-fund-check
-Bank service charge
-Bank service charge
-Error correction

Credit
P

15,000
18,000
18,000
486,000
72,000
42,300
7,800
180,000
6,000
366,000
360
120,000
36,000
216,000
48,000
12,000
132,000
300,000
720
18,000
24,000
CM 0015
CM 0020
CM 0056

51,000
66,000
127,800
120,000
486,000
570,000
72,000
924,000
462,000
126,000
510,000
48,000
114,000
291,000
282,000
192,000
444,000
30,000
72,000

Balance
684,000
720,000
768,000
895,800
997,800
997,800
1,495,800
1,567,800
2,449,500
2,903,700
2,849,700
2,843,700
2,987,700
3,035,340
3,029,340
3,320,340
3,284,340
3,350,340
3,302,340
3,290,340
3,350,340
3,494,340
3,493,620
3,505,620
3,577,620
3,553,620

-August error correction

-Bank loan proceeds
-Customer note collection

Requirements:
1. Prepare a bank reconciliation statement for August 31, 2016 and September 30,
2016 using the adjusted balance method.
2. Prepare the necessary adjusting entries.
3. Prepare supporting schedules for Deposits in Transit and Outstanding Checks for
September 30, 2016.

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