3-9

Steve Computer Services

Bank Reconciliation
Month Ended October 31, 2012
2 pts.

Balance per book P115,630

Add: Note collected by bank w/ interest P41,600√
Error in recording check # 532 540 √ 42,140√
Total P157,770√
Deduct: DAIF Check P14,200√
Bank service charge 1,000√
Error in recording collection 200√ 15,400√
Adjusted balance per book P142,370√ 2 pts.

Balance per bank P137,172

Add: Deposit in transit P18,723√
Error in charging check 12,000√ 30,723√
Total P167,895√
Deduct: Outstanding checks 25,525√
Adjusted balance per bank P142,370√ 2 pts.

Adjusting Entries: (6 pts.)

a) Cash in bank 41,200

Bank service charge 400
Notes receivable 40,000
2 pts. Interest Receivable 1,600

b) Cash in bank 540

Accounts Payable 540

c) Accounts receivable 14,200

Cash in bank 14,200

d) Bank service charge 400

Cash in bank 400

e) Accounts receivable 200

Cash in bank 200

SCORE : 25 X 4 = 100%