Scribd Logo
Upload

Welcome to Scribd!

  • 2NACCTG

    Uploaded by

    Rhea Mae Coronel
    11 views2 pages
    1.) The document provides bank reconciliation information for Books and Banks on July 31 including: - Cash in Bank of $400,000 per Books and $760,000 per Banks - A credit memo of $360,000 and debit memo of $40,000 need to be considered - After adjustments, the adjusted balance is $720,000 for both Books and Banks 2.) It provides reconciliation information for another entity on an unspecified date including: - A balance per books of $9,285 and per bank of $9,285 after adjustments - Adjustments include a deposit in transit, outstanding checks, and book/bank errors 3.) A third reconciliation is shown with a balance

    Original Description:

    ANSWER

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    1.) The document provides bank reconciliation information for Books and Banks on July 31 including: - Cash in Bank of $400,000 per Books and $760,000 per Banks - A credit memo of $360,000 and debit memo of $40,000 need to be considered - After adjustments, the adjusted balance is $720,000 for both Books and Banks 2.) It provides reconciliation information for another entity on an unspecified date including: - A balance per books of $9,285 and per bank of $9,285 after adjustments - Adjustments include a deposit in transit, outstanding checks, and book/bank errors 3.) A third reconciliation is shown with a balance

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    11 views2 pages

    2NACCTG

    Uploaded by

    Rhea Mae Coronel
    1.) The document provides bank reconciliation information for Books and Banks on July 31 including: - Cash in Bank of $400,000 per Books and $760,000 per Banks - A credit memo of $360,000 and debit memo of $40,000 need to be considered - After adjustments, the adjusted balance is $720,000 for both Books and Banks 2.) It provides reconciliation information for another entity on an unspecified date including: - A balance per books of $9,285 and per bank of $9,285 after adjustments - Adjustments include a deposit in transit, outstanding checks, and book/bank errors 3.) A third reconciliation is shown with a balance

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    1.

    A.) 16/16
    Books Banks
    Cash on hand 500,000 Cash on Bank 480,000
    Accounts receivable 500,000 Deposit liability 480,000
    Cash in banks 500,000
    Cash on bank 500,000
    Accounts payable 200,000 Deposit liability 140,000
    Cash in bank 200,000 Cash on hand 140,000
    No Entry Cash on hand 360,000
    Deposit liability 360,000
    No Entry Deposit liability 40,000
    Cash on hand 40,000

    B.) Deposit in Transit = 20,000


    (500,000 – 480,000)

    Outstanding Checks = 60,000


    (200,000- 140,000)

    Credit Memo = 360,000


    Debit Memo = 40,000

    C.)

    Cash in Bank Deposit liability

    100,000 100,000
    500,000 200,000 140,000 480,000
    40,000 360,000
    400,000 760,000

    Per Books, July 31 400,000 Per Banks, July 31 760,000


    Credit Memo 360,000 Deposit in Transit 20,000
    Debit Memo (40,000) Outstanding checks (60,000)
    Adjusted balance 720,000 Adjusted balance 720,000

    D.) Cash in Bank 320,000


    Telecommunication Expense 40,000
    Accounts Receivable 360,000

    2.
    A.)

    Balance per book, end. P7,540 Balance per bank, end. P 8,510
    Add: Collection of Note & Interest 780 Add: Deposit in transit 1,900
    Less: Bank service charge (25) Less: Outstanding Checks (1,125)
    Add/Less: Book Errors Add/Less: Bank Errors ________
    Overstated disbursement 270 Adjusted Balance P 9,285
    (P410-P140)
    Understated Collection 720
    (P910-P190) ______
    Adjusted Balance P9,285

    B.)
    Cash in Bank 1,745
    Bank service charge 25
    Notes receivable 700
    Interest income 80
    A/R (910-190) 720
    A/P (410-140) 270
    3.)

    Per books P10,460 Per bank P 11,164


    Credit Memo 1,120 Deposit in transit 1,340
    Debit Memo (176) Outstanding checks (1,100)
    Balance P11,404 Balance P11,404

    4. REQUIREMENTS

    A.) Compute for the April 30 Deposits in transits.

    P12,889 - (P10,784 – 2,100) = P 4,205

    B.) Compute for the April 30 Outstanding checks.

    P13,080 – (P11,100 – P3,800) = P 5780

    C.) Prepare the April 30 Bank Reconciliation

    Adcock Plastic Company


    Bank Reconciliation
    April 30
    Cash balance per bank P 27,995
    Add: Deposit Transit 10,000
    37,995
    Less: Outstanding checks 11,100
    Adjusted Cash Balance per Bank P 26,895

    Cash balance per books


    Add: Note Collected

    You might also like