1. Prepare a bank reconciliation 2. Prepare the necessary adjusting journal entries.
1. Prepare a bank reconciliation 2. Prepare the necessary adjusting journal entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Presented below are the amount entered in the cash receipts book and
cash payments book respectively
Cash Receipts
Cash Payments
May 3
225,000
Chk No. 0901
56,250
May 7
168,750
Chk No. 0902
94,500
May 8
146,250
Chk No. 0903
208,125
May 31
54,000
Chk No. 0904
72,000
Chk No. 0905
29,250
Note: In the bank statement, the P19,500 credit on Mar. 30 is a deposit of Hades Company erroneously recorded by the
bank under the account of Sparta Company. Beginning cash balance per general ledger is P20,625.
Required:
1.
Prepare a bank reconciliation
2.
Prepare the necessary adjusting journal entries.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F76c3a437-bce4-49b5-90c5-32a317ece4b8%2Fd3655975-0e8b-4808-aabd-f10e94de4d8f%2Ftqlasf_processed.png&w=3840&q=75)
Transcribed Image Text:Presented below are the amount entered in the cash receipts book and
cash payments book respectively
Cash Receipts
Cash Payments
May 3
225,000
Chk No. 0901
56,250
May 7
168,750
Chk No. 0902
94,500
May 8
146,250
Chk No. 0903
208,125
May 31
54,000
Chk No. 0904
72,000
Chk No. 0905
29,250
Note: In the bank statement, the P19,500 credit on Mar. 30 is a deposit of Hades Company erroneously recorded by the
bank under the account of Sparta Company. Beginning cash balance per general ledger is P20,625.
Required:
1.
Prepare a bank reconciliation
2.
Prepare the necessary adjusting journal entries.
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