Presented below are the amount entered in the cash receipts book andcash payments book respectivelyCash ReceiptsCash PaymentsMay 3225,000Chk No. 090156,250May 7168,750Chk No. 090294,500May 8146,250Chk No. 0903208,125May 3154,000Chk No. 090472,000Chk No. 090529,250Note: In the bank statement, the P19,500 credit on Mar. 30 is a deposit of Hades Company erroneously recorded by thebank under the account of Sparta Company. Beginning cash balance per general ledger is P20,625.Required:1.Prepare a bank reconciliation2.Prepare the necessary adjusting journal entries.

Bank reconciliation statement is the statement which is prepared with the aim and purpose in order…

Answered: 1. Prepare a bank reconciliation 2.…

Business

Accounting

1. Prepare a bank reconciliation 2. Prepare the necessary adjusting journal entries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

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.

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Does it go under balance per bank statement or balance per books for reconciliation worksheet?
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