(2) Bank Reconciliation of Company ABCDEFU Balances as of December 31, 2022 Bank balance : Php 1,020,000 Book balance : Php 1,180,000 Below entries are found during bank reconciliation review : Jan 01: a cashier's check payment was issued to Client GHIJKLANG amounting to Php 50,000. It was properly recorded in books. Client GHIJKLANG never deposited the check on their account. Feb 01: interest income of Php 1,000 with tax of Php 300 Mar 01 : Bank erroneously credited the payment of Php 50,000 to Client XYZ instead of Client GHIJKLANG. It was corrected April 01. April 01 : Deposit of Php 20,000 was transmitted to the courier on December 31. Standard Courier service level agreement is 3 days. May 01: Check payments amounting to Php 35,000 were still left uncollected as of December 31. June 01 : Dividend payment amounting to Php 200,000 were authorized by the Board of directors. In the board minutes of the meeting, immediate payment is authorized. The Treasury team released a bank check without official voucher in the system. Jul 01 : Postage expenses were incurred through bank transfer amounting to Php 17,000. Aug 01 : Manager's check payment to BIR amounting to 5,700 were released. Accounting team was not aware of the transaction. Sep 01: Bank erroneously debited amount of Php 20,000 from Company ABCDEFU's bank. This was supposed to be a payment from another bank account holder. Oct 01: Postage expenses of Php 17,000 was recorded by accounting team. Nov 01 : Petty Cash amounting to Php 30,000 were released to petty cash custodian. It was recorded in the book as a collection instead. Dec 01: Collections amounting to Pho 60,000 were made but didn't made it on the books. Prepare adjusting entries per month.
(2) Bank Reconciliation of Company ABCDEFU Balances as of December 31, 2022 Bank balance : Php 1,020,000 Book balance : Php 1,180,000 Below entries are found during bank reconciliation review : Jan 01: a cashier's check payment was issued to Client GHIJKLANG amounting to Php 50,000. It was properly recorded in books. Client GHIJKLANG never deposited the check on their account. Feb 01: interest income of Php 1,000 with tax of Php 300 Mar 01 : Bank erroneously credited the payment of Php 50,000 to Client XYZ instead of Client GHIJKLANG. It was corrected April 01. April 01 : Deposit of Php 20,000 was transmitted to the courier on December 31. Standard Courier service level agreement is 3 days. May 01: Check payments amounting to Php 35,000 were still left uncollected as of December 31. June 01 : Dividend payment amounting to Php 200,000 were authorized by the Board of directors. In the board minutes of the meeting, immediate payment is authorized. The Treasury team released a bank check without official voucher in the system. Jul 01 : Postage expenses were incurred through bank transfer amounting to Php 17,000. Aug 01 : Manager's check payment to BIR amounting to 5,700 were released. Accounting team was not aware of the transaction. Sep 01: Bank erroneously debited amount of Php 20,000 from Company ABCDEFU's bank. This was supposed to be a payment from another bank account holder. Oct 01: Postage expenses of Php 17,000 was recorded by accounting team. Nov 01 : Petty Cash amounting to Php 30,000 were released to petty cash custodian. It was recorded in the book as a collection instead. Dec 01: Collections amounting to Pho 60,000 were made but didn't made it on the books. Prepare adjusting entries per month.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:(2) Bank Reconciliation of Company ABCDEFU
Balances as of December 31, 2022
Bank balance : Php 1,020,000
Book balance : Php 1,180,000
Below entries are found during bank reconciliation review :
Jan 01: a cashier's check payment was issued to Client GHIJKLANG amounting to Php 50,000. It was
properly recorded in books. Client GHIJKLANG never deposited the check on their account.
Feb 01: interest income of Php 1,000 with tax of Php 300
Mar 01 : Bank erroneously credited the payment of Php 50,000 to Client XYZ instead of Client
GHIJKLANG. It was corrected April 01.
April 01 : Deposit of Php 20,000 was transmitted to the courier on December 31. Standard Courier
service level agreement is 3 days.
May 01: Check payments amounting to Php 35,000 were still left uncollected as of December 31.
June 01 : Dividend payment amounting to Php 200,000 were authorized by the Board of directors. In the
board minutes of the meeting, immediate payment is authorized. The Treasury team released a bank
check without official voucher in the system.
Jul 01 : Postage expenses were incurred through bank transfer amounting to Php 17,000.
Aug 01 : Manager's check payment to BIR amounting to 5,700 were released. Accounting team was not
aware of the transaction.
Sep 01: Bank erroneously debited amount of Php 20,000 from Company ABCDEFU's bank. This was
supposed to be a payment from another bank account holder.
Oct 01: Postage expenses of Php 17,000 was recorded by accounting team.
Nov 01 : Petty Cash amounting to Php 30,000 were released to petty cash custodian. It was recorded in
the book as a collection instead.
Dec 01: Collections amounting to Pho 60,000 were made but didn't made it on the books.
Prepare adjusting entries per month.
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