2. Shown below is the bank reconciliation for ONMYOWN Company for May 2023:Balance per bank, May 31, 2023Add: Deposit in TransitTotalLess:Outstanding ChecksBank Credit ErrorCash Balance per book, May 31, 2023The bank statement for June 2023 contains the following data:Total depositsTotal charges, including and NSF checkof P 4,000 and a service charge of P200P 14,0005,000P75,00012,00087,00019,000P 68,000P 55,00048,000All outstanding checks on May 31, 2023, including the bank credit, were cleared in bank in June 2023. There were outstanding checksof P 15,000 and deposit in transit of P19,000 on June 30, 20232.1. What is the cash balance per bank on June 30, 2023?2.2. What is the Adjusted cash balance on June 30, 2023?2.3. What is the cash balance per book on June 30, 2023?

Bank reconciliation is defined as a process associated with matching the cash balance that prevails…

2. Shown below is the bank reconciliation for ONMYOWN Company for May 2023: Balance per bank, May 31, 2023 Add: Deposit in Transit Total Less: Outstanding Checks Bank Credit Error Cash Balance per book, May 31, 2023 The bank statement for June 2023 contains the following data: Total deposits Total charges, including and NSF check of P 4,000 and a service charge of P200 P 14,000 5,000 2.2. What is the Adjusted cash balance on June 30, 2023? 2.3. What is the cash balance per book on June 30, 2023? P75,000 12,000 87,000 19,000 P 68,000 P 55,000 48,000 All outstanding checks on May 31, 2023, including the bank credit, were cleared in bank in June 2023. There were outstanding checks of P 15,000 and deposit in transit of P19,000 on June 30, 2023 2.1. What is the cash balance per bank on June 30, 2023?

2. Shown below is the bank reconciliation for ONMYOWN Company for May 2023: Balance per bank, May 31, 2023 Add: Deposit in Transit Total Less: Outstanding Checks Bank Credit Error Cash Balance per book, May 31, 2023 The bank statement for June 2023 contains the following data: Total deposits Total charges, including and NSF check of P 4,000 and a service charge of P200 P 14,000 5,000 2.2. What is the Adjusted cash balance on June 30, 2023? 2.3. What is the cash balance per book on June 30, 2023? P75,000 12,000 87,000 19,000 P 68,000 P 55,000 48,000 All outstanding checks on May 31, 2023, including the bank credit, were cleared in bank in June 2023. There were outstanding checks of P 15,000 and deposit in transit of P19,000 on June 30, 2023 2.1. What is the cash balance per bank on June 30, 2023?

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

2. Shown below is the bank reconciliation for ONMYOWN Company for May 2023:
Balance per bank, May 31, 2023
Add: Deposit in Transit
Total
Less:
Outstanding Checks
Bank Credit Error
Cash Balance per book, May 31, 2023
The bank statement for June 2023 contains the following data:
Total deposits
Total charges, including and NSF check
of P 4,000 and a service charge of P200
P 14,000
5,000
P75,000
12,000
87,000
19,000
P 68,000
P 55,000
48,000
All outstanding checks on May 31, 2023, including the bank credit, were cleared in bank in June 2023. There were outstanding checks
of P 15,000 and deposit in transit of P19,000 on June 30, 2023
2.1. What is the cash balance per bank on June 30, 2023?
2.2. What is the Adjusted cash balance on June 30, 2023?
2.3. What is the cash balance per book on June 30, 2023?

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