a. Balance per bank statement dated May 31 is P61,140. b. Balance of Cash in Bank account on the company's book as of May 31 is P57,970. c. Outstanding checks as of May 31, totals P29,931. d. Bank deposits of May 31 for P4,710 was not included in the deposits per bank statement. e. The bank collected a P5,225 note that it credited to Cancer Enterprise account. The bank charged the company a collection fee of P30 on the above note. f. The bank erroneously charged the Cancer Enterprise account for P21,000 check for another company that has a similar account number. g. Bank service charges of May, exclusive of the collection fee, amounted to P150. h. Among the cancelled checks was one for P1,045 given in payment of an account. The bookkeeper had recorded the check at P1,450 in the company records. i. A check of Roland Sotto, a customer, for P6,231, deposited on May 20, was returned check on the company's records. j. A check for P2,470 of Edrian Arias, a customer, which had been deposited in bank, was erroneously recorded by the bookkeeper as P2,740. Required: Prepare a bank reconciliation statement as of May 31 of the current year. Also prepare any necessary journal entries.

a. Balance per bank statement dated May 31 is P61,140. b. Balance of Cash in Bank account on the company's book as of May 31 is P57,970. c. Outstanding checks as of May 31, totals P29,931. d. Bank deposits of May 31 for P4,710 was not included in the deposits per bank statement. e. The bank collected a P5,225 note that it credited to Cancer Enterprise account. The bank charged the company a collection fee of P30 on the above note. f. The bank erroneously charged the Cancer Enterprise account for P21,000 check for another company that has a similar account number. g. Bank service charges of May, exclusive of the collection fee, amounted to P150. h. Among the cancelled checks was one for P1,045 given in payment of an account. The bookkeeper had recorded the check at P1,450 in the company records. i. A check of Roland Sotto, a customer, for P6,231, deposited on May 20, was returned check on the company's records. j. A check for P2,470 of Edrian Arias, a customer, which had been deposited in bank, was erroneously recorded by the bookkeeper as P2,740. Required: Prepare a bank reconciliation statement as of May 31 of the current year. Also prepare any necessary 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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