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ACTIVITY 2 BANK RECONCILIATION PROBLEM: Prepare a bank reconciliation statement using the adjusted method.

ACTIVITY 2 BANK RECONCILIATION PROBLEM: Prepare a bank reconciliation statement using the adjusted method.

FINANCIAL ACCOUNTING
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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ACTIVITY 2 BANK RECONCILIATION PROBLEM: Prepare a bank reconciliation statement using the adjusted method. 1. The bank statement for Juan Company shows a balance per bank of PI5,907.45 on April 30,2015. 2. On this date the balance of cash per books is P11,589.45. 3. Additional information are provided below: a. Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 b. Outstanding checks: No. 453-P 3,000.00 No. 457-P 1,401.30 No. 460-P 1,502.70 c. Errors: Juan wrote check no. 443 for P 1,226.00 and the bank correctly paid that amount. However, he recorded the check as P 1,262.00. d. Bank memoranda: Debit- NSF check from Pedro P 425.60. Debit- Charge for printing company checks P 30.00 Credit- Collection of note receivable for P 1,000 plus interest earned of P 50, less bank collection fee of P15.00. Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor Bank Credit Memo are additions made by the bank to the account of the depositor
Transcribed Image Text:ACTIVITY 2 BANK RECONCILIATION PROBLEM: Prepare a bank reconciliation statement using the adjusted method. 1. The bank statement for Juan Company shows a balance per bank of PI5,907.45 on April 30,2015. 2. On this date the balance of cash per books is P11,589.45. 3. Additional information are provided below: a. Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 b. Outstanding checks: No. 453-P 3,000.00 No. 457-P 1,401.30 No. 460-P 1,502.70 c. Errors: Juan wrote check no. 443 for P 1,226.00 and the bank correctly paid that amount. However, he recorded the check as P 1,262.00. d. Bank memoranda: Debit- NSF check from Pedro P 425.60. Debit- Charge for printing company checks P 30.00 Credit- Collection of note receivable for P 1,000 plus interest earned of P 50, less bank collection fee of P15.00. Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor Bank Credit Memo are additions made by the bank to the account of the depositor
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