• Balance per the bank statement in November 1 showed the amount of P 80,161 • Deposits of P 5,460 made in November 30 were not yet reflected • hecis issued but not yet paid amounted to P 12,148 • Bank collection of P 13,500 was not recorded in the books • Bank service charges for the month amounted to P 1,200 • A check deposited in the amount of P5.000 was marked by the DAIF (drawn against insufficient fund) • A deposit for P5,400 was erroneously recorded by the bank as P4.500

• Balance per the bank statement in November 1 showed the amount of P 80,161 • Deposits of P 5,460 made in November 30 were not yet reflected • hecis issued but not yet paid amounted to P 12,148 • Bank collection of P 13,500 was not recorded in the books • Bank service charges for the month amounted to P 1,200 • A check deposited in the amount of P5.000 was marked by the DAIF (drawn against insufficient fund) • A deposit for P5,400 was erroneously recorded by the bank as P4.500

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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Which of the following items will not appear on the Books side of the reconciliation? A a non-sufficient funds check of $75 was returned to the bank and deduct it from the bank balance. Be a deposit was in transit in not yet deposited in the bank. See the bank charge a service fee of $20 on the bank statement. D the bank collected in notes receivable of $1000 for the business
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Bank Reconciliation and Entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $7,735. The bank statement indicated a balance of $9,930 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $3,570. A deposit of $3,720, representing receipts from October 31, had been made too late to appear on the bank statement. The bank had collected $1,940 on a note left for collection. The face of the note was $1,840. A check for $550 returned with the statement had been incorrectly recorded by Deaver Consulting as $500. The check was for the payment of an obligation to Oxford Office Supplies Co. for the purchase of office supplies on account. A check drawn for $530 had been incorrectly charged by the bank as $30. Bank service charges for October amounted to $45. Instructions: 1. Prepare a bank reconciliation. Deaver…
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