Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the following information: (The attached picture) Additional Information: a. The payments of P2,000 and P50,000 shown on the bank statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for interest of P8,000. b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable. Requirements: 1. Prepare the bank reconciliation. 2. Prepare the journal entries to record the adjusting entries on the books of Entity A.
Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the following information: (The attached picture) Additional Information: a. The payments of P2,000 and P50,000 shown on the bank statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for interest of P8,000. b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable. Requirements: 1. Prepare the bank reconciliation. 2. Prepare the journal entries to record the adjusting entries on the books of Entity A.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 8EB: Prepare the journal entry to reconcile the bank statement in EB7.
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Bank Reconciliation Activity
The accounting records and bank statement of Entity A shows the following information: (The attached picture)
Additional Information:
a. The payments of P2,000 and P50,000 shown on the bank statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for interest of P8,000.
b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable.
Requirements:
1. Prepare the bank reconciliation.
2. Prepare the
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