Bank Reconciliation: The books of Rodulfo's Real Estate Service, Inc. disclosed a cash balance of P 68,757 on June 30. The bank statement as of June 30 showed a balance of P 54,780. Additional information that might be useful in reconciling the two balances are as follows: a. Check nos. 748 drawn for P3,000 was originally recorded on the books as P4,500. b. A customer's note dated March 25 was discounted on April 12. The note was dishonored on June 29 (maturity date). The bank charged Rodulfo's account P 14,265 including a protest fee of P42. The deposit on June 24 was recorded on the books as P2,895 but it was actually a deposit of P2,700. C. d. Oustanding checks totaled P9,885 as of June 30. There were bank service charges for June of P210 not yet recorded in the books. е. f. Rodulfo's account had been charged on June 26 for a cutomer's NSF check for P1,296. Rodulfo properly deposited P600 on June 3 but it was not recorded by the bank. h. Receipts on June 30 for P13,425 were recorded by the bank on July 2. i. A bank memo stated that a customer's note for P4,500 and interest of P165 had been collected on June 27, and the bank charged a P36 collection fee.
Bank Reconciliation: The books of Rodulfo's Real Estate Service, Inc. disclosed a cash balance of P 68,757 on June 30. The bank statement as of June 30 showed a balance of P 54,780. Additional information that might be useful in reconciling the two balances are as follows: a. Check nos. 748 drawn for P3,000 was originally recorded on the books as P4,500. b. A customer's note dated March 25 was discounted on April 12. The note was dishonored on June 29 (maturity date). The bank charged Rodulfo's account P 14,265 including a protest fee of P42. The deposit on June 24 was recorded on the books as P2,895 but it was actually a deposit of P2,700. C. d. Oustanding checks totaled P9,885 as of June 30. There were bank service charges for June of P210 not yet recorded in the books. е. f. Rodulfo's account had been charged on June 26 for a cutomer's NSF check for P1,296. Rodulfo properly deposited P600 on June 3 but it was not recorded by the bank. h. Receipts on June 30 for P13,425 were recorded by the bank on July 2. i. A bank memo stated that a customer's note for P4,500 and interest of P165 had been collected on June 27, and the bank charged a P36 collection fee.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Just answer requirement B.
Transcribed Image Text:Bank Reconciliation:
The books of Rodulfo's Real Estate Service, Inc. disclosed a cash balance of P 68,757 on June 30. The bank statement as of June 30 showed a balance of P
54,780. Additional information that might be useful in reconciling the two balances are as follows:
a.
Check nos. 748 drawn for 93,000 was originally recorded on the books as P4,500.
b.
Acustomer's note dated March 25 was discounted on April 12. The note was dishonored on June 29 (maturity date). The bank charged Rodulfo's account P
14,265 Including a protest fee of P42.
The deposit on June 24 was recorded on the books as P2,895 but it was actually a deposit of P2,700.
Oustanding checks totaled P9,885 as of June 30.
There were bank service charges for June of P210 not yet recorded in the books.
C.
d.
e.
f.
Rodulfo's account had been charged on June 26 for a cutomer's NSF check for P1,296.
g.
Rodulfo properly deposited P600 on June 3 but it was not recorded by the bank.
h.
Receipts on June 30 for P13,425 were recorded by the bank on July 2.
i.
Abank memo stated that a customer's note for P4.500 and interest of P165 had been collected on June 27, and the bank charged a P36 collection fee.
Requirement:
a.
Prepare the bank reconciliation for the month of June.
b.
Prepare the adjusting/reconciling journal entries.
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