Bank Reconciliation The cash in bank account of Millana Company shows a debit balance of ₱50,280.17 at March 31. On that same date, the bank statement received from Philippine Bank showed a credit balance of ₱15,030.86. The following additional data are gathered: a. Collections of P14,816.59 on March 31 are left in the bank night depository on the same day. This amount was not included in the March bank statement. b. The following checks are issued by Millana Company but are not yet presented to the bank for payment: Check No. 020168 ₱ 1,112.40 Check No. 020172 645.23 Check No. 020176 2,940.15 c. Bank service charge of ₱340 is shown on the bank statement for the month of March. d. The March bank statement also shows an NSF check amounting to ₱1,290.50. e. A promissory note was forwarded by Millana Company to Philippine Bank for collection. The principal amount is ₱10,000 with a ₱1,000 interest. Required: Prepare all the necessary adjusting entries in the books of Millana Company.
Bank Reconciliation
The cash in bank account of Millana Company shows a debit balance of ₱50,280.17 at March 31. On that same date, the bank statement received from Philippine Bank showed a credit balance of ₱15,030.86. The following additional data are gathered:
a. Collections of P14,816.59 on March 31 are left in the bank night depository on the same day. This amount was not included in the March bank statement.
b. The following checks are issued by Millana Company but are not yet presented to the bank for payment:
Check No. 020168 ₱ 1,112.40
Check No. 020172 645.23
Check No. 020176 2,940.15
c. Bank service charge of ₱340 is shown on the bank statement for the month of March.
d. The March bank statement also shows an NSF check amounting to ₱1,290.50.
e. A promissory note was forwarded by Millana Company to Philippine Bank for collection. The principal amount is ₱10,000 with a ₱1,000 interest.
Required:
Prepare all the necessary
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