Bigger Company provided the following information: Balance per book, August 31 2,000,000 Book debits for August 4,400,000 Book credits for August 3,600,000 Balance per bank, August 31 1,860,000 Bank credits for August 5,000,000 Bank debits for August 3,940,000 August collection of P200,000 recorded by entity as 20,000 August check in payment of account payable for P600,000 recorded by entity as 60,000 Deposit of Biggers Company erroneously credited by bank to Bigger Company 200,000 August check of Biggers Company erroneously charged by bank to Bigger Company 400,000 NSF: July 31 August 31 100,000 50,000 Note collected by bank for Bigger Company: July 31 August 31 200,000 300,000 Deposit in transit: July 31 August 31 600,000 480,000 Outstanding Checks: July 31 August 31 100,000 650,000 Required: Prepare a four-column bank reconciliation showing adjusted balances and Prepared adjusting entries on August 31
Bigger Company provided the following information:
Balance per book, August 31 2,000,000
Book debits for August 4,400,000
Book credits for August 3,600,000
Balance per bank, August 31 1,860,000
Bank credits for August 5,000,000
Bank debits for August 3,940,000
August collection of P200,000 recorded by entity as 20,000
August check in payment of account payable for
P600,000 recorded by entity as 60,000
Deposit of Biggers Company erroneously credited by
bank to Bigger Company 200,000
August check of Biggers Company erroneously
charged by bank to Bigger Company 400,000
NSF:
July 31
August 31
100,000
50,000
Note collected by bank for Bigger Company:
July 31
August 31
200,000
300,000
Deposit in transit:
July 31
August 31
600,000
480,000
Outstanding Checks:
July 31
August 31
100,000
650,000
Required:
Prepare a four-column bank reconciliation showing adjusted balances and Prepared
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
