C. On July 31, Lunatic Traders showed a cash balance per books in the amount of P 29,460. The bank statement showed a balance of P 20,460. Deposit of P 18,500 made on July 31 was not reflected. Additional jnformation is as follows: Bank collection Returned check marked "DAIF" Bank service charge for the month Interest earned on the deposit Checks outstanding: P3,960 11,660 80 20 No. 6306 - P 10,000; No. 6310 - P 4,100; No. 6311 - P 3,160 REQUIRED: 1. Bank Reconciliation Statement 2. Adjusting entries necessary

C. On July 31, Lunatic Traders showed a cash balance per books in the amount of P 29,460. The bank statement showed a balance of P 20,460. Deposit of P 18,500 made on July 31 was not reflected. Additional jnformation is as follows: Bank collection Returned check marked "DAIF" Bank service charge for the month Interest earned on the deposit Checks outstanding: P3,960 11,660 80 20 No. 6306 - P 10,000; No. 6310 - P 4,100; No. 6311 - P 3,160 REQUIRED: 1. Bank Reconciliation Statement 2. Adjusting entries necessary

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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Similar questions

What is a bank reconciliation?
Does it go under balance per bank statement or balance per books for reconciliation worksheet?
Explain why the money listed under assets on a bank balance sheet may not actually be in the bank?
The bank statement showed a non-interest bearing note receivable from a customer that was collected by the bank, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes: Multiple Choice a debit to Cash. a credit to Interest Income. a credit to Cash. a debit to Accounts Receivable.
In a bank reconciliation, an EFT cash payment isa. deducted from the bank balance.b. added to the bank balance.c. added to the book balance.d. deducted from the book balance.
Why is it necessary to record journal entries after the bank reconciliation has been prepared? Which side of the bank reconciliation requires journal entries?
A prenumbered document that tells the bank to pay the designated party a specific amount is a A. check B. deposit ticket C. routing number D. remittance advice
After you have completed a bank reconciliation, there can be numerous un‐ reconciled bank statement debits. In your own words, explain the difference between a debit order and a stop order.
More info a. Outstanding checks, $670. b. Deposits in transit, $1,500. C. NSF check from customer, no. 548, for $175. d. Bank collection of note receivable of $800, and interest of $80. Interest earned on bank balance, $20. e. f. g. h. Service charge, $10. The business credited Cash for $200. The correct amount was $2,000. The bank incorrectly decreased the business's by $350 for a check written by another business. X