Please refer to the information provided and answer the following questions above. Please have mercy on me. Help me I badly need this ASAP.
1. How much is the deposit found in the bank that is notseen in the book transactions for July?
2. How much is the total amount of check that is found in the bank that is not seen in the book transactions for July? Do not include bank errors.
3. How much is the total amount of check found in the bookthat is not yet reflected in the bank?
4. How much is the deposit found in the book that has not reflectedin the bank?
5. What is the journal entry for the bank error of P11,000?
6. What is the journal entry for the credit memo of P150,000?
7. What is the journal entry for the debit memo of P2,500?
8. What is the journal entry for the NSF check of P21,000?
Transcribed Image Text:Case Problem 1: ABM Consultancy Services Bank Reconciling Items
Analyze the transactions of ABM Consultancy Services in the July bank statement below:
Matapat Bank
Limay, Bataan Branch
ABM Consultancy Services
Duale, Limay, Bataan
Account No. 00345
July 31, 2020
Description
Withdrawals
Date
Deposits
Balance
30-Jun
25,000
1-Jul
13,000
38,000
4-Jul
9-Jul
9,000
47,000
4 150,000 CM
197,000
13-Jul
1
2 2500 DM
194.500
15-Jul C No. ooe
182,500
12,000
18-Jul
30,000
212,500
20-Jul Chk No. o0101
21-Ju
23-Ju
26-Ju Chk No. o0103
6,000
206,500
Chk No. o0105
20,000
186,500
21,0003
165.500
9.900
155,600
30-Jul Chk No. 21090
11,000
144,600
1. This is the Description of the transactions. In this example, the check we issued for payment to suppliers are
detailed here. These checks are those that the suppliers have already encashed. The check number may not
always be in order. If there are still missing check numbers, these could count as outstanding checks.
2. Debit Memo of P2,500 is a bank service charge.
3. No Sufficient Fund (NSF) check amounts P21,000.
4. The loan of the company is approved and been credited to the bank account amounting P150,000.
5. Check No. 21090 is a bank error
Analyze the July transactions of ABM Consultancy Services as recorded in its books:
July 4
- Deposited P9,000 in the checking account.
July 5
- Issued the following checks to the suppliers:
Check No. o0101 P 6,000
Check No. o0102 P 3,000
Check No. o0103 P 9,900
July 18
- Deposited P30,000 in the checking account.
July 20
- Issued the following checks to the suppliers:
Check No. o0104 P15,000
Check No. o0105 P20,000
- Deposited P23,000 in the checking account.
- Deposited P5,40o in the checking account.
July 24
July 28
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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