Exercise 2 – 10 The cash account of Pistachio Co. showed a ledger balance of P158,794 on June 30. The bank statement on the same date showed a balance of P166,100. Upon comparing the bank statement with the cash records, the following facts were determined: June bank service charge was P1,000. b. A bank memo stated that a note having a face value of P48,000 and interest of P1,440 had been collected on June 29, and the bank had made a charge of P220 on the collection. No entry had been made on Pistachio’s books when the note was collected. c. Receipts for June 30 for P135,600 were not deposited until July 2. d. Checks outstanding on June 30 totaled P85,442. e. The bank had charged Pistachio's account for a customer's uncollectible check amounting to а. P10,128. f. A customer's check for P3,600 had been entered as P2,400 in the cash receipts journal by Pistachio on June 15. g. Check No. 742 in the amount of P19,640 had been entered in the cash journal as P16,760, and Check No. 747 in the amount of P2,328 had been entered as P23,380. Both checks had been issued to pay for purchases of equipment. Prepare bank reconciliation statement.

Exercise 2 – 10 The cash account of Pistachio Co. showed a ledger balance of P158,794 on June 30. The bank statement on the same date showed a balance of P166,100. Upon comparing the bank statement with the cash records, the following facts were determined: June bank service charge was P1,000. b. A bank memo stated that a note having a face value of P48,000 and interest of P1,440 had been collected on June 29, and the bank had made a charge of P220 on the collection. No entry had been made on Pistachio’s books when the note was collected. c. Receipts for June 30 for P135,600 were not deposited until July 2. d. Checks outstanding on June 30 totaled P85,442. e. The bank had charged Pistachio's account for a customer's uncollectible check amounting to а. P10,128. f. A customer's check for P3,600 had been entered as P2,400 in the cash receipts journal by Pistachio on June 15. g. Check No. 742 in the amount of P19,640 had been entered in the cash journal as P16,760, and Check No. 747 in the amount of P2,328 had been entered as P23,380. Both checks had been issued to pay for purchases of equipment. Prepare bank reconciliation statement.

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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