From the give Problem 2, What is the adjusted cash in bank on December 31? Problem 2In reconciling the cash balance on December 31 with that shown in the bank statement,Willy Company provided the following information:Balance per bookBalance per bank statementService chargeOutstanding checksDeposit in transitProceeds of bank loan, December 1, discounted for 6 mos.at 12% interest, not recorded on Willy's booksCustomer check charged bank by bank for absence ofcounter signatureP2,160,0003,200,0008,000480,000380,000752,00040,000Deposit of P80,000 incorrectly recorded by bank as8,000Check of Billy Company charged bank against Willy's account 120,000Customer note collected by bank in favor of Willy Company:(face amount, P320,000; interest, P32,000; andcollection fee, P4,000)Deposit of Billy Company credited to Willy CompanyErroneous debit memo of December 29, to charge Willy'saccount with settlement of bank loan348,000240,000160,000

Bank reconciliation is a statement which is prepared to match the bank balance with the cash balance…

Answered: In reconciling the cash balance on…

In reconciling the cash balance on December 31 with that shown in the bank stater Willy Company provided the following information: Balance per book Balance per bank statement P2,160,000 3,200,000

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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