Journalize the following entries to record the adjusting entries on the books of Company YOU. Bank reconciling items: Deposit in transit: ₱160,000 deposit on 6/29. Outstanding check: ₱380,000 Check #1116 on 6/28. Book reconciling items: Credit memos: ₱350,000 deposit on 6/10 + ₱410,000 deposit on 6/28 = ₱760,000. Debit memos: ₱2,000 payment on 6/15 + ₱50,000 payment on 6/20 = ₱52,000.
Journalize the following entries to record the adjusting entries on the books of Company YOU. Bank reconciling items: Deposit in transit: ₱160,000 deposit on 6/29. Outstanding check: ₱380,000 Check #1116 on 6/28. Book reconciling items: Credit memos: ₱350,000 deposit on 6/10 + ₱410,000 deposit on 6/28 = ₱760,000. Debit memos: ₱2,000 payment on 6/15 + ₱50,000 payment on 6/20 = ₱52,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Journalize the following entries to record the
Bank reconciling items:
Deposit in transit: ₱160,000 deposit on 6/29.
Outstanding check: ₱380,000 Check #1116 on 6/28.
Book reconciling items:
Credit memos: ₱350,000 deposit on 6/10 + ₱410,000 deposit on 6/28 = ₱760,000.
Debit memos: ₱2,000 payment on 6/15 + ₱50,000 payment on 6/20 = ₱52,000.
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