Masigla Co. is closing its books for the month ended June 2019. As the company's accountant, prepare a bank reconciliation based on the following reconciling items. 1. The bank statement has an ending balance of P133,680. 2. The cash in bank general ledger book balance is P46,300. 3. The bank statement contains a P350 charges for new checks that the company ordered. 4. The bank statement returns a deposit of P5,000 due to "no sufficient funds" for an accounts receivable being collected, and charges the company P500. 5. The bank statement contains interest income of P1,030. 6. Masigla Co. issued P145,500 of checks that have not yet cleared in the bank. 7. Masigla Co. deposited P55,000 of checks at month-end that have not appeared yet on the bank statement

Masigla Co. is closing its books for the month ended June 2019. As the company's accountant, prepare a bank reconciliation based on the following reconciling items. 1. The bank statement has an ending balance of P133,680. 2. The cash in bank general ledger book balance is P46,300. 3. The bank statement contains a P350 charges for new checks that the company ordered. 4. The bank statement returns a deposit of P5,000 due to "no sufficient funds" for an accounts receivable being collected, and charges the company P500. 5. The bank statement contains interest income of P1,030. 6. Masigla Co. issued P145,500 of checks that have not yet cleared in the bank. 7. Masigla Co. deposited P55,000 of checks at month-end that have not appeared yet on the bank 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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