On July 31, 2017, the Cash in Bank account of Lope Dalisay Blades had a balance of ₱72,166. On that date, the bank statement indicated a balance of ₱95,347.50. Comparison of returned checks and bank memos revealed the following: 1.Deposits in transit as of July 31 amounted to ₱31,407.50 2.Outstanding checks as at July 31 totaled ₱14,6793. 3.The bank erroneously debited a ₱3,250 check of Lopez Glades against the Lope Dalisay Blades bank account. 4.A ₱250 bank service charge has not been recorded in the books. 5.Lope Dalisay neglected to record ₱40,000 borrowed from the bankon a 10% six-month note. The bank statement already reflected the credit of ₱40,000. 6.Included with the returned paid checks is a memo indicating that Julio Mercado’s check for ₱6,400 had been returned DAIF. Mercado, a customer, had sent the check as payment of an account ₱6,600 less a ₱200 discount. 7.Lope Dalisay recorded a ₱1,090 payment for repairs as ₱10,900. REQUIRED: 1.Prepare the bank reconciliation for Lope Dalisay Blades at July 31, 2017. 2.Prepare the journal entries to update the Cash in Bank accoun
On July 31, 2017, the Cash in Bank account of Lope Dalisay Blades had a balance of ₱72,166. On that date, the bank statement indicated a balance of ₱95,347.50. Comparison of returned checks and bank memos revealed the following:
1.Deposits in transit as of July 31 amounted to ₱31,407.50
2.Outstanding checks as at July 31 totaled ₱14,6793.
3.The bank erroneously debited a ₱3,250 check of Lopez Glades against the Lope Dalisay Blades bank account.
4.A ₱250 bank service charge has not been recorded in the books.
5.Lope Dalisay neglected to record ₱40,000 borrowed from the bankon a 10% six-month note. The bank statement already reflected the credit of ₱40,000.
6.Included with the returned paid checks is a memo indicating that Julio Mercado’s check for ₱6,400 had been returned DAIF. Mercado, a customer, had sent the check as payment of an account ₱6,600 less a ₱200 discount.
7.Lope Dalisay recorded a ₱1,090 payment for repairs as ₱10,900.
REQUIRED:
1.Prepare the bank reconciliation for Lope Dalisay Blades at July 31, 2017. 2.Prepare the
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