Prepare a Bank Reconciliation Statement. The accountant of XYZ Company was tasked to perform monthly bank reconciliation. She downloaded the Company’s August 30 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,850. She also found the following reconciling items: The bank statement showed bank service fee of P850. The bank collected P1,800 from a note receivable for ABM Company. Also, a collection fee of P200 was charged. Deposit in transit, P51,000 Checks outstanding on September 30, P79,200 The accountant found a check issued to ML Corporation, for P5,400 that cleared the bank but was not in the cash ledger.
Prepare a Bank Reconciliation Statement.
The accountant of XYZ Company was tasked to perform monthly bank reconciliation. She downloaded the Company’s August 30 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,850. She also found the following reconciling items:
The bank statement showed bank service fee of P850.
The bank collected P1,800 from a note receivable for ABM Company. Also, a collection fee of P200 was charged.
Deposit in transit, P51,000
Checks outstanding on September 30, P79,200
The accountant found a check issued to ML Corporation, for P5,400 that cleared the bank but was not in the cash ledger.
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