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— Prepare bank reconciliation statement for the month of August. — Prepare the adjusting entries.

— Prepare bank reconciliation statement for the month of August. — Prepare the adjusting entries.

FINANCIAL ACCOUNTING
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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— Prepare bank reconciliation statement for the month of August.

— Prepare the adjusting entries.

Cash bałance per accounting period Cash balance per bank statement Bank service charge 1,719,000 3,195,000 10,000 Debit memo for the cost of printed checks delivered by the bank, the charge has not been recorded in the accounting record 12,000 685,000 500,000 Outstanding checks Deposit of May 30 not recorded by bank until June 1 Proceeds of bank loan on May 30, not recorded in the accounting record, net of interest of P30,000 Proceeds from a customer promissory note, principal amount P800,000 collected by the bank not taken up in the accounting record with interest Check no. 1086 issued to a supplier entered in the accounting record as 210,000 but deducted in the bank statement at an erroneous amount of Stolen check lacking unauthorized signature deducted from Mcdo's account by the bank in error Customer check returned by the bank marked NSF, indicating that the customer balance was not adequate to cover the check; no entry has been made in the accounting record to record the returned check 570,000 810,000 120,000 80,000 77,000
Transcribed Image Text:Cash bałance per accounting period Cash balance per bank statement Bank service charge 1,719,000 3,195,000 10,000 Debit memo for the cost of printed checks delivered by the bank, the charge has not been recorded in the accounting record 12,000 685,000 500,000 Outstanding checks Deposit of May 30 not recorded by bank until June 1 Proceeds of bank loan on May 30, not recorded in the accounting record, net of interest of P30,000 Proceeds from a customer promissory note, principal amount P800,000 collected by the bank not taken up in the accounting record with interest Check no. 1086 issued to a supplier entered in the accounting record as 210,000 but deducted in the bank statement at an erroneous amount of Stolen check lacking unauthorized signature deducted from Mcdo's account by the bank in error Customer check returned by the bank marked NSF, indicating that the customer balance was not adequate to cover the check; no entry has been made in the accounting record to record the returned check 570,000 810,000 120,000 80,000 77,000
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