Prepare bank reconciliation statement on November 30 showing adjusted balances and the journal entries on November 30. * Flamboyant Company prepared the following bank reconciliation on October 31: 990,000 Cash account balance Less: Bank service charge Deposit outstanding Check erroneously charged by 5,000 45,000 bank against entity's account 10,000 60,000 Balance 930,000 125,000 45,000 Add: Checks outstanding Unrecorded collections 170,000 Bank statement balance 1,100,000 October 31 balance per book Book credits Book debits 990,000 1,200,000 710,000 October 31 balance per bank statement Bank credits 1,100,000 500,000 1,000,000 Bank debits Debit memo for service charge in November Debit memo for a customer's NSF check in November 10,000 50,000 During the month of November, the bank corrected the P10,000 error committed in prior month. The entity recorded as cash receipt a customer note receivable of P100,000 placed with the bank for collection on November 30. The note was not collected until the subsequent month.
Prepare bank reconciliation statement on November 30 showing adjusted balances and the journal entries on November 30. * Flamboyant Company prepared the following bank reconciliation on October 31: 990,000 Cash account balance Less: Bank service charge Deposit outstanding Check erroneously charged by 5,000 45,000 bank against entity's account 10,000 60,000 Balance 930,000 125,000 45,000 Add: Checks outstanding Unrecorded collections 170,000 Bank statement balance 1,100,000 October 31 balance per book Book credits Book debits 990,000 1,200,000 710,000 October 31 balance per bank statement Bank credits 1,100,000 500,000 1,000,000 Bank debits Debit memo for service charge in November Debit memo for a customer's NSF check in November 10,000 50,000 During the month of November, the bank corrected the P10,000 error committed in prior month. The entity recorded as cash receipt a customer note receivable of P100,000 placed with the bank for collection on November 30. The note was not collected until the subsequent month.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare bank reconciliation statement on November 30
showing adjusted balances and the journal entries on
November 30.
Flamboyant Company prepared the following bank
reconciliation on October 31:
990,000
Cash account balance
Less: Bank service charge
Deposit outstanding
Check erroneously charged by
5,000
45,000
bank against entity's account
10,000
60,000
930,000
Balance
Add: Checks outstanding
125,000
45,000
Unrecorded collections
170,000
Bank statement balance
1,100,000
990,000
1,200,000
710,000
October 31 balance per book
Book credits
Book debits
October 31 balance per bank statement
Bank credits
1,100,000
500,000
1,000,000
Bank debits
Debit memo for service charge in November
Debit memo for a customer's NSF check in November
10,000
50,000
During the month of November, the bank corrected the
P10,000 error committed in prior month.
The entity recorded as cash receipt a customer note
receivable of P100,000 placed with the bank for collection
on November 30. The note was not collected until the
subsequent month.
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