Present the Reconciliation per Company’s Book The accounting records of BEE Company show the summary data of its cash receipts and payments for November 2019. Its November Cash Balance has P42,130.00; its Total Cash Receipts is P40,000.00, Total Checks issued is P25,000.00. The company received its Bank Statement indicating a balance of P82,000.00. The following reconciling items were discovered. Item No. 1 – A deposit of cash receipts P3,000.00 of November 30 is too late to include in the bank statement. Item No. 2 – Outstanding checks were: No. 1234-P2,652.00; No. 1235-P6,557.00; No. 1236-P6,095.00. Item No. 3 – The bank collected a note left for collection amounting to P20,000.00 plus a service charge of P600.00. Item No. 4-Check No. 1237-P P690.00 was incorrectly charged by the bank as P960.00 Item No. 5-Check No. 1238-P cleared by the bank with P4,200.00 has been recorded in the company’s book as P2,400.00. This was for the payment of the creditor’s account. Item No. 6-The customer returned the check for NSF, P7,800.00. Item No. 7-The bank service charges for the month are P1,864.00.
Present the Reconciliation per Company’s Book
The accounting records of BEE Company show the summary data of its cash
receipts and payments for November 2019. Its November Cash Balance has
P42,130.00; its Total Cash Receipts is P40,000.00, Total Checks issued is
P25,000.00. The company received its Bank Statement indicating a balance of
P82,000.00. The following reconciling items were discovered.
Item No. 1 – A deposit of cash receipts P3,000.00 of November 30 is too late to
include in the bank statement.
Item No. 2 – Outstanding checks were: No. 1234-P2,652.00; No. 1235-P6,557.00;
No. 1236-P6,095.00.
Item No. 3 – The bank collected a note left for collection amounting to P20,000.00
plus a service charge of P600.00.
Item No. 4-Check No. 1237-P P690.00 was incorrectly charged by the bank as
P960.00
Item No. 5-Check No. 1238-P cleared by the bank with P4,200.00 has been recorded
in the company’s book as P2,400.00. This was for the payment of the creditor’s
account.
Item No. 6-The customer returned the check for NSF, P7,800.00.
Item No. 7-The bank service charges for the month are P1,864.00.
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