Problem 1: The bank reconciliation statement of Marygold Company as of 30 April 2018 showed an adjusted cash balance of P2,625 with a deposit in transit of P4,300 and three outstanding check as follows: No. 634 P1,080; No. 635, P675 and No. 636 P275. No debit or credit memorandum was issued by the bank during this month. Southeast Bank Check # 634 638 637 735 641 643 639 Cash Receipts Book Date Amount (Php) May 2 May 6 My 9 May 15 May 20 May 24 May 28 1,080 8,500 900 2,250 2,625 100 SC 6.920 4,350 Current Account of Marygold Company Lipa City Period Covered May 2018 Date (May) Amount in Php 8,000 4,000 4,500 7,000 5,800 3,400 3,750 Deposit (Php) 4,300 8,000 4,000 4,000 7,000 5,800 3,400 59,700 CM May 2 May 3 1 2 3 May 9 May 10 May 20 May 24 May 24 9 Additional information: Check No. 735 is a check of Merigold Company erroneously charged to Marygold Company by the bank. Deposit of 10 May per bank statement was erroneously recorded by the depositor as P4,500 instead of P4,000. SC is a services charge on a returned inward clearing check. CM is a credit memo for loan proceeds released to the depositor: Principal P60,000, interest P300. Prepare a bank reconciliation statement as of May 31, 2018 10 10 16 23 25 25 Cash Disbursement Book Date 31 31 Balance (Php) 2,625 Check No. 637 638 639 640 641 642 643 70,450 Amount in Php 900 8,500 4,350 2,250 2,625 875 6,920 Also prepare the needed adjusting entries.
Problem 1: The bank reconciliation statement of Marygold Company as of 30 April 2018 showed an adjusted cash balance of P2,625 with a deposit in transit of P4,300 and three outstanding check as follows: No. 634 P1,080; No. 635, P675 and No. 636 P275. No debit or credit memorandum was issued by the bank during this month. Southeast Bank Check # 634 638 637 735 641 643 639 Cash Receipts Book Date Amount (Php) May 2 May 6 My 9 May 15 May 20 May 24 May 28 1,080 8,500 900 2,250 2,625 100 SC 6.920 4,350 Current Account of Marygold Company Lipa City Period Covered May 2018 Date (May) Amount in Php 8,000 4,000 4,500 7,000 5,800 3,400 3,750 Deposit (Php) 4,300 8,000 4,000 4,000 7,000 5,800 3,400 59,700 CM May 2 May 3 1 2 3 May 9 May 10 May 20 May 24 May 24 9 Additional information: Check No. 735 is a check of Merigold Company erroneously charged to Marygold Company by the bank. Deposit of 10 May per bank statement was erroneously recorded by the depositor as P4,500 instead of P4,000. SC is a services charge on a returned inward clearing check. CM is a credit memo for loan proceeds released to the depositor: Principal P60,000, interest P300. Prepare a bank reconciliation statement as of May 31, 2018 10 10 16 23 25 25 Cash Disbursement Book Date 31 31 Balance (Php) 2,625 Check No. 637 638 639 640 641 642 643 70,450 Amount in Php 900 8,500 4,350 2,250 2,625 875 6,920 Also prepare the needed adjusting entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 1: The bank reconciliation statement of Marygold Company as of 30 April 2018 showed an adjusted cash balance of P2,625
with a deposit in transit of P4,300 and three outstanding check as follows: No. 634 P1,080; No. 635, P675 and No. 636 P275. No debit
or credit memorandum was issued by the bank during this month.
Southeast Bank
Check #
634
638
637
735
641
643
639
Cash Receipts Book
Date
May 2
May 6
My 9
Amount (Php)
May 15
May 20
May 24
May 28
1,080
8,500
900
2,250
2,625
100 SC
6,920
4,350
Current Account of Marygold Company
Lipa City
Period Covered May 2018
Date (May)
Amount in Php
8,000
4,000
4,500
7,000
5,800
3,400
3,750
Deposit (Php)
4,300
8,000
4,000
4,000
7,000
5,800
3,400
59,700 CM
Additional information:
Check No. 735 is a check of Merigold Company erroneously charged to Marygold Company by the bank. Deposit of 10 May
per bank statement was erroneously recorded by the depositor as P4,500 instead of P4,000. SC is a services charge on a returned
inward clearing check. CM is a credit memo for loan proceeds released to the depositor: Principal P60,000, interest P300.
1
May 2
May 3
May 9
May 10
May 20
May 24
May 24
2
3
9
Prepare a bank reconciliation statement as of May 31, 2018
10
10
16
23
25
25
31
31
Cash Disbursement Book
Date
Check No.
637
638
639
640
Balance (Php)
2,625
641
642
643
70,450
Amount in Php
900
8,500
4,350
2,250
2,625
875
6,920
Also prepare the needed adjusting entries.
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