Problem 2-2 (IAA) Sensible Company provided the following ledger account of the cash in bank maintained with Second Bank: SECOND BANK Dec. 1 Balance 6 Deposit 12 Deposit 24 Deposit 31 Deposit Date Dec. 1 Balance 622232 Sensible Company received the following bank statement from the Second Bank: Checks 12 12 24 100,000 30,000 40,000 Check No. 50,000 60,000 768 771 772 773 774 776 1042 28 NSF check 28 Service charge Dec. 1 Check No. 771 20,000 4 772 5,000 6 773 35,000 10 774 15,000 14 775 30,000 18 776 25,000 24 777 40,000 10,000 20,000 5,000 35,000 15,000 52,000 8,000 10,000 5,000 Deposits 30,000 40,000 50,000 45,000 CM Balance 130,000 1. Sensible Company reconciled its bank balance on November 30 with two checks, No. 768 for P10,000 and No. 770 for P20,000 outstanding. 2. Check No. 1042 was drawn by Sensitive Company. The bank charged it in error to the account of Sensible Company. 3. Check No. 776 was correctly drawn for P52,000 in payment
Problem 2-2 (IAA) Sensible Company provided the following ledger account of the cash in bank maintained with Second Bank: SECOND BANK Dec. 1 Balance 6 Deposit 12 Deposit 24 Deposit 31 Deposit Date Dec. 1 Balance 622232 Sensible Company received the following bank statement from the Second Bank: Checks 12 12 24 100,000 30,000 40,000 Check No. 50,000 60,000 768 771 772 773 774 776 1042 28 NSF check 28 Service charge Dec. 1 Check No. 771 20,000 4 772 5,000 6 773 35,000 10 774 15,000 14 775 30,000 18 776 25,000 24 777 40,000 10,000 20,000 5,000 35,000 15,000 52,000 8,000 10,000 5,000 Deposits 30,000 40,000 50,000 45,000 CM Balance 130,000 1. Sensible Company reconciled its bank balance on November 30 with two checks, No. 768 for P10,000 and No. 770 for P20,000 outstanding. 2. Check No. 1042 was drawn by Sensitive Company. The bank charged it in error to the account of Sensible Company. 3. Check No. 776 was correctly drawn for P52,000 in payment
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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hi tutor! please answer the two requirements in a table form like in excel.
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Transcribed Image Text:Problem 2-2 (IAA)
/
Sensible Company provided the following ledger account of the
cash in bank maintained with Second Bank:
SECOND BANK
100,000 Dec. 1 Check No. 771 20,000
30,000
4
772
5,000
40,000
6
773
35,000
50,000
774 15,000
60,000
775
30,000
776
25,000
777 40,000
Dec. 1 Balance
6 Deposit
12 Deposit
24 Deposit
31 Deposit
Sensible Company received the following bank statement from
the Second Bank:
Deposits
Date
Dec. 1 Balance
Checks
14622222
Check No.
768
771
28 NSF check
28 Service charge
772
773
774
776
1042
10
14
18
24
10,000
20,000
5,000
35,000
15,000
52,000
8,000
10,000
5,000
30,000
40,000
50,000
45,000 CM
Balance
130,000
1. Sensible Company reconciled its bank balance on
November 30 with two checks, No. 768 for P10,000 and
No. 770 for P20,000 outstanding.
2.
Check No. 1042 was drawn by Sensitive Company. The bank
charged it in error to the account of Sensible Company.
3. Check No. 776 was correctly drawn for P52,000 in payment
of account. The check was recorded by Sensible Company
for P25,000.
4. The bank credit on December 28 represents the proceeds
of a P50,000 note less a collection fee of P5,000 collected by
the bank and credited to the account of Sensible Company.
5. The NSF check was received from a customer in payment
of account.
.
Required:
a. Prepare a bank reconciliation statement on December 31.
b. Prepare adjusting entries on December 31.
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