hi tutor! please answer the two requirements in a table form like in excel.I will rate the tutor helpful/positivr/thumbs up if answered completely.THANK YOU! Problem 2-2 (IAA)/Sensible Company provided the following ledger account of thecash in bank maintained with Second Bank:SECOND BANK100,000 Dec. 1 Check No. 771 20,00030,00047725,00040,000677335,00050,000774 15,00060,00077530,00077625,000777 40,000Dec. 1 Balance6 Deposit12 Deposit24 Deposit31 DepositSensible Company received the following bank statement fromthe Second Bank:DepositsDateDec. 1 BalanceChecks14622222Check No.76877128 NSF check28 Service charge77277377477610421014182410,00020,0005,00035,00015,00052,0008,00010,0005,00030,00040,00050,00045,000 CMBalance130,0001. Sensible Company reconciled its bank balance onNovember 30 with two checks, No. 768 for P10,000 andNo. 770 for P20,000 outstanding.2.Check No. 1042 was drawn by Sensitive Company. The bankcharged it in error to the account of Sensible Company.3. Check No. 776 was correctly drawn for P52,000 in paymentof account. The check was recorded by Sensible Companyfor P25,000.4. The bank credit on December 28 represents the proceedsof a P50,000 note less a collection fee of P5,000 collected bythe bank and credited to the account of Sensible Company.5. The NSF check was received from a customer in paymentof account..Required:a. Prepare a bank reconciliation statement on December 31.b. Prepare adjusting entries on December 31.

The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

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

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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