Problem 2-7 (IAA) Rancor Company provided the following information for the month of December: Balance per bank statement Balance per cash book Outstanding checks Deposit in transit Service charge Proceeds of bank loan, December 1, discounted for 6 months at 12%, not recorded on company books Customer's check charged back by bank for absence of counter signature Deposit of P100,000 incorrectly recorded by bank as Check of Rancid Company charged by bank against Rancor Company account Customer's note collected by bank in favor of Rancor Company. Face 4,000,000 2,700,000 600,000 475,000 10,000 940;000 50,000 10,000 150,000 400,000 40,000 Interest Total Collection fee 440,000 5,000 435,000 Erroneous debit memo of December 28, to charge company's account with settlement of bank loan Deposit of Rancid Company credited to Rancor account 200,000 300,000 Required: a. Prepare a bank reconciliation using the adjusted balance аpproach. b. Prepare adjusting entries on December 31.

Problem 2-7 (IAA) Rancor Company provided the following information for the month of December: Balance per bank statement Balance per cash book Outstanding checks Deposit in transit Service charge Proceeds of bank loan, December 1, discounted for 6 months at 12%, not recorded on company books Customer's check charged back by bank for absence of counter signature Deposit of P100,000 incorrectly recorded by bank as Check of Rancid Company charged by bank against Rancor Company account Customer's note collected by bank in favor of Rancor Company. Face 4,000,000 2,700,000 600,000 475,000 10,000 940;000 50,000 10,000 150,000 400,000 40,000 Interest Total Collection fee 440,000 5,000 435,000 Erroneous debit memo of December 28, to charge company's account with settlement of bank loan Deposit of Rancid Company credited to Rancor account 200,000 300,000 Required: a. Prepare a bank reconciliation using the adjusted balance аpproach. b. Prepare adjusting entries on December 31.

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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From the give Problem 2, What is the adjusted cash in bank on December 31?
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Blanksheet entries for bank reconciliation
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Subject:- accounting
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