Problem 3-3 (IAA) Fabulous Company provided the following data concerning cash on July 31: Checks drawn Bank statement Balance, July 31 Charges: Checks paid Service charge Credita: Deposits Note collected 2,700,000 No. 101 No. 102 No. 103 No. 104 No. 105 No. 106 No. 107 No. 108 600,000 700,000 300,000 400,000 450,000 600,000 650,000 500,000 4,000,000 20,000 3,500,000 1,500,000 Balance of cash per book on July 1, P1,270,000. Cash receipts per cash book for the month of July P3,400,000. Checks paid by bank include all che ks issued during the month of July except No. 107 and No. 108. On July 31 cash received but not deposited in bank, P400,000. Required: a. Prepare bank reconciliation on July 1 and July 31. b. Prepare adjusting entries on July 31.

Problem 3-3 (IAA) Fabulous Company provided the following data concerning cash on July 31: Checks drawn Bank statement Balance, July 31 Charges: Checks paid Service charge Credita: Deposits Note collected 2,700,000 No. 101 No. 102 No. 103 No. 104 No. 105 No. 106 No. 107 No. 108 600,000 700,000 300,000 400,000 450,000 600,000 650,000 500,000 4,000,000 20,000 3,500,000 1,500,000 Balance of cash per book on July 1, P1,270,000. Cash receipts per cash book for the month of July P3,400,000. Checks paid by bank include all che ks issued during the month of July except No. 107 and No. 108. On July 31 cash received but not deposited in bank, P400,000. Required: a. Prepare bank reconciliation on July 1 and July 31. b. Prepare adjusting entries on July 31.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.4.3P

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