PROBLEM 5: CLASSROOM ACTIVITIESACTIVITY #1: BANK RECONCILIATIONINSTRUCTIONS:1. Find a study partner.2. Imagine that youof you is thė accountant of ABC Co. and the other one is theaccountant of PIGGY Bank.and your study partner are accountants. One3. Answer the requirements below.Requirement (A): Record the transactions below in your respectivecompany's books.Transactions during the period:a. ABC Co. opened an account with PIGGY Bank.for an initialdeposit of P1,000,000.b. ABC Co. draws checks amounting to P254,321.PIGGY Bank encashes ABC's checks amounting to P220,320.000C. Bank Reconciliation145A PIGGY Bank receives P2,460,660 from ABC's customers.e ABC Co. collects P1,592,012 from customers and deposits thecollectionwithPIGGYBank.However, ABCCo.inappropriately records the collection and deposit asP1,952,012. The bank records the deposit at the correctamount.f. A P25,000 customer check included in the collections in (e)above is dishonored due to insufficiency of funds. ABC Co. isnot notified of the dishonor.g. PIGGY Bank pays ABC Co.'s utility biils of P1,602.h. ABC Co. deposits a P40,000 check at the end of the period. Thecheck clears the bank only in the next period.Requirement (B): Determine the difference between the reciprocalaccounts as of the end of the period.Requirement (C): Prepare the bank reconciliation.Requirement (D): Prepare the adjusting entry(ies) in ABC's books.ACTIVITY #2: BANK RECONCILIATIONABC Co. uses the imprest system. The following are excerpts fromlodger and from

Particular amount particular amount To cash 10,00,000 by creditors 2,54,321 To debtors…

PROBLEM 5: CLASSROOM ACTIVITIES ACTIVITY #1: BANK RECONCILIATION INSTRUCTIONS: 1. Find a study partner. 2. Imagine that you and your study partner are accountants. One of you is thė accountant of ABC Co. and the other one is the accountant of PIGGY Bank. 3. Answer the requirements below. Requirement (A): Record the transactions below in your respective company's books. 00 Transactions during the period: a. ABC Co. opened an account with PIGGY Bank.for an initial deposit of P1,000,000. b. ABC Co. draws checks amounting to P254,321. PIGGY Bank encashes ABC's checks amounting to P220,320. С.

PROBLEM 5: CLASSROOM ACTIVITIES ACTIVITY #1: BANK RECONCILIATION INSTRUCTIONS: 1. Find a study partner. 2. Imagine that you and your study partner are accountants. One of you is thė accountant of ABC Co. and the other one is the accountant of PIGGY Bank. 3. Answer the requirements below. Requirement (A): Record the transactions below in your respective company's books. 00 Transactions during the period: a. ABC Co. opened an account with PIGGY Bank.for an initial deposit of P1,000,000. b. ABC Co. draws checks amounting to P254,321. PIGGY Bank encashes ABC's checks amounting to P220,320. С.

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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explain why it is important for a business to do a bank reconciliation monthly.
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Exercise 1-12 Based on the following information, prepare a bank reconciliation statement for ROSAL COMPANY as of Dec. 31, 2019, Use the bank to book format. 1. Balance per bank statement, Dec. 31, 2019, P85,938.46. 2. Balance per books, Dec. 31, 2019, PSB,489.12. 3. Outstanding checks, Dec. 31, P31,108.42. 4. Receipts of Dec. 31, 2019 deposited Jan. 5, 2015, P5,317.20. S. Service charges for Nov. per bank DM of Dec. 15, 2019, P203.85 6. Proceeds of bank loan, Dec. 15, 2019, omitted from the company's books, P9,875.00. 7, Deposit of Dec. 23, 2019 omitted from the bank statement, P2,892.41. 8. Check of Rome Products Co., returned by the bank for lack of countersignature. No entry was made on the books to record the return, P417.50. 9. Error on bank statement in entering deposit of Dec, 16, 2019: Correct amount P3,182.40 Entered as 3,181.40 10. Check no. 3917 of Camila Company charged by bank in error to Rosal Company, P2,690.00. 11. Proceeds of Natalia Company note, collected by bank on…
Please show me a solution of correct amount of cash in bank to be presented in the balance sheet.
prepare a bank reconciliation report.
Question Help please explain entries and calculations In seperate boxes for numbers 1-4 so i can learn to do it Thank You. 1.) Bank Reconciliation 2.) General Journal 3.) Bad Debt Calculations 4.) Notes Recievable Calculations In June, Bill commented to you that he could never figure out his bank statement, “it never matches the balance in my accounting records” he tells you. So you explain that a bank reconciliation is a tool used to balance the bank statement to the accounting books. He gives you his bank statement for June, 2014 (shown below). The general ledger shows a balance for the account cash of $14,319.00 on June 30, 2014 (detail transactions below). Bill’s business only has one checking account and no other cash accounts. Bill has begun to have problems collecting some of his credit accounts and is considering writing off a couple of customer account balances. He asks you how these bad debts should be recorded and has asked you to begin recording bad debt using the allowance…
Q.2.1 Stella a friend of yours recently started her own business. She was told that sheneeds to perform a bank reconciliation every month, but she does not understandwhat this entails.Q.2.1.1 Briefly explain to Stella the bank reconciliation process (6)Q.2.1.2 Stella has heard that there are 2 types of awareness differences, she would like toknow what they are. Provide the 2 classifications of awareness differences
eBook Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,393 Deposits in transit: $1,735 Outstanding checks: $579 and $1,523 Bank service charges: $25 Bank incorrectly charged the account $25. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense.
**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.
eBook Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $4,678 Book balance: $2,351 Deposits in transit: $325 Outstanding checks: $108 and $534 Bank service charges: $25 Notes receivable: $2,000; Interest income: $35 If an amount box does not require an entry, leave it blank.
Comprehensive Problem 3Part 3: Note: You must complete parts 1 and 2 before completing part 3 of this comprehensive problem. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company. Use the Miscellaneous Administrative Expense account to record bank service charges. If an amount box does not require an entry, leave it blank. Date Description Debit Credit Dec. 31
Prepare a bank reconciliation statement