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

See similar textbooks

Similar questions

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…
Record any 5 imaginary transactions of a bank ( current account ) with a specific customer. Record journal entries including interest calculation
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.
A bank statement Select one: A. is a bill from the bank for services rendered B. shows a company the financial position of the bank as of a certain date C. shows the activity that increased or decreased the company's account balance D. is a credit reference letter written by the company's bank
lemic Calendar My MCBS Library English (en) - ndamentals of Financial Accounting Summer Session 12021/ACT 140/D2 / Final Examination/ AC In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit in transit? A BI - mcbs.proctoring.online is sharing your screen. Stop 11
You have been appointed as Davis college accountant and, the May 31 bank statement of Davis college has just arrived from bank of America. To prepare the bank reconciliation, you gather the following data:A. The May 31 bank balance is $ 19,209,820B. The bank statement includes two returned checks received from students as payment of tuition fees. One is a $67,500 NSF ( non sufficient fund) check received from Mr johnson and deposited on May 19. The other is $ 195,030 check received from Mr Jonathan and deposited on May 21 that was returned due to "unathorized signature".C. Davis college collects some operating funds from East&central-africa division (ECD) by EFT(electronic fund transfer). The May bank statement lists a $ 333,190 deposit for a collection from ECD that Davis college did not know until the bank statement of the month was received.D. The bank statement includes one special deposit of $ 916,000 interest revenue that Davis college earned on its bank balance during May.E.…
**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.
Prepare a bank reconciliation statement
how To do the following following in sage300 ？ add a source code for each of the following types of transactions: a) GL-CR Cash Receipts b) GL-CD Cash Disbursements c) GL-BK Bank Charges d) GL-SA Sales Journal e) GL-SU Setup f) GL-PU Purchases Create the following Source Journal Profile: Profile: Bank Reconciliation Source Codes: Cash Receipts Cash Disbursements Bank Charges
Instructions: Prepare a bank reconciliation for Kali Loli from the following checkbook records and bank statement CHECKBOOK Check number 801 802 803 804 805 Date Description fo transaction 44835 H&H Jewelers 44840 Deposit 44842 L.L. Bean 44844 Cashe 44847 Deposit 44847 Four Seasons Hotel 44849 American Express 44854 ATM Withdrawal 44858 Deposit 44861 Deposit 44862 Home-Depot - Debit Card BANK STATEMENT Statement Date: Checking Account Summary: Account Number: Checking Account Transactions Date Amount 44837 44840 44844 44847 44849 44851 44856 44858 44862 44864 BANK RECONCILIATION Check book balance. Amount of payment or withdrawal Amount of deposit or interest Balance Forward 879.36 November 3, 2021 October 1- 31, 2021 449-56-7792 Previous Balance Deposits Number Total Credits ✓ Check Number Total Debits Current Balance → 879.36 3 1954.59 7 1347.83 1486.12 Description 236.77 Check # 801 450.75 Deposit 324.7 Returned item 880.34 EFT payroll deposit 75.89 Check #803 507.82 Check #805…