Problem 8. Navotas Company's newly hired assistant prepared the following bank reconciliation on December 31, 2010: Book balance P2,810,000 Add: December 31 deposit in transit Collection of note Interest on note Total Less: Novaliches Company's deposit to our account Bank service charge Adjusted book balance P1,500,000 5,000,000 300,000 6,800,000 9,610,000 2,200,000 90,000 2,290,000 P7,320,000 Bank balance Add: Error on check No. 193 Total Less: Preauthorized payments for water bills NSF check Outstanding check Adjusted bank balance P11,260,000 9,000 11,269,000 P 248,000 440,000 3,219.000 _ 3,907,000 P7,362,000 Check No. 193 was made for the proper amount P489,000 in payment of account. However it was entered in the cash payments journal as P498,000. Navotas authorized the bank to automatically pay its water bill as submitted directly to the bank.

Problem 8. Navotas Company's newly hired assistant prepared the following bank reconciliation on December 31, 2010: Book balance P2,810,000 Add: December 31 deposit in transit Collection of note Interest on note Total Less: Novaliches Company's deposit to our account Bank service charge Adjusted book balance P1,500,000 5,000,000 300,000 6,800,000 9,610,000 2,200,000 90,000 2,290,000 P7,320,000 Bank balance Add: Error on check No. 193 Total Less: Preauthorized payments for water bills NSF check Outstanding check Adjusted bank balance P11,260,000 9,000 11,269,000 P 248,000 440,000 3,219.000 _ 3,907,000 P7,362,000 Check No. 193 was made for the proper amount P489,000 in payment of account. However it was entered in the cash payments journal as P498,000. Navotas authorized the bank to automatically pay its water bill as submitted directly to the bank.

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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