Reconcile the bank account and the accounting books based on the following information: a. The bank statement for the account of Hungry Joe Company reflects the July 31 balance of P54,780.00 b. P68,757 was the ending balance of the general ledger cash account on July 31. c. A check issued by Hungry Joe Company for P3,000 was recorded in the accounting books as P4,500. d. checks that were issued and received by payees that have not yet cleared the bank as of July 31 totaled to P9,885. e. Bank service charge according to the July bank statement is P210. Hungry Joe ‘s accountant has not yet recorded this on the books. f. Deposit in transit as for July amounted to P13,425 g. Comparison of the accounting records and bank statement showed a July 3 P600 deposit (with validated deposit slip on file) that was not found in the bank statement. h. There were two customers checks that were dishonored by the bank in July for nonsufficient funds: From Cris Corporation = P1,296 From May Incorporated = P14,265 i. The accountant made an error in recording the July 24 deposit. It was reflected in the books for P2,895 instead of P2,700 j. A customer directly deposit their P4,500 payment to the bank. This was not yet recorded in the accounting books because the customer neglected to fax the deposit slip to Hungry Joe k. The bank statement reflected interest income for December for P129
Reconcile the bank account and the
accounting books based on the following
information:
a. The bank statement for the
account of Hungry Joe Company
reflects the July 31 balance of
P54,780.00
b. P68,757 was the ending balance of
the general ledger cash account on
July 31.
c. A check issued by Hungry Joe
Company for P3,000 was recorded in
the accounting books as P4,500.
d. checks that were issued and received by
payees that have not yet cleared the bank
as of July 31 totaled to P9,885.
e. Bank service charge according to
the July bank statement is P210.
Hungry Joe ‘s accountant has not yet
recorded this on the books.
f. Deposit in transit as for July amounted
to P13,425
g. Comparison of the accounting
records and bank statement showed
a July 3 P600 deposit (with validated
deposit slip on file) that was not
found in the bank statement.
h. There were two customers checks that
were dishonored by the bank in July for
nonsufficient funds:
From Cris Corporation = P1,296
From May Incorporated = P14,265
i. The accountant made an error in
recording the July 24 deposit. It was
reflected in the books for P2,895 instead
of P2,700
j. A customer directly deposit their P4,500
payment to the bank. This was not yet
recorded in the accounting books because
the customer neglected to fax the deposit
slip to Hungry Joe
k. The bank statement reflected interest
income for December for P129
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
