PART 3 - PROBLEM SOLVINGRequired:1. Prepare a properly classified bank reconciliation statement for each of the problemsgiven below.2. Prepare the necessary adjusting journal entries on the company's book for bookreconciling items.Problem A - The accountant of Delta Company was tasked to perform monthly bankreconciliation. She downloaded the company's April 30 bank statement that showed abalance of P32,400. She also printed the cash ledger from the company's computerizedaccounting system. It contains the ending balance of P8,350.She also found the following reconciling items:1. The bank statement showed bank service fee of P800.2. The bank collected P1,500 from a note receivable for Delta Company. Also, acollection fee of P250 was charged.3. Deposits in transit, P51,000.4. Checks outstanding on May 31, P79,100.5. The accountant found a check issued to Blue Corp. for P4,500 that cleared thebank but was not in the cash ledger. Problem B - The following transactions were recorded for Echo Company for the monthof July 2020:1. The account "Cash in Bank" showed a balance of P261,320 as of July 31, 2020.2. Bank statement ending balance for the same month amounted to P253,320.3. At the last day of July, the company received a P100,000 payment from a walk-incustomer. Due to a delay in the delivery to the bank, the amount was onlycredited by the bank on August 2, 2020.4. The company issued a check worth P92,000 to a creditor. It was only encashedby the creditor on August 13, 2020.5. The bank credited P400 interest income to the account of Echo Company for themonth of July 2020. The company only knew of this amount upon receipt of theJuly bank statement on August 1, 2020.6. The bank deducted P80 from the account of Echo Company as a 20% withholdingtax for the P400 interest income. The company also knew about this uponreceipt of the bank statement on August 1, 2020.

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Required: 1. Prepare a properly classified bank reconciliation statement for each of the problems given below. 2. Prepare the necessary adjusting journal entries on the company's book for book reconciling items. Problem A - The accountant of Delta Company was tasked to perform monthly bank reconciliation. She downloaded the company's April 30 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company's computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items: 1. The bank statement showed bank service fee of P800. 2. The bank collected P1,500 from a note receivable for Delta Company. Also, a collection fee of P250 was charged.

Required: 1. Prepare a properly classified bank reconciliation statement for each of the problems given below. 2. Prepare the necessary adjusting journal entries on the company's book for book reconciling items. Problem A - The accountant of Delta Company was tasked to perform monthly bank reconciliation. She downloaded the company's April 30 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company's computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items: 1. The bank statement showed bank service fee of P800. 2. The bank collected P1,500 from a note receivable for Delta Company. Also, a collection fee of P250 was charged.

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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Using the following information: The bank statement balance is $3,093. The cash account balance is $3,305. Outstanding checks amounted to $767. Deposits in transit are $815. The bank service charge is $155. A check for $40 for supplies was recorded as $31 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co.Bank ReconciliationAugust 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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Please help me fill out this bank reconciliation showing the true cash balance.
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Assume that Sohar Paper Cores LLC sold goods to its customer and received the check of OMR 5000. The cashier immediately entered in the cash book and deposited check in the bank. After 2 days the company received the bank statement in which the deposited check amount not yet recorded. Therefore while preparing the Bank Reonciliation statement, what adjustment the accountant will do? Choose the correct answer from the following given options. a. Less OMR 5000 from the bank statement balance b. Add OMR 5000 to bank statement balance C. Add OMR 5000 to the cash book balance d. Less OMR 5000 from the cash book balance
Please help.me to do part a and b. Thank you for your help
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