Can I get a step by step explanation on the book to bank method in Sensible Company problem. Thank you. 12:14 O 0i bartleby.com/questions-and73Q SEARCH& ASKCHATVX MATH SOLVERSENSIBLE COMPANY provided the following ledger accountof the Cash in Bank maintained with Second BankSECOND BANK1 BALANCE6 DEPOSIT100,000.00 DEC30,000.0040,000.0050,000.00771 20,000.00772 5,000.00773 35,000.00774 15,000.00775 30,000.00776 25,000.00777 40,000.00DEC1 CK46.12 DEPOSIT24 DEPOSIT1014182431 DEPOSIT60,000.00The following bank statement was received from the Second Bank by Sensible CompanySensible CompanyCheck No. Withdrawal DepositsDateBalance130.000.0076810,000.00120,000.0014612122428 NSF CHECK28 SERVICE CHARGE77120,000.00100,000.007725,000.0095,000.0035,000.00 30,000.0015,000.00 40,.000.0090,000.00115,000.0063,000.0077377477652,000.0010428,000.00 50,000.0010,000.00 45.000 00 CM5,000.00105,000.00140,000.00135,000.00lother Information:1. Sensible Company reconciled its bank balance on November 30 with 2 checks, No, 768for Php 10,000.00 and No. 770 for Php 20,000.00 outstanding.2. Check No. 1042 was drawn by Sensitive Company.The bank charged it in error to the account of Sensible Company.3. Check No. 776 was correctly drawn for Php 52,000 in payment of account.The amount of Php 25,000.00 was entered in the books of original entry.4. The bank credit on December 28 represents the proceeds of a Php 50,000.00 note, less acollection fee of Php 5,000.00 collected by the bank and credited to the account.5. The NSF Check was received from a customer in payment of account.Required:a. Prepare a Bank Reconciliation Statement on December 31. (ADJUSTED BALANCE METHOD)b. Prepare adjusting entries.Transcribed Image Text: SENSIBLE COMPANY provided thefollowing ledger account of the Cash in Bank maintained wSecond Bank SECOND BANK 100,000.00 DEC 30,000.00 7720,000.00 772 DEC 1 BALANCE 1 CK# 6 DEPOSIT 5,000.00 7II

For bank reconciliation using, from book to bank method, only book balance is adjusted, where all…

SENSIBLE COMPANY provided the following ledger account of the Cash in Bank maintained with Second Bank SECOND BANK 100,000.00 DEC 771 20,000.00 772 5,000.00 773 35,000.00 774 15,000.00 775 30,000.00 776 25,000.00 777 40,000.00 DEC 1 BALANCE 1 CK 6 DEPOSIT 12 DEPOSIT 24 DEPOSIT 30,000.00 4 40,000.00 6. 10 14 50,000.00 31 DEPOSIT 60,000.00 18 24

SENSIBLE COMPANY provided the following ledger account of the Cash in Bank maintained with Second Bank SECOND BANK 100,000.00 DEC 771 20,000.00 772 5,000.00 773 35,000.00 774 15,000.00 775 30,000.00 776 25,000.00 777 40,000.00 DEC 1 BALANCE 1 CK 6 DEPOSIT 12 DEPOSIT 24 DEPOSIT 30,000.00 4 40,000.00 6. 10 14 50,000.00 31 DEPOSIT 60,000.00 18 24

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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