The accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 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: a. The bank statement showed bank service fee of P800. b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250.00 was charged. c. Deposit in transit, P51,000. d. Checks outstanding on April 30, P79,100. e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement: a. Prepare the bank reconciliation statement. b. Journalize the adjusting entries.
The accountant of Jonathan Manufacturing Company was tasked to perform monthly bank
reconciliation. She downloaded the company’s April 30, 2019 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:
a. The bank statement showed bank service fee of P800.
b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection
fee of P250.00 was charged.
c. Deposit in transit, P51,000.
d. Checks outstanding on April 30, P79,100.
e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in
the cash ledger.
Requirement:
a. Prepare the bank reconciliation statement.
b. Journalize the
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