Deposits shown on the bank statement but not on the cash ledger represents collectionsof accounts receivable.Requirement: Prepare bank reconciliation.Solution:Bank ReconciliationFor the month endedBalance per books, endAdd: Credit memosLess: Debit memosAdd/Less: Book errorsBal. per bank statement, endAdd: Deposits in transit (DIT)Less: Outstanding checks (OC)Add/Less: Bank errorsAdjusted balanceAdjusted balance6 of 6 YOU CANDO ITThe accounting records and bank statement of Entity A show the followinginformation.SUBSIDIARY LEDGERCASH IN BANK – FCB CURRENT ACCOUNTDateDescriptionDebitCreditBalance6/1Balance forwarded881,000750,200530,200826,0001,496,00080,000 1,416,000380,000 1,036,0001,196,000130,800220,0006/11Check #11136/15Check #1114295,800670,0006/16DepositDepositCheck #11156/226/246/28Check #11166/29Deposit160,000|FirstCitizens BankAccount Number5022-0007-00Account TypeFCB CURRENT ACCOUNTBranchVILLAMOR BRANCHPeriod Covered6/1/2019 – 6/30/2019DateDescriptionRefDetailsDebitCreditBalanceBALANCE FORWARDED881,000.005/10/2019CASH DEPOSIT050PASAY350,000.001,231,000.005/11/2019 PAYMENT0102,000.001,229,000.005/12/2019 CHECK ENCASHMENT090CK#1114220,000.001,009,000.005/15/2019CHECK DEPOSIT040PASAY295,800.001,304,800.005/18/2019PAYMENT01150,000.001,254,800.005/26/2019CASH DEPOSIT051670,000.001,924,800.006/24/2019CHECK ENCASHMENT091CK#111580,000.001,844,800.006/26/2019CHECK ENCASHMENT092CK#1113130,000.001,714,000.005/29/2019CHECK DEPOSIT041PASAY410,000.002,124,000.00Additional information:The payments of 2,000 and P50,000 shown on the book statement pertain to the cost ofcheckbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for the interest of P8,000.

From the given Information we have obtained, (1) Credit Memos = Check/Cash Deposits directly…

The accounting records and bank statement of Entity A show the following information. SUBSIDIARY LEDGER CASH IN BANK – FCB CURRENT ACCOUNT Description Debit Credit Balance Balance forwarded 881,000 Chock #1113 130 800 760 300

The accounting records and bank statement of Entity A show the following information. SUBSIDIARY LEDGER CASH IN BANK – FCB CURRENT ACCOUNT Description Debit Credit Balance Balance forwarded 881,000 Chock #1113 130 800 760 300

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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