The balance of the general ledger cash account as of December 31, 2017 is P7,120.00. On the other hand, the bank statement showed a December 31, 2017 balance of P6,580. You were tasked to prepare the bank reconciliation statement for the company’s bank account. Your analysis of the bank statement and the general ledger account revealed the following: Deposit in Transit P1,345 Credit memo for direct collection of a note receivable 755 Credit memo for interest income 65 Auto debit of cell phone bill 290 Customer NSF check 455 Outstanding Check 575 Debit memo for bank charges 25 A check received from a customer was recorded in the accounting books for P3,280. The bank statement revealed that the customer check cleared at the correct amount of P3,820. The bank deducted P360 from the account of KCLC for a check issued by Elvira Inc. Required: Prepare the bank reconciliation statement as of December 31,2020 for KCLC ‘s bank account. (Book balance and Bank balance adjusted balance )
The balance of the general ledger cash account as of December 31, 2017 is P7,120.00. On the other hand, the bank statement showed a December 31, 2017 balance of P6,580. You were tasked to prepare the
Your analysis of the bank statement and the general ledger account revealed the following:
|
Deposit in Transit |
P1,345 |
|
Credit memo for direct collection of a note receivable |
755 |
|
Credit memo for interest income |
65 |
|
Auto debit of cell phone bill |
290 |
|
Customer NSF check |
455 |
|
Outstanding Check |
575 |
|
Debit memo for bank charges |
25 |
|
|
|
A check received from a customer was recorded in the accounting books for P3,280. The bank statement revealed that the customer check cleared at the correct amount of P3,820.
The bank deducted P360 from the account of KCLC for a check issued by Elvira Inc.
Required: Prepare the bank reconciliation statement as of December 31,2020 for KCLC ‘s bank account. (Book balance and Bank balance adjusted balance )
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