The cash account of Pistachio Co. showed a ledger balance of P158,794 on Iune 30. The bank statement on the same date showed a balance of P166,100. Unon comparing the bank statement with the cash records, the following facts were determined: a. June bank service charge was P1,000. b. A bank memo stated that a note having a facę value of P48,000 and interest of P1,440 had been collected on June 29, and the bank had made a charge of P220 on the collection. No entry had been made on Pistachio's books when the note was collected. c. Receipts for June 30 for P135,600 were not deposited until July 2. d. Checks outstanding on June 30 totaled P85,442. e. The bank had charged Pistachio's account for a customer's uncollectible check amounting to P10,128. f. A customer's check for P3,600 had been entered as P2,400 in the cash receipts journal by Pistachio on June 15. g. Check No. 742 in the amount of P19,640 had been entered in the cash journal as P16,760, and Check No. 747 in the amount of P2,328 had been entered as P23,380. Both checks had been issued to pay for purchases of equipment Prepare bank reconciliation statement

The cash account of Pistachio Co. showed a ledger balance of P158,794 on Iune 30. The bank statement on the same date showed a balance of P166,100. Unon comparing the bank statement with the cash records, the following facts were determined: a. June bank service charge was P1,000. b. A bank memo stated that a note having a facę value of P48,000 and interest of P1,440 had been collected on June 29, and the bank had made a charge of P220 on the collection. No entry had been made on Pistachio's books when the note was collected. c. Receipts for June 30 for P135,600 were not deposited until July 2. d. Checks outstanding on June 30 totaled P85,442. e. The bank had charged Pistachio's account for a customer's uncollectible check amounting to P10,128. f. A customer's check for P3,600 had been entered as P2,400 in the cash receipts journal by Pistachio on June 15. g. Check No. 742 in the amount of P19,640 had been entered in the cash journal as P16,760, and Check No. 747 in the amount of P2,328 had been entered as P23,380. Both checks had been issued to pay for purchases of equipment Prepare bank reconciliation statement

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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