The following data pertain to the cash transactions and bank account of Star Corp for May of the current year: Cash balance per accounting record Cash balance per bank statement Bank service charge Debit memo for cost of printed checks delivered by the bank; charge has not been recorded by Abra Outstanding checks Deposit of May 30 not recorded by bank until June 1 Proceeds of bank loan on May 30, not recorded by Abra, net of interest of P30,000 Proceeds from customer's promissory note, principal amount P800,000 collected by bank not taken up by Abra, with interest Check No. 1086 issued to a supplier entered by Abra as P210,000 but deducted in bank statement in error as Stolen check lacking authorized signature deducted by bank from Abra's account in error Customer's check returned by the bank marked NSF; no entry has been made by Abra to record the returned check 1,719,000 3,195,000 10,000 12,000 685,000 500,000 570,000 810,000 120,000 80,000 77,000 Required: a. Prepare a bank reconciliation statement using adjusted balances method. p. Prepare the necessary adjusting entries.

The following data pertain to the cash transactions and bank account of Star Corp for May of the current year: Cash balance per accounting record Cash balance per bank statement Bank service charge Debit memo for cost of printed checks delivered by the bank; charge has not been recorded by Abra Outstanding checks Deposit of May 30 not recorded by bank until June 1 Proceeds of bank loan on May 30, not recorded by Abra, net of interest of P30,000 Proceeds from customer's promissory note, principal amount P800,000 collected by bank not taken up by Abra, with interest Check No. 1086 issued to a supplier entered by Abra as P210,000 but deducted in bank statement in error as Stolen check lacking authorized signature deducted by bank from Abra's account in error Customer's check returned by the bank marked NSF; no entry has been made by Abra to record the returned check 1,719,000 3,195,000 10,000 12,000 685,000 500,000 570,000 810,000 120,000 80,000 77,000 Required: a. Prepare a bank reconciliation statement using adjusted balances method. p. Prepare the necessary adjusting entries.

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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Singleako Company has the following data for the Month of December. November 30 December 31 Cash in bank Account Statement 2,032,000 3,160,000 Bank Statement 1,890,000 2,900,000 Bank Debits 1,080,000 Bank Credits ? Book Debits ? Book Credits 1,440,000 Outstanding Checks Deposit in Transit Check erroneously charged by the bank against Entity's account (corrected in subsequent month) Bank service charge Note recorded as cash receipt by the entity when Placed with bank for collection 180,000 592,000 80,000 498,000 40,000 50,000 2,000 4,000 (Note is actually collected by the bank in subsequent Month and credited by bank to entity's account in same Month) 200,000 300,000 Required: Prepare four-column reconciliation showing the adjusted balances. Prepare adjusting entry/ies.
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MDB Company provided the following data pertaining to the cash transactions and bank account for the month of May: Cash balance per accounting record Cash balance per bank statement Bank service charge Bank Debit Memo Php 1,719,000 3,195,000 10,000 5,000 685,000 500,000 810,000 Outstanding checks Deposits made on May 30 and not yet reflected in the bank statement Collections made by the bank from a customer promissory note, the principal amount of Php800,000 with interest Check No. 1234 issued to a supplier entered in the accounting record as P210,000 but deducted in the bank statement at an erroneous amount of Customer check returned by the bank marked as NSF. No entry has been made to record the returned check 21,000 77,000 What is the adjusted cash in bank?