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y 3.4 Reconcile Me bank statement for Juan Company shows a balance per bank of P 30,2015. date the balance of cash per books is P11,589.45. al information is provided below: ennsits in transit: Anril 30 deposit (received by the bank on viay 1

y 3.4 Reconcile Me bank statement for Juan Company shows a balance per bank of P 30,2015. date the balance of cash per books is P11,589.45. al information is provided below: ennsits in transit: Anril 30 deposit (received by the bank on viay 1

FINANCIAL ACCOUNTING
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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**Activity 3.4: Reconcile Me** 1. The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30, 2015. On this date, the balance of cash per books is P11,589.45. **Additional information:** - **Deposits in transit:** April 30 deposit (received by the bank on May 1) P2,201.40 - **Outstanding checks:** - No. 453 - P3,000.00 - No. 457 - P1,401.30 - No. 460 - P1,502.70 **Errors:** Juan wrote check no. 443 for P1,226.00, and the bank correctly paid that amount. However, he recorded the check as P1,262.00. **Bank memoranda:** - **Debit:** NSF check from Pedro P425.60 - **Debit:** Charge for printing company checks P30.00 - **Credit:** Collection of note receivable for P1,000 plus interest earned of P50, less bank collection fee of P15.00 **Required:** Prepare a bank reconciliation statement using the adjusted method. *Hint:* Bank Debit Memo are deductions made by the bank to the account of the depositor. Bank Credit Memo are additions made by the bank to the account of the depositor. --- 2. The company has an unadjusted book balance of P200,000.00. It has a deposit in transit worth P56,000.00 and outstanding check worth P12,000.00. The bank statement received from the bank shows that the interest income worth P37,000.00 was credited and the service charge of P19,000.00 was deducted. **Required:** 1. How much is the adjusted cash balance for the period? 2. How much is the unadjusted bank balance?
Transcribed Image Text:**Activity 3.4: Reconcile Me** 1. The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30, 2015. On this date, the balance of cash per books is P11,589.45. **Additional information:** - **Deposits in transit:** April 30 deposit (received by the bank on May 1) P2,201.40 - **Outstanding checks:** - No. 453 - P3,000.00 - No. 457 - P1,401.30 - No. 460 - P1,502.70 **Errors:** Juan wrote check no. 443 for P1,226.00, and the bank correctly paid that amount. However, he recorded the check as P1,262.00. **Bank memoranda:** - **Debit:** NSF check from Pedro P425.60 - **Debit:** Charge for printing company checks P30.00 - **Credit:** Collection of note receivable for P1,000 plus interest earned of P50, less bank collection fee of P15.00 **Required:** Prepare a bank reconciliation statement using the adjusted method. *Hint:* Bank Debit Memo are deductions made by the bank to the account of the depositor. Bank Credit Memo are additions made by the bank to the account of the depositor. --- 2. The company has an unadjusted book balance of P200,000.00. It has a deposit in transit worth P56,000.00 and outstanding check worth P12,000.00. The bank statement received from the bank shows that the interest income worth P37,000.00 was credited and the service charge of P19,000.00 was deducted. **Required:** 1. How much is the adjusted cash balance for the period? 2. How much is the unadjusted bank balance?
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