Your review of last month's bank reconciliation and the current bank statement reveals the following: 1. Outstanding checks November 30, 2021 P254,720 : December 31, 2021 335,610 2. Deposits in transit November 30, 2021 164,220 December 31, 2021 209,180 3. Check no. 359 for office repairs was written for P6,950 but recorded in the cash disbursements journal as P9,650. The bank deducted the check as P6,950. The error happened in November and is not yet corrected as of December 31. 4. A check written on the account of YYY Corporation for P5,830 was deducted by the bank from XXX's account. 5. Included with the bank statement was a debit memorandum dated December 31 for P24,750 for interest on a note taken out by XXX on November 30. 6. The service charge for the new checks has not been recorded. 7. The November 30 bank reconciliation showed as reconciling item a service charge of P3,500 and a customer's DAIF check for P34,900.

Your review of last month's bank reconciliation and the current bank statement reveals the following: 1. Outstanding checks November 30, 2021 P254,720 : December 31, 2021 335,610 2. Deposits in transit November 30, 2021 164,220 December 31, 2021 209,180 3. Check no. 359 for office repairs was written for P6,950 but recorded in the cash disbursements journal as P9,650. The bank deducted the check as P6,950. The error happened in November and is not yet corrected as of December 31. 4. A check written on the account of YYY Corporation for P5,830 was deducted by the bank from XXX's account. 5. Included with the bank statement was a debit memorandum dated December 31 for P24,750 for interest on a note taken out by XXX on November 30. 6. The service charge for the new checks has not been recorded. 7. The November 30 bank reconciliation showed as reconciling item a service charge of P3,500 and a customer's DAIF check for P34,900.

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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