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.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning