Prepare bank reconciliation statement for Company C.

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Chapter 8, Problem 21E

a)

To determine

Prepare bank reconciliation statement for Company C.

b)

To determine

Provide the amount reported for cash.

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Problem Solving. Required: 1. Prepare a properly classified bank reconciliation statement for each of the problems given below.2. Prepare the necessary adjusting journal entries on the company’s book for book reconciling items.

Question 1: Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions for the exact wording of text entries. “Deduct:” or “Add:” will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions. Enter all amounts as positive numbers. BRENTWOOD BIKE CO. Bank Reconciliation 1 Cash balance according to bank statement 2 3 4 5 Adjusted balance 6 7 Cash balance according to company’s records 8 9 10 11 12 Adjusted balance Question 2: Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts…

Entity Cake is preparing its February 28, 2023 bank reconciliation statement. The following information was determined: • Cash balance per accounting books, Feb. 28, 2023- P260,000 • Cash balance per bank statement, Feb. 28, 2023- P205,000 When investigating the difference, the accountant determined the following: a. A customer deposited P30,000 to Entity Cake's bank account as payment for an account receivable. This is not yet recorded in the books of accounts. b. A P102,500 check deposited by Entity Cake during the month is not yet credited Cake's account. Entity c. A check drawn in the amount of P22,500 is not yet presented to the bank for payment. d. The bank returned a check deposit amounting to P5,000 because of insufficiency in the funds of the drawer. The check was received from a customer as payment for accounts receivable. How much is the adjusted cash balance on February 28, 2023?