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McKnight Company's June 30 bank statement shows a balance of P14,750. Mcknight's books show a June30 cash balance of p13,600. Mcknight also has the following information: 1.Deposits in transit as of June 30, P 1,000 2. Outstanding checks as of June30, P 2,500 3. P100 service charge reported on the bank statement 4. NSF check returned with bank statement P1,500 5. Interest on note receivable collected by the bank, P1,250

McKnight Company's June 30 bank statement shows a balance of P14,750. Mcknight's books show a June30 cash balance of p13,600. Mcknight also has the following information: 1.Deposits in transit as of June 30, P 1,000 2. Outstanding checks as of June30, P 2,500 3. P100 service charge reported on the bank statement 4. NSF check returned with bank statement P1,500 5. Interest on note receivable collected by the bank, P1,250

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 6EA: The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes...
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PREPARE BANK RECONCILIATION McKnight Company's June 30 bank statement shows a balance of P14,750. Mcknight's books show a June30 cash balance of p13,600. Mcknight also has the following information: 1.Deposits in transit as of June 30, P 1,000 2. Outstanding checks as of June30, P 2,500 3. P100 service charge reported on the bank statement 4. NSF check returned with bank statement P1,500 5. Interest on note receivable collected by the bank, P1,250
Transcribed Image Text:PREPARE BANK RECONCILIATION McKnight Company's June 30 bank statement shows a balance of P14,750. Mcknight's books show a June30 cash balance of p13,600. Mcknight also has the following information: 1.Deposits in transit as of June 30, P 1,000 2. Outstanding checks as of June30, P 2,500 3. P100 service charge reported on the bank statement 4. NSF check returned with bank statement P1,500 5. Interest on note receivable collected by the bank, P1,250
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