Direction: Compute for Deposits in Transits and Outstanding Checks. After which, prepare the bank reconciliation of Astro Merchandising for the month of January. The following is taken from the books of Astro Merchandising:CASH RECEIPTSCASH PAYMENTSChkNo. 301ChkNo. 302ChkNo. 303ChkNo. 304ChkNo. 305ChkNo. 306ChkNo. 30710,00030,0004,0002,00040,000112,0006,0004.000208,000Jan-2Jan-9Jan-10Jan-16Jan-23Jan-3020,00040,00020,00080,00040,00070.000P270,000ChkNo. 308The beginning balance of cash per general ledger is P112,000.Presented below is the bank statement of Twice Bank for the month of January.Twice BankQuezon CityAstro MerchandisingAccount No.09772444 Congressional Avenue, Quezon CityJanuary 31, 2022DateDebitsCreditsBalanceDec 3160,000Mar 420,00080,000Mar 6Chk No. 30110,00070,000Mar 11Chk No. 30230,00040,00060,000100,000Mar 12Chk No. 3042,00098,000Mar 1880,000178,000Mar 19Chk No. 30540,000138,000Mar 25Chk No. 3076,000132,00040,000172,000Mar 262,000 NSF170,000Chk No. 29910,000160,000Mar 27Chk No. 306112,00048,000Mar 28100,000 CM148,000Mar 31400 DM148,400Legend:DM - Debit MemoCM - Credit MemoNSF - No Sufficient FundNote: The P400 DM represents bank service charges.The P100,000 CM represents the proceeds of bank loan.

Bank reconciliation statement is the statement which is prepared by the company with the aim and…

Answered: Compute for Deposits in Transits and…

Compute for Deposits in Transits and Outstanding Checks. After which, prepare the bank reconciliation of Astro Merchandising for the month of January.

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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