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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:j. A customer directly deposits their P4,500 payment to the bank. This was not yet
recorded in the accounting books because the customer neglected to fax the
deposit slip to Hungry Joe.
k. The bank statement reflected interest income for December for P129.00

Transcribed Image Text:Reconcile the bank account and the accounting books based on the following
information:
a. The bank statement for the account of Hungry Joe Company reflects the July 31,
balance of P 51,780.
b. P68,757 was the ending balance of the general ledger cash account as of July
31.
c. A check issued by Hungry Joe Company for P3,000 was recorded in the
accounting books as P4,500.
d. Check that were issued and received by payees that have not yet cleared the bank
as of July 31 totaled to P9,885.
e. Bank service charge according to the July bank statement is P210. Hungry Joe's
Accountant has not yet recorded this on the books.
f. Deposit in transit as for July amounted to P13,425.
g. Comparison of the accounting records and the bank statement showed a July 3
P600 deposit (with the validated deposit slip on file) that was not found in the bank
statement.
h. There were two customers checks that were dishonored by the bank in July for
non-sufficient funds:
* from Cris Corporation - P 1,296
* from May Incorporated – P14,265
i. The accountant made an error in recording the July 24 deposit. It was reflected in
the books for P2,895 instead of P2,700.
Expert Solution
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