Snail Company's bank statement for the month of August showed balance per bank of P44,000. Cash in Bank account per general ledger showed a balance of P40,000 as of August 31. The following are additional information for the month. 251,89 Matot es a. Cash receipts on August 31 recorded on the company's books amounted to P18,600 but this does not appear on the bank statement. b. The bank included a credit memorandum for P12,520 representing a customer's note collected by the bank for the company. The principal amount of the note was P12,000 with P520 interest which was not accrued. 112 (12qm) 12. C. The bank statement showed a debit memorandum of 500 for the cost of the check book. d. Checks outstanding as of August 31 amounted to P12,000. e. The bank returned an NSF check from a customer in the amount of ₹1,420. Required: 1. Prepare a statement of bank reconciliation. 2. Prepare the journal entries in the books as a result of the bank reconciliation. 000 ESS
Snail Company's bank statement for the month of August showed balance per bank of P44,000. Cash in Bank account per general ledger showed a balance of P40,000 as of August 31. The following are additional information for the month. 251,89 Matot es a. Cash receipts on August 31 recorded on the company's books amounted to P18,600 but this does not appear on the bank statement. b. The bank included a credit memorandum for P12,520 representing a customer's note collected by the bank for the company. The principal amount of the note was P12,000 with P520 interest which was not accrued. 112 (12qm) 12. C. The bank statement showed a debit memorandum of 500 for the cost of the check book. d. Checks outstanding as of August 31 amounted to P12,000. e. The bank returned an NSF check from a customer in the amount of ₹1,420. Required: 1. Prepare a statement of bank reconciliation. 2. Prepare the journal entries in the books as a result of the bank reconciliation. 000 ESS
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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