Financial Accounting, Student Value Edition (4th Edition)
4th Edition
ISBN: 9780134114811
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 7, Problem 49BP
To determine
Prepare the bank reconciliation for incorporation PI at May 31.
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4. Describe the nature of a bank reconciliation statement.
5. Identify common reconciling items and describe each of them.
6. Analyze the effects of the identified reconciling items.
Reference: Quarter 1 Module 9 - Fundamentals of Accountancy, Business and Management 2
LEARNING ACTIVITY 9:1
Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank
Statement of Banco de Oro.
Cash Receipts Journal
O.R. Number
0001
0002
Amount
Date
Payor
P 30,000
June 3
Odessa Allera
20,000
5,000
10,000
20
Arnold Navales
0003
Juanita Nambatac
29
30
0004
Kyle Jamora
Cash Disbursements Journal
Check Number
6581
.6582
6583
6584
Amount
Date
Рayee
Star 5 Grocery
DX Convenience Store
MY Store
Eddie Gomez
P 5,000
7,000
10,000
June 5
15
21
8,000
9,000
25
28
Rodolfo de la Torre
6585
Banco de Oro
Bank Statement
For the month of June, 20A
Date
Withdrawal
Deposit
P 30,000
Balance
June 4
P 30,000
25,000
45,000
15
6581
P 5,000
21
20,000
25
6584
8,000
37,000
28
6585
9,000…
Learning Task 5 Directions: Using the information below, prepare a Bank Reconciliation Statement.Bank reconciliation problem:• The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30,2015.• On this date the balance of cash per books is P11,589.45.• Additional information are provided below: Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 Outstanding checks: No. 453-P3,000.00 No. 457-P1,401.30 No. 460-P1,502.70• Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount. However, he recorded the check as P1,262.00.• Bank memoranda: Debit– NSF check from Pedro P425.60 Debit– Charge for printing company checks P30.00 Credit – Collection of note receivable for P1,000 plus interest earned of P50, less bank collection fee of P15.00.Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor. Bank Credit Memo are additions made by the bank to the account of the deposito
can you please help with the bank reconciliation statement and the journal entry’s for my homework
Chapter 7 Solutions
Financial Accounting, Student Value Edition (4th Edition)
Ch. 7.A - Prob. 1SECh. 7.A - Prob. 2SECh. 7.A - Prob. 3AECh. 7.A - Prob. 4AECh. 7.A - Prob. 5BECh. 7.A - Prob. 6BECh. 7.A - Prob. 7APCh. 7.A - Prob. 8APCh. 7 - Which duties should be segregated in the...Ch. 7 - Prob. 2DQ
Ch. 7 - Prob. 3DQCh. 7 - Why does the allowance method of accounting for...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - How would the net realizable value of Accounts...Ch. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 1SCCh. 7 - Prob. 2SCCh. 7 - Prob. 3SCCh. 7 - Prob. 4SCCh. 7 - Prob. 5SCCh. 7 - Prob. 6SCCh. 7 - Prob. 7SCCh. 7 - Prob. 8SCCh. 7 - Prob. 9SCCh. 7 - Prob. 10SCCh. 7 - Prob. 11SCCh. 7 - Prob. 12SCCh. 7 - Prob. 1SECh. 7 - Prob. 2SECh. 7 - Prob. 3SECh. 7 - Prob. 4SECh. 7 - Prob. 5SECh. 7 - Prob. 6SECh. 7 - Prob. 7SECh. 7 - Prob. 8SECh. 7 - Prob. 9SECh. 7 - Prob. 10SECh. 7 - Prob. 11SECh. 7 - Prob. 12SECh. 7 - Prob. 13SECh. 7 - Prob. 14SECh. 7 - Prob. 15SECh. 7 - Quick ratio (Learning Objective 7) 510 min....Ch. 7 - Prob. 17SECh. 7 - Prob. 18AECh. 7 - Prob. 19AECh. 7 - Prob. 20AECh. 7 - Prob. 21AECh. 7 - Prob. 22AECh. 7 - Prob. 23AECh. 7 - Prob. 24AECh. 7 - Prob. 25AECh. 7 - Prob. 26AECh. 7 - Prob. 27AECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 29AECh. 7 - Prob. 30BECh. 7 - Prob. 31BECh. 7 - Prob. 32BECh. 7 - Prob. 33BECh. 7 - Prob. 34BECh. 7 - Prob. 35BECh. 7 - Prob. 36BECh. 7 - Prob. 37BECh. 7 - Prob. 38BECh. 7 - Prob. 39BECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 41BECh. 7 - Prob. 42APCh. 7 - Prob. 43APCh. 7 - Prob. 44APCh. 7 - Prob. 45APCh. 7 - Prob. 46APCh. 7 - Prob. 47APCh. 7 - Prob. 48APCh. 7 - Prob. 49BPCh. 7 - Prob. 50BPCh. 7 - Prob. 51BPCh. 7 - Prob. 52BPCh. 7 - Prob. 53BPCh. 7 - Prob. 54BPCh. 7 - Prob. 55BPCh. 7 - Continuing Exercise In this exercise, we continue...Ch. 7 - Prob. 1CPCh. 7 - Prob. 1CFSAPCh. 7 - Prob. 1EIACh. 7 - Prob. 2EIACh. 7 - Prob. 1FACh. 7 - Prob. 1IACh. 7 - Prob. 1SBACh. 7 - Prob. 1WC
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- Examine and Understand the Bank Statement and the Cash-in-bank Ledger. Prepare a Bank Reconciliation Statement. Use the space provided after the illustrations for your answer. Cash-in-bank (IPB Bank) Dec. 4 Check No. 6 Check No. 8 Check No. 9 Check No. Dec. 1 Deposit 90,000 45,000 9,000 72,000 4,500 13,500 324003 36,000 9,100 324005 27,000 324006 22,500 324001 12 Deposit 324002 23 Deposit 27 Deposit 324004 12 Check No. 20 Check No. 28 Check No. 324007 45,000 Bank Statement Date Check No. Withdrawals Deposits 90,000 Balance 90,000 Dec. 1 10 324004 9,100 80,900 20 324001 4,500 22,500 76,400 53,900 22 324006 27 45,000 98,900 29 9,000 107,900 29 324003 36,000 71,900 29 27,000 CM 98,900 31 1800 SC 97,100 CM - Credit Memo DM - Debit Memo SC - Service Charge RT - Returned Check Legend:arrow_forwardI would like help on this question.arrow_forwardHelp would be appreciated 2. On December 31st, Bub's gym received a bank statement for December. b. Prepare a bank reconciliation. Use the following information from the bank statement and business records. Bank balance $1685.00 Bank service charge $25.00 Outstanding Deposit, Dec 30 $450.00 Outstanding checks, No. 23 and 24 Check book balance on check stub No. 25 $1905.00arrow_forward
- how To do the following following in sage300 ？ add a source code for each of the following types of transactions: a) GL-CR Cash Receipts b) GL-CD Cash Disbursements c) GL-BK Bank Charges d) GL-SA Sales Journal e) GL-SU Setup f) GL-PU Purchases Create the following Source Journal Profile: Profile: Bank Reconciliation Source Codes: Cash Receipts Cash Disbursements Bank Chargesarrow_forwardb. Deposits in transit, $1,500. The following items could appear on a bank reconciliation: d. Bank collection of note receivable of $800, and interest of $80. fallowing items could appear on a bank reconciliation: Learn a. Outstanding checks, $670. NSF check from customer, no. 548, for $175. e Interest earned on bank balance, $20. f. Service charge, $10. The business credited Cash for $200. The correct amount was $2,000. h. The bank incorrectly decreased the business's account by $350 for a check written by another business. Classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance.arrow_forwardAt November 30, Mazaya Company has the following bank information: cash balance per book R 04,600; outstanding checks R.O 28o; deposits in transit R.O 550, credit memo for interest R.O10, bank service charge RO.20 What is Mazaya's adjusted cash balance on November 30? Select one: a. RO4.590 b. R.O.4.320 CRO4.870 d. RO.4.870arrow_forward
- Bank Reconciliation (Transactions are Presented Using Bank Statement and Ledger) Examine and Understand the Bank Statement and the Cash-in-bank Ledger. Prepare a Bank Reconciliation Statement. Use the space provided after the illustrations for your answer. Cash-in-bank (IPB Bank) 1 Deposit 12 Deposit 23 Deposit 27 Deposit 90,000 45,000 Dec. Dec. 4 Check No. 324001 4,500 6 Check No. 324002 13,500 9,000 8 Check No. 324003 36,000 9 Check No. 9,100 324005 27,000 72,000 324004 12 Check No. 20 Check No. 324006 22,500 28 Check No. 324007 45,000arrow_forwardPlease answer all the following questions as appear in the pictures, below: 1- Cash Receipts and Cash Payments 2- Bank Ledger Account July 3- Bank Reconciliation Statement Thanks!arrow_forwardDon't use ai to answer I will report your answer Solve it Asap with explanation and calculationarrow_forward
- Chapter : Bank Reconciliation Statementarrow_forwardUsing the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456arrow_forwardGiven this book and bank statement information, create an October bank reconciliation for Arrowhead company. And the journal entries required for the book side. BOOK INFO: Cash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck 10102 Accounts Payable 1,374.12 6,885.74 10/2/2020 Ck 10103 Rent 3,420.00 3,465.74 10/2/2020 Ck 10104 Utilities 689.00 2,776.74 10/4/2020 Deposit 3,743.10 6,519.84 10/4/2020 Ck 10105 Advertising 344.21 6,175.63 10/4/2020 Ck 10106 Subscription 102.84 6,072.79 10/9/2020 Ck 10107 Internet 74.97 5,997.82 10/9/2020 Deposit 4,859.47 10,857.29 10/9/2020 Ck 10108 Telephone 221.00 10,636.29 10/9/2020 Deposit 11,339.64 21,975.93 10/12/2020 Ck 10109 Accounts Payable 1,680.00 20,295.93 10/13/2020 Ck 10110 Wages…arrow_forward
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