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Additional data for the bank reconciliation include the following: The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance payment. The unauthorized signature check was received from Free Tiboy. The P68,400 bank collection of a note receivable on April 22 included P9,250 interest revenue. The correct amount of check number 4115, a payment on account, is P69,500. (Banyo De Orocan’s accountant mistakenly recorded the check for P96,500).   REQUIRED: Prepare a bank reconciliation as of April 30, 2021. Prepare adjusting entries in the books of Banyo De Orocan Company.

Additional data for the bank reconciliation include the following: The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance payment. The unauthorized signature check was received from Free Tiboy. The P68,400 bank collection of a note receivable on April 22 included P9,250 interest revenue. The correct amount of check number 4115, a payment on account, is P69,500. (Banyo De Orocan’s accountant mistakenly recorded the check for P96,500).   REQUIRED: Prepare a bank reconciliation as of April 30, 2021. Prepare adjusting entries in the books of Banyo De Orocan Company.

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter12: Special Journals
Section: Chapter Questions
Problem 4CE: Enter the following transactions in a cash payments journal like the one illustrated in the chapter:...
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Additional data for the bank reconciliation include the following:

  1. The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance payment.
  2. The unauthorized signature check was received from Free Tiboy.
  3. The P68,400 bank collection of a note receivable on April 22 included P9,250 interest revenue.
  4. The correct amount of check number 4115, a payment on account, is P69,500. (Banyo De Orocan’s accountant mistakenly recorded the check for P96,500).

 

REQUIRED:

  1. Prepare a bank reconciliation as of April 30, 2021.
  2. Prepare adjusting entries in the books of Banyo De Orocan Company.

 

The cash receipts and the cash payments of Banyo De Qrocan Company for April 2021 follow: Cash Receipts (CR) Cash Debit Cash Payments (CP) Check No. Date Cash Credit April 2 P 208,700 4113 44,550 20,350 4114 7,350 10 27,950 4115 96,500 16 109,350 4116 33,200 22 92,700 4117 73,600 53,000 16,850 528,900 29 4118 50,000 30 4119 31,600 Total P. 4120 83,750 4121 5,000 120,650 546,200 4122 Total P. The cash account of Banyo De Qrocan Company shows the following information on April 30, 2021: CASH Date Item Ref. Debit Credit Balance 95,550 624,450 78,250 April 1 Balance 30 CR 6 528,900 30 СР 11 546,200
Transcribed Image Text:The cash receipts and the cash payments of Banyo De Qrocan Company for April 2021 follow: Cash Receipts (CR) Cash Debit Cash Payments (CP) Check No. Date Cash Credit April 2 P 208,700 4113 44,550 20,350 4114 7,350 10 27,950 4115 96,500 16 109,350 4116 33,200 22 92,700 4117 73,600 53,000 16,850 528,900 29 4118 50,000 30 4119 31,600 Total P. 4120 83,750 4121 5,000 120,650 546,200 4122 Total P. The cash account of Banyo De Qrocan Company shows the following information on April 30, 2021: CASH Date Item Ref. Debit Credit Balance 95,550 624,450 78,250 April 1 Balance 30 CR 6 528,900 30 СР 11 546,200
Banyo De Qrocan Company received the following bank statement on April 30, 2021: Bank Statement for April 2021 Beginning balance Deposits and other credits: April 1 April 4 April 9 April 12 P 95,550 16,300 EFT 208,700 20,350 27,950 109,350 68,400 April 17 April 22 April 23 ВС 92,700 543,750 Checks and other debits: April 7 April 13 April 14 April 15 April 18 April 21 April 26 April 30 April 30 Ending balance 44,550 69,500 45,150 US 7,350 33,200 10,950 EFT 73,600 50,000 1,000 SC (335,300) 304,000 P. Explanation: EFT electronic funds transfer US unauthorized signature -- BC bank collection SC service charge
Transcribed Image Text:Banyo De Qrocan Company received the following bank statement on April 30, 2021: Bank Statement for April 2021 Beginning balance Deposits and other credits: April 1 April 4 April 9 April 12 P 95,550 16,300 EFT 208,700 20,350 27,950 109,350 68,400 April 17 April 22 April 23 ВС 92,700 543,750 Checks and other debits: April 7 April 13 April 14 April 15 April 18 April 21 April 26 April 30 April 30 Ending balance 44,550 69,500 45,150 US 7,350 33,200 10,950 EFT 73,600 50,000 1,000 SC (335,300) 304,000 P. Explanation: EFT electronic funds transfer US unauthorized signature -- BC bank collection SC service charge
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