Homework Help is Here – Start Your Trial Now!
Business
Accounting
Check No. 735 is a check of Ikaw Company erroneously charged to Ikaw Company by the bank. Deposit of 10 May per bank statement was erroneously recorded by the inward clearing check. CM is credit memo for loan proceeds released to the depositor: depositor as P 4 500.00 instead of P 4 000.00. SC is service Charge on a returned Additional Information: principal P 60,000.00, interest P 300.00. Cash Receipts Book Cash Disbursement Book Date Amount Date Check No. Amount P8 000.00 2 May 2 May 6 May 9 May 15 May 20 May 24 May 28 May 637 P 900.00 P4 000.00 3 May 638 P8 500.00 9 May 10 May P4 500.00 639 P4 350.00 P7 000.00 640 P2 250.00 641 P2 625.00 20 May 24 May P5 800.00 P 875.00 P6 920.00 642 P3 400.00 P 3 750.00 24 May 643 Required: Prepare a bank reconciliation statement as of 31 May 2018.

Check No. 735 is a check of Ikaw Company erroneously charged to Ikaw Company by the bank. Deposit of 10 May per bank statement was erroneously recorded by the inward clearing check. CM is credit memo for loan proceeds released to the depositor: depositor as P 4 500.00 instead of P 4 000.00. SC is service Charge on a returned Additional Information: principal P 60,000.00, interest P 300.00. Cash Receipts Book Cash Disbursement Book Date Amount Date Check No. Amount P8 000.00 2 May 2 May 6 May 9 May 15 May 20 May 24 May 28 May 637 P 900.00 P4 000.00 3 May 638 P8 500.00 9 May 10 May P4 500.00 639 P4 350.00 P7 000.00 640 P2 250.00 641 P2 625.00 20 May 24 May P5 800.00 P 875.00 P6 920.00 642 P3 400.00 P 3 750.00 24 May 643 Required: Prepare a bank reconciliation statement as of 31 May 2018.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.4E
See similar textbooks
icon
Related questions
Question
Prepare a bank reconcilation statement as of May 30, 2018
Check No. 735 is a check of Ikaw Company erroneously charged to Ikaw Company by the bank. Deposit of 10 May per bank statement was erroneously recorded by the depositor as P 4 500.00 instead of P 4 000.00. SC is service Charge on a returned inward clearing check. CM is credit memo for loan proceeds released to the depositor: Additional Information: principal P 60,000.00, interest P 300.00. Cash Receipts Book Cash Disbursement Book Date Amount Date Check No. Amount 2 May 3 May P8 000.00 2 May 6 May 9 May 15 May 20 May 24 May 637 P 900.00 P4 000.00 638 P8 500.00 9 May 10 May P4 500.00 639 P4 350.00 P2 250.00 P2 625.00 P 875.00 P6 920.00 P7 000.00 640 641 20 May 24 May P5 800.00 642 P3 400.00 28 Мay P 3 750.00 24 May 643 Required: Prepare a bank reconciliation statement as of 31 May 2018. cs Scanned with Camscanner
Transcribed Image Text:Check No. 735 is a check of Ikaw Company erroneously charged to Ikaw Company by the bank. Deposit of 10 May per bank statement was erroneously recorded by the depositor as P 4 500.00 instead of P 4 000.00. SC is service Charge on a returned inward clearing check. CM is credit memo for loan proceeds released to the depositor: Additional Information: principal P 60,000.00, interest P 300.00. Cash Receipts Book Cash Disbursement Book Date Amount Date Check No. Amount 2 May 3 May P8 000.00 2 May 6 May 9 May 15 May 20 May 24 May 637 P 900.00 P4 000.00 638 P8 500.00 9 May 10 May P4 500.00 639 P4 350.00 P2 250.00 P2 625.00 P 875.00 P6 920.00 P7 000.00 640 641 20 May 24 May P5 800.00 642 P3 400.00 28 Мay P 3 750.00 24 May 643 Required: Prepare a bank reconciliation statement as of 31 May 2018. cs Scanned with Camscanner
Activity #5: Let me Help! Instructions: Solve and answer the reconciliation problem below. The bank reconciliation statement of Ikaw Company as of 30 April 2018 showed unadjusted cash balance of P 2,625.00 with a deposit in transit of P 4, 300 00 an three outstanding as follows: No. 634 No. 635 P 1,080.00 P 675.00 P 275 No. 636 No debit or credit memorandum was issued by the bank during the month. Shown below is the bank statement for May. PHENA ASAH BANK Current Account of MaryGold Company Lipa City Period covered: May 2018 Check Amount (P) Deposits (P) Date Balance (P) No. 1 May 2 May 3 May 2 625.00 634 1 080.00 4 300.00 638 8 500.00 8 000.00 9 May 10 May 637 900.00 4 000.00 735 1 650.0 640 2 250.00 10 May 10 May 16 May 23 Мay 25 May 25 May 31 May 31 May 4 000.00 7 000.00 5 800.00 641 2 625.00 100.00 SC 643 6 920.00 3 400.00 639 4 350.00 59 700.00 CM 70 450.00 35 |Page CS Sed wilh Canst
Transcribed Image Text:Activity #5: Let me Help! Instructions: Solve and answer the reconciliation problem below. The bank reconciliation statement of Ikaw Company as of 30 April 2018 showed unadjusted cash balance of P 2,625.00 with a deposit in transit of P 4, 300 00 an three outstanding as follows: No. 634 No. 635 P 1,080.00 P 675.00 P 275 No. 636 No debit or credit memorandum was issued by the bank during the month. Shown below is the bank statement for May. PHENA ASAH BANK Current Account of MaryGold Company Lipa City Period covered: May 2018 Check Amount (P) Deposits (P) Date Balance (P) No. 1 May 2 May 3 May 2 625.00 634 1 080.00 4 300.00 638 8 500.00 8 000.00 9 May 10 May 637 900.00 4 000.00 735 1 650.0 640 2 250.00 10 May 10 May 16 May 23 Мay 25 May 25 May 31 May 31 May 4 000.00 7 000.00 5 800.00 641 2 625.00 100.00 SC 643 6 920.00 3 400.00 639 4 350.00 59 700.00 CM 70 450.00 35 |Page CS Sed wilh Canst
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS