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Compute for Deposits in Transits and Outstanding Checks. After which, prepare the bank reconciliation of Astro Merchandising for the month of January.

Compute for Deposits in Transits and Outstanding Checks. After which, prepare the bank reconciliation of Astro Merchandising for the month of January.

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 1ANFS
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Direction: Compute for Deposits in Transits and Outstanding Checks. After which, prepare the bank reconciliation of Astro Merchandising for the month of January.


The following is taken from the books of Astro Merchandising: CASH RECEIPTS CASH PAYMENTS ChkNo. 301 ChkNo. 302 ChkNo. 303 ChkNo. 304 ChkNo. 305 ChkNo. 306 ChkNo. 307 10,000 30,000 4,000 2,000 40,000 112,000 6,000 4.000 208,000 Jan-2 Jan-9 Jan-10 Jan-16 Jan-23 Jan-30 20,000 40,000 20,000 80,000 40,000 70.000 P270,000 ChkNo. 308 The beginning balance of cash per general ledger is P112,000. Presented below is the bank statement of Twice Bank for the month of January. Twice Bank Quezon City Astro Merchandising Account No.09772 444 Congressional Avenue, Quezon City January 31, 2022 Date Debits Credits Balance Dec 31 60,000 Mar 4 20,000 80,000 Mar 6 Chk No. 301 10,000 70,000 Mar 11 Chk No. 302 30,000 40,000 60,000 100,000 Mar 12 Chk No. 304 2,000 98,000 Mar 18 80,000 178,000 Mar 19 Chk No. 305 40,000 138,000 Mar 25 Chk No. 307 6,000 132,000 40,000 172,000 Mar 26 2,000 NSF 170,000 Chk No. 299 10,000 160,000 Mar 27 Chk No. 306 112,000 48,000 Mar 28 100,000 CM 148,000 Mar 31 400 DM 148,400 Legend: DM - Debit Memo CM - Credit Memo NSF - No Sufficient Fund Note: The P400 DM represents bank service charges. The P100,000 CM represents the proceeds of bank loan.
Transcribed Image Text:The following is taken from the books of Astro Merchandising: CASH RECEIPTS CASH PAYMENTS ChkNo. 301 ChkNo. 302 ChkNo. 303 ChkNo. 304 ChkNo. 305 ChkNo. 306 ChkNo. 307 10,000 30,000 4,000 2,000 40,000 112,000 6,000 4.000 208,000 Jan-2 Jan-9 Jan-10 Jan-16 Jan-23 Jan-30 20,000 40,000 20,000 80,000 40,000 70.000 P270,000 ChkNo. 308 The beginning balance of cash per general ledger is P112,000. Presented below is the bank statement of Twice Bank for the month of January. Twice Bank Quezon City Astro Merchandising Account No.09772 444 Congressional Avenue, Quezon City January 31, 2022 Date Debits Credits Balance Dec 31 60,000 Mar 4 20,000 80,000 Mar 6 Chk No. 301 10,000 70,000 Mar 11 Chk No. 302 30,000 40,000 60,000 100,000 Mar 12 Chk No. 304 2,000 98,000 Mar 18 80,000 178,000 Mar 19 Chk No. 305 40,000 138,000 Mar 25 Chk No. 307 6,000 132,000 40,000 172,000 Mar 26 2,000 NSF 170,000 Chk No. 299 10,000 160,000 Mar 27 Chk No. 306 112,000 48,000 Mar 28 100,000 CM 148,000 Mar 31 400 DM 148,400 Legend: DM - Debit Memo CM - Credit Memo NSF - No Sufficient Fund Note: The P400 DM represents bank service charges. The P100,000 CM represents the proceeds of bank loan.
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