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Prepare bank reconciliation statement on November 30 showing adjusted balances and the journal entries on November 30. * Flamboyant Company prepared the following bank reconciliation on October 31: 990,000 Cash account balance Less: Bank service charge Deposit outstanding Check erroneously charged by 5,000 45,000 bank against entity's account 10,000 60,000 Balance 930,000 125,000 45,000 Add: Checks outstanding Unrecorded collections 170,000 Bank statement balance 1,100,000 October 31 balance per book Book credits Book debits 990,000 1,200,000 710,000 October 31 balance per bank statement Bank credits 1,100,000 500,000 1,000,000 Bank debits Debit memo for service charge in November Debit memo for a customer's NSF check in November 10,000 50,000 During the month of November, the bank corrected the P10,000 error committed in prior month. The entity recorded as cash receipt a customer note receivable of P100,000 placed with the bank for collection on November 30. The note was not collected until the subsequent month.

Prepare bank reconciliation statement on November 30 showing adjusted balances and the journal entries on November 30. * Flamboyant Company prepared the following bank reconciliation on October 31: 990,000 Cash account balance Less: Bank service charge Deposit outstanding Check erroneously charged by 5,000 45,000 bank against entity's account 10,000 60,000 Balance 930,000 125,000 45,000 Add: Checks outstanding Unrecorded collections 170,000 Bank statement balance 1,100,000 October 31 balance per book Book credits Book debits 990,000 1,200,000 710,000 October 31 balance per bank statement Bank credits 1,100,000 500,000 1,000,000 Bank debits Debit memo for service charge in November Debit memo for a customer's NSF check in November 10,000 50,000 During the month of November, the bank corrected the P10,000 error committed in prior month. The entity recorded as cash receipt a customer note receivable of P100,000 placed with the bank for collection on November 30. The note was not collected until the subsequent month.

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 6.3E
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Prepare bank reconciliation statement on November 30 showing adjusted balances and the journal entries on November 30. Flamboyant Company prepared the following bank reconciliation on October 31: 990,000 Cash account balance Less: Bank service charge Deposit outstanding Check erroneously charged by 5,000 45,000 bank against entity's account 10,000 60,000 930,000 Balance Add: Checks outstanding 125,000 45,000 Unrecorded collections 170,000 Bank statement balance 1,100,000 990,000 1,200,000 710,000 October 31 balance per book Book credits Book debits October 31 balance per bank statement Bank credits 1,100,000 500,000 1,000,000 Bank debits Debit memo for service charge in November Debit memo for a customer's NSF check in November 10,000 50,000 During the month of November, the bank corrected the P10,000 error committed in prior month. The entity recorded as cash receipt a customer note receivable of P100,000 placed with the bank for collection on November 30. The note was not collected until the subsequent month. Your answer
Transcribed Image Text:Prepare bank reconciliation statement on November 30 showing adjusted balances and the journal entries on November 30. Flamboyant Company prepared the following bank reconciliation on October 31: 990,000 Cash account balance Less: Bank service charge Deposit outstanding Check erroneously charged by 5,000 45,000 bank against entity's account 10,000 60,000 930,000 Balance Add: Checks outstanding 125,000 45,000 Unrecorded collections 170,000 Bank statement balance 1,100,000 990,000 1,200,000 710,000 October 31 balance per book Book credits Book debits October 31 balance per bank statement Bank credits 1,100,000 500,000 1,000,000 Bank debits Debit memo for service charge in November Debit memo for a customer's NSF check in November 10,000 50,000 During the month of November, the bank corrected the P10,000 error committed in prior month. The entity recorded as cash receipt a customer note receivable of P100,000 placed with the bank for collection on November 30. The note was not collected until the subsequent month. Your answer
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