Prepare the Bank Reconciliation Statement Item 7:The company's Cash account at the end of August shows abalance of Php967.Item 8 :During the month of August the company wrote checks totalingmore than Php50,000. As of August 31 Php3,021 of the checks writtenin August had not yet cleared the bank and Php200 of checks written inJune had not yet cleared the bank.Item 9 The Php1,450 of cash received by the company on August 31was recorded on the company's books as of August 31. However, thePhp1,450 of cash receipts was deposited at the bank on the morning ofSeptember 1.Item 10:On August 29 the company's Cash account shows cash sales ofPhp145. The bank statement shows the amount deposited was actuallyPhp154. The company reviewed the transactions and found thatPhp154 was the correct amount. WEEK 17 - Required: Given the BELOW information, PREPARE BRS.Item 1 The bank statement for August 2014 shows an ending balance of Php3,490.Item 2:On August 31 the bank statement shows charges of Php35 for the servicecharge for maintaining the checking account.Item 3 :On August 28 the bank statement shows a return item of Php100 plus arelated bank fee of Php10. The return item is a customer's check that was returnedbecause of insufficient funds.Item 4 :The bank statement shows a charge of Php80 for check printing on August20.Item 5 The bank statement shows that Php8 was added to the checking accounton August 31 for interest earned by the company during the month of August.Item 6 :The bank statement shows that a note receivable of Php1,000 wascollected by the bank on August 29 and was deposited into the company's account.On the same day, the bank withdrew Php40 from the company's account as a feefor collecting the note receivable.

Bank Reconciliation statement is prepared in order to reconcile the cash account balance as per the…

Answered: Prepare the Bank Reconciliation…

Business

Accounting

Prepare the Bank Reconciliation Statement

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter5: Bank Reconciliation (bankrec)

Section: Chapter Questions

Problem 2R

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Question

Prepare the Bank Reconciliation Statement

Item 7:The company's Cash account at the end of August shows a
balance of Php967.
Item 8 :During the month of August the company wrote checks totaling
more than Php50,000. As of August 31 Php3,021 of the checks written
in August had not yet cleared the bank and Php200 of checks written in
June had not yet cleared the bank.
Item 9 The Php1,450 of cash received by the company on August 31
was recorded on the company's books as of August 31. However, the
Php1,450 of cash receipts was deposited at the bank on the morning of
September 1.
Item 10:On August 29 the company's Cash account shows cash sales of
Php145. The bank statement shows the amount deposited was actually
Php154. The company reviewed the transactions and found that
Php154 was the correct amount.

WEEK 17 - Required: Given the BELOW information, PREPARE BRS.
Item 1 The bank statement for August 2014 shows an ending balance of Php3,490.
Item 2:On August 31 the bank statement shows charges of Php35 for the service
charge for maintaining the checking account.
Item 3 :On August 28 the bank statement shows a return item of Php100 plus a
related bank fee of Php10. The return item is a customer's check that was returned
because of insufficient funds.
Item 4 :The bank statement shows a charge of Php80 for check printing on August
20.
Item 5 The bank statement shows that Php8 was added to the checking account
on August 31 for interest earned by the company during the month of August.
Item 6 :The bank statement shows that a note receivable of Php1,000 was
collected by the bank on August 29 and was deposited into the company's account.
On the same day, the bank withdrew Php40 from the company's account as a fee
for collecting the note receivable.

Definition Definition Document prepared to identify any discrepancies between the passbook, which logs bank transactions, and the cash book, where a business tracks its own cash and bank transactions, so that corrective measures may be taken to reconcile the differences.

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