Homework Help is Here – Start Your Trial Now!
Business
Accounting
The accounting records and bank statement of Entity A show the following information. SUBSIDIARY LEDGER CASH IN BANK – FCB CURRENT ACCOUNT Description Debit Credit Balance Balance forwarded 881,000 Chock #1113 130 800 760 300

The accounting records and bank statement of Entity A show the following information. SUBSIDIARY LEDGER CASH IN BANK – FCB CURRENT ACCOUNT Description Debit Credit Balance Balance forwarded 881,000 Chock #1113 130 800 760 300

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11PB: Leann Company received the following bank statement. Using the information from PB11 and PB12,...
See similar textbooks
icon
Related questions
Question
Deposits shown on the bank statement but not on the cash ledger represents collections of accounts receivable. Requirement: Prepare bank reconciliation. Solution: Bank Reconciliation For the month ended Balance per books, end Add: Credit memos Less: Debit memos Add/Less: Book errors Bal. per bank statement, end Add: Deposits in transit (DIT) Less: Outstanding checks (OC) Add/Less: Bank errors Adjusted balance Adjusted balance 6 of 6
Transcribed Image Text:Deposits shown on the bank statement but not on the cash ledger represents collections of accounts receivable. Requirement: Prepare bank reconciliation. Solution: Bank Reconciliation For the month ended Balance per books, end Add: Credit memos Less: Debit memos Add/Less: Book errors Bal. per bank statement, end Add: Deposits in transit (DIT) Less: Outstanding checks (OC) Add/Less: Bank errors Adjusted balance Adjusted balance 6 of 6
YOU CAN DO IT The accounting records and bank statement of Entity A show the following information. SUBSIDIARY LEDGER CASH IN BANK – FCB CURRENT ACCOUNT Date Description Debit Credit Balance 6/1 Balance forwarded 881,000 750,200 530,200 826,000 1,496,000 80,000 1,416,000 380,000 1,036,000 1,196,000 130,800 220,000 6/11 Check #1113 6/15 Check #1114 295,800 670,000 6/16 Deposit Deposit Check #1115 6/22 6/24 6/28 Check #1116 6/29 Deposit 160,000 |FirstCitizens Bank Account Number 5022-0007-00 Account Type FCB CURRENT ACCOUNT Branch VILLAMOR BRANCH Period Covered 6/1/2019 – 6/30/2019 Date Description Ref Details Debit Credit Balance BALANCE FORWARDED 881,000.00 5/10/2019 CASH DEPOSIT 050 PASAY 350,000.00 1,231,000.00 5/11/2019 PAYMENT 010 2,000.00 1,229,000.00 5/12/2019 CHECK ENCASHMENT 090 CK#1114 220,000.00 1,009,000.00 5/15/2019 CHECK DEPOSIT 040 PASAY 295,800.00 1,304,800.00 5/18/2019 PAYMENT 011 50,000.00 1,254,800.00 5/26/2019 CASH DEPOSIT 051 670,000.00 1,924,800.00 6/24/2019 CHECK ENCASHMENT 091 CK#1115 80,000.00 1,844,800.00 6/26/2019 CHECK ENCASHMENT 092 CK#1113 130,000.00 1,714,000.00 5/29/2019 CHECK DEPOSIT 041 PASAY 410,000.00 2,124,000.00 Additional information: The payments of 2,000 and P50,000 shown on the book statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan, respectively. The loan payment includes payment for the interest of P8,000.
Transcribed Image Text:YOU CAN DO IT The accounting records and bank statement of Entity A show the following information. SUBSIDIARY LEDGER CASH IN BANK – FCB CURRENT ACCOUNT Date Description Debit Credit Balance 6/1 Balance forwarded 881,000 750,200 530,200 826,000 1,496,000 80,000 1,416,000 380,000 1,036,000 1,196,000 130,800 220,000 6/11 Check #1113 6/15 Check #1114 295,800 670,000 6/16 Deposit Deposit Check #1115 6/22 6/24 6/28 Check #1116 6/29 Deposit 160,000 |FirstCitizens Bank Account Number 5022-0007-00 Account Type FCB CURRENT ACCOUNT Branch VILLAMOR BRANCH Period Covered 6/1/2019 – 6/30/2019 Date Description Ref Details Debit Credit Balance BALANCE FORWARDED 881,000.00 5/10/2019 CASH DEPOSIT 050 PASAY 350,000.00 1,231,000.00 5/11/2019 PAYMENT 010 2,000.00 1,229,000.00 5/12/2019 CHECK ENCASHMENT 090 CK#1114 220,000.00 1,009,000.00 5/15/2019 CHECK DEPOSIT 040 PASAY 295,800.00 1,304,800.00 5/18/2019 PAYMENT 011 50,000.00 1,254,800.00 5/26/2019 CASH DEPOSIT 051 670,000.00 1,924,800.00 6/24/2019 CHECK ENCASHMENT 091 CK#1115 80,000.00 1,844,800.00 6/26/2019 CHECK ENCASHMENT 092 CK#1113 130,000.00 1,714,000.00 5/29/2019 CHECK DEPOSIT 041 PASAY 410,000.00 2,124,000.00 Additional information: The payments of 2,000 and P50,000 shown on the book statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan, respectively. The loan payment includes payment for the interest of P8,000.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

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.
Similar questions
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
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:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS