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Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the following information: (The attached picture) Additional Information: a. The payments of P2,000 and P50,000 shown on the bank 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 interest of P8,000. b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable. Requirements: 1. Prepare the bank reconciliation. 2. Prepare the journal entries to record the adjusting entries on the books of Entity A.

Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the following information: (The attached picture) Additional Information: a. The payments of P2,000 and P50,000 shown on the bank 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 interest of P8,000. b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable. Requirements: 1. Prepare the bank reconciliation. 2. Prepare the journal entries to record the adjusting entries on the books of Entity A.

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 8EB: Prepare the journal entry to reconcile the bank statement in EB7.
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Bank Reconciliation Activity

The accounting records and bank statement of Entity A shows the following information: (The attached picture)

Additional Information:
a. The payments of P2,000 and P50,000 shown on the bank 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 interest of P8,000.

b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable.

Requirements:
1. Prepare the bank reconciliation.
2. Prepare the journal entries to record the adjusting entries on the books of Entity A.

 

SUBSIDIARY LEDGER CASH IN BANK - BPI CURRENT ACCOUNT Debit Credit Balance Description Bal. forwarded Date 6/1 881,000 6/11 Check #1113 130,800 750,200 6/15 Check #1114 220,000 530,200 6/16 Deposit 295,800 826,000 6/22 Deposit 670,000 1,496,000 6/24 Check #1115 80,000 1,416,000 6/28 Check #1116 380,000 1,036,000 6/29 Deposit 160,000 1,196,000 METROBANK BANK STATEMENT - ENTITY A Dat Description Debit Credit Balance e 6/1 Bal. forwarded 881,000 6/10 Deposit 6/15 | Payment 350,000 1,231,000 2,000 1,229,000 6/15 Check #1114 220,000 1,009,000 6/16 Deposit 6/20| Payment 6/22 | Deposit 295,800 1,304,800 50,000 1,254,800 670,000 1,924,800 6/24 Check #1115 80,000 1,844,800 6/26 Check #1113 130,800 1,714,000 6/28 Deposit 410,000 2,124,000
Transcribed Image Text:SUBSIDIARY LEDGER CASH IN BANK - BPI CURRENT ACCOUNT Debit Credit Balance Description Bal. forwarded Date 6/1 881,000 6/11 Check #1113 130,800 750,200 6/15 Check #1114 220,000 530,200 6/16 Deposit 295,800 826,000 6/22 Deposit 670,000 1,496,000 6/24 Check #1115 80,000 1,416,000 6/28 Check #1116 380,000 1,036,000 6/29 Deposit 160,000 1,196,000 METROBANK BANK STATEMENT - ENTITY A Dat Description Debit Credit Balance e 6/1 Bal. forwarded 881,000 6/10 Deposit 6/15 | Payment 350,000 1,231,000 2,000 1,229,000 6/15 Check #1114 220,000 1,009,000 6/16 Deposit 6/20| Payment 6/22 | Deposit 295,800 1,304,800 50,000 1,254,800 670,000 1,924,800 6/24 Check #1115 80,000 1,844,800 6/26 Check #1113 130,800 1,714,000 6/28 Deposit 410,000 2,124,000
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