ABC Co. is preparing its September 30, 20x1 bank reconciliation. Relevant information is shown below: Balance...
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ABC Co. is preparing its September 30, 20x1 bank reconciliation. Relevant information is shown below: Balance per books Balance per bank statement Collection of note receivable by bank fincluding P155 interest) NSF check returned by bank Bank service charges for December Deposits in transit Outstanding checks (including certified checks of P310) 5,313 6,200 3,565 1,860 Requirements: a. Prepare the bank reconciliation. b. Prepare the month-end adjusting entry. 62 2,418 3,100 A P1,395 collection of accounts receivable was erroneously recorded in the books as P1,593. The actual amount deposited to the bank is P1,395. A P930 loan amortization of AVC Co. was erroneously debited by the bank to ABC Co.'s account. ABC Co. is preparing its September 30, 20x1 bank reconciliation. Relevant information is shown below: Balance per books Balance per bank statement Collection of note receivable by bank fincluding P155 interest) NSF check returned by bank Bank service charges for December Deposits in transit Outstanding checks (including certified checks of P310) 5,313 6,200 3,565 1,860 Requirements: a. Prepare the bank reconciliation. b. Prepare the month-end adjusting entry. 62 2,418 3,100 A P1,395 collection of accounts receivable was erroneously recorded in the books as P1,593. The actual amount deposited to the bank is P1,395. A P930 loan amortization of AVC Co. was erroneously debited by the bank to ABC Co.'s account.
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To prepare the bank reconciliation for ABC Co as of September 30 20x1 we need to compare the balance ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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