Question: help me answer this bank reconciliation problem SECTION: SCORE: Problem #5 PROFESSOR: Deposits In Transit and Outstanding Checks on Mar. 31. 2004, Nick Marasigan Transit

help me answer this bank reconciliation problem

help me answer this bank reconciliation problem
SECTION: SCORE: Problem #5 PROFESSOR: Deposits In Transit and Outstanding Checks on Mar. 31. 2004, Nick Marasigan Transit has the following relevant information concerning its bank reconciliation: 1. Bank statement details- Balance, Mar. 1 Deposits Checks Cleared P 308,000 511.980 DAUD Check from Casecnan Consortium 541,180 Note Collected with Interest of P800 1,000 Interest on Bank Balance 16,800 Service Charges 360 Balance, Mar. 31 140 P 294,820 2. Per Books- Balance, Mar. 1 Deposits P 283,500 Checks 514.680 530,000 3. Additional information- a. The entity overstated one of its deposits by P200; the bank recorded it correctly. b. The bank cleared a P1,780 check as P1,870; the error has not been corrected by the bank. c. The February reconciliation yielded deposits in transit of P15,500 and outstanding checks of P40,000. Required: 1. Compute the Mar. 31 deposits in transit and outstanding checks. 2. Prepare the bank reconciliation for March, 3. Prepare the journal entries

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