Please answer the activity and most important please answer the additional activity. PLEASE BE ORGANIZED WITH ANSWER.

For iter Assessment Jose dela ccount of Juan recorded on 6. If at the end 0 statement, A. Depo Multiple Choice. Read each statement and choose the best answer. Write the Ba letter of your choice on your answer sheet. 1. Which of the following summarizes the discrepancies between the book balance and the bank balance and adjusts it to make them equal in the end? A. Bank Reconciliation Statement B. Credit Memos C. Debit Memos D. Reconciling items 2. Which of the following reconciling items make the bank balance higher than the book balance? A. Bank Service Charge B. Defective Checks C. Interests earned D. Loan payments automatically deducted from the bank 3. What do we call the net amount of what we intend to borrow from the bank which may be automatically credited on our account? A. Interests earned B. Matured time deposit C. Deposit in transit D. Proceeds of bank loan 4. What reconciling item is recognized when a deposit made does not reflect on the bank statement? A. Bank error B. Deposit in transit C. Notes receivable D. No sufficient funds 5. Assume that the company you worked for pays employees through checks. You received your salary check on October 30 but was not able to cash it. What reconciling item will the company recognize for the check when they will prepare a bank reconciliation statement? A. Deposit in transit B. Errors C. Outstanding check D. Stale check14. What is the effect of the reconciling item on Cassie? A. It makes the bank balance higher. B. It makes the book balance higher C. It makes the book and the bank balance equal. D. It has no effect. 15. Assuming Cassie returned the check to Irene Corporation, what adjustment will Irene Corp do in their bank reconciliation? A. Add the P200,000 on the book balance. B. Add the P200,000 on the bank balance. C. Deduct the P200,000 on the book balance. D. Deduct the P200,000 on the bank balance. Additional Activity ter learning the different reconciling items, let us challenge your mind and have aD. Deduct the P200,000 on the bank balance. Additional Activity After learning the different reconciling items, let us challenge your mind and have a taste of what's on the next lesson by doing the following activity. Compute for the outstanding checks of Ms. Adela Juan with the given information below: Bank Statement for Adela Juan Enterprises Date Check No. Debit Credit Balance June 01 200,000 05 501 20,000 180,000 17 507 5,000 23 50,000 27 503 26,000 29 28.00 General ledger Cash in Bank- BonBank June 1 Beginning P 200,000 June 5 Check No. 501 20,000 Balance 23 deposit 50,000 June 6| Check no. 502 10,000 10 Check no. 503 26,000 11 Check no. 504 5,000 Check no. 505 8,000 15 Check no. 506 15,000 Check no. 507 5,000 13For items 6-9, refer to the following situation: Jose dela Cruz deposited an amount of P10,000 on his account which he also recorded on his books. However, the bank teller erroneously credited it to the account of Juan dela Cruz. 6. If at the end of the month, Jose dela Cruz will prepare his bank reconciliation statement, what reconciling item will he recognize? A. Deposit in transit B. Bank Error C. No sufficient funds D. Outstanding check 7. What is the effect of your answer on number 6 on the bank balance? A. The bank balance is lower than the book balance. B. The bank balance is higher than the book balance. C. There is no effect of the situation on the bank balance. D. The bank balance is equal to the book balance. 8. What should Jose dela Cruz do on his bank reconciliation? A. Add the P10,000 on his book balance B. Deduct the P10,000 on book balance. C. Add the P10,000 on his bank balance. D. Deduct the P10,000 on his bank balance. 9. If Juan dela Cruz will prepare his bank reconciliation, what adjustment will he make? A. Add the P10,000 on his book balance. B. Deduct the P10,000 on his book balance. C. Add the P10,000 on his bank balance. D. Deduct the P10,000 on his bank balance. For items 10-11, refer to the following situation: DeleesO of Yours 000.008 Christian Mild owns Mr. Muscle Fitness Gym. Aside from providing the facility for his members, he also sells food supplements and other gym equipment to interested buyers. Due to the pandemic, Kyieth Azarcon, a member of the gym decided to purchase a gym equipment from Christian and wrote a 30-day note for it. Christian endorsed the note to his bank and asked them to collect the proceeds. A few days before the end of the month, Kyieth sent his payment to Christian's bank.10. If Christian Mild will prepare his bank reconciliation at the end of the month, C. De D. Dedu what adjustment will he record? A. Debit memo B. Deposit in transit C. Credit Memo D. Loan Proceeds 11. What is the effect of the reconciling item on the situation above? 1. It makes the book balance higher than the bank balance. I1. It makes the book balance lower than the bank balance. Ill. It makes the bank balance higher than the book balance. IV. It makes the bank balance lower than the bank. A. II and IV B. I and II C. II and III D. III only 12. Which of the following statement best describes a debit memo? A. Debit memo are interests earned, bank proceeds and other transactions that affect the book balance. B. Debit memos are transactions that makes the bank balance higher than the book balance. C. Debit memos are adjustments deducted on the book balance to make the balances equal. D. Debit memos are the depositor's transactions with the bank not taken in up in the book. For items 13-15, refer to the following situation: Irene Corporation is a business in the real estate development. Since the business is a huge one, they have different officers from president down to the different business managers. To control cash, they use check payments for their transactions, and they maintain two signatories for check issuances to maintain balance. Their signatories are the company president and the treasurer. On July 18, the treasurer issued and recorded a P200,000 check to Cassie Chavez, their supplier for construction materials. Cassie recorded the check payment and deposited it on her account on nent of July 29. However, on August 2, the depository bank of Cassie called and told her that the check Irene Corporation issued was returned because the President of the said corporation has not signed the check. 13. What term is used to refer to the check that was returned? being A. Bouncing Check eni le brig off enolad B. Drawn Against Insufficient Funds C. Debit Memo D. Technically Defective Check