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Problem 3

ce on Problem 2-3 (LAA) 0 and Xanthous Company provided the following bank reconciliation on January 31 of the current year: Bank balance 300,000 Add Deposit in transit 600,000 nsible Total 900,000 Deduct Outstanding checks: No. 114 240,000 ment 115 160,000 116 60,000 460,000 Adjusted bank balance 440,000 ginal All receipts of cash are deposited in the bank account. The bank statement for the month of February is presented below. ceeds THIRD BANK ected Checks Deposit Date Balance Balance forwarded Jan. 31 300,000 240,000 600,000 Feb. 660,000 2,000,000 2,660,Q00 ment 200,000 2,460,000 900,000 400,000 1,960,000 160,000 1,800,000 1,000,000 2,800,000 500,000 2,300,000 1,200,000 3,500,000 r 31. 1,300,000 4,800,000 & 550,000 4,250,000 5,000 SC 24 4,245,000 1,000,000 550,000 3,795,000 800,000 270,000 CM 3,265,000 The following information was taken from the credit memo of February 28: Face of the note 250,000 Interest on the note 30,000 Maturity value of the note 280,000 Collection charge 10,060 Credit to your account 270,000Problem 2- Chivalry Com The following data were taken from the cash journals of on March 31. Xanthous Company: Cash Disbursement Journal Cash Receipt Journal Book balance Check No. Credit Cash Add: March 3 Date Debit Cash 2,000,000 117 200,000 Collectio Feb. 2 400,000 118 900,000 Interest co .) 119 800,000 800,000 120 500,000 200,000 550,000 Total 1,200,000 121 Less: Cavalry 1,300,000 122 180,000 acc 24 550,000 123 1,000,000 120,000 Bank s 450,000 124 125 250,000 Adjusted book 6,900,000 4,500,000 Bank balance Required: Add: Error a. Prepare bank reconciliation on February 28, showing the book balances before and after adjustment. Less: Preaut b. Prepare journal entries to record the adjustments that are indicated by the bank reconciliation. NSF Outsto Adjusted ban Check No. In paymen However pural asof Problem 2-4 (LAA) cnal ash Chivalry Company prepared the following bank reconciliation on March 31: Book balance 1,405,000 Add: March 31 deposit 750,000 Collection of note 2,500,000 Interest on note 150,000 3,400,000 Total 4,805,000 Less: Cavalry Company's deposit to our account 1, 100,000 Bank service charge 5,000 1, 105,000 Adjusted book balance 3,700,000 Bank balance 5,630,000 Add: Error on check No. 175 45,000 the Total 5,675,000 Less: Preauthorized payment for light and water 245,000 NSF check 220,000 are Outstanding checks 1,650,000 2,115,000 Adjusted bank balance 3,560,000 Check No. 175 was made for the proper amount of P249,000 in payment of account. However the check was entered in the cash disbursements journal as P294,000. Chivalry Company authorized the bank to automatically pay its light and water bills as submitted directly to the bank. Required: a. Prepare a corrected bank reconciliation. b. Prepare adjusting entries on March 31