Polaris Company provided the following data for the month of July: Cash in bank per ledger...

Transcribed Image Text:

Polaris Company provided the following data for the month of July: Cash in bank per ledger Balance June 30 Book debits for July including June CM for note collected, P300,000 Book credits for July including June NSF of P100,000 and service charge of P4,000 Bank statement for July Balance June 30 Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 1,000,000 4,000,000 3,600,000 1,650,000 Balance per bank statement November 30 Deposit in transit October 31 Outstanding checks November 30 Bank receipts for November including an erroneous credit of P100,000 which should have been credited to Poland Company Bank disbursements for November including check of Poland Company, P200,000 2,500,000 3,500,000 Required: Prepare bank reconciliation on June 30 and July 31, and adjusting entries on July 31. Problem 3-2 (ACP) Pollux Company provided the following information: Balance per book October 31 Receipts per book for November (collection from customer, P100,000 recorded as P10,000) Disbursements per book for November (check for P300,000 in payment of account recorded as P30,000) 600,000 2,200,000 1,800,000 930,000 300,000 400,000 2,500,000 1,970,000 Required: Prepare bank reconciliation on October 31 and November 30, and adjusting entries on November 30. Polaris Company provided the following data for the month of July: Cash in bank per ledger Balance June 30 Book debits for July including June CM for note collected, P300,000 Book credits for July including June NSF of P100,000 and service charge of P4,000 Bank statement for July Balance June 30 Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 1,000,000 4,000,000 3,600,000 1,650,000 Balance per bank statement November 30 Deposit in transit October 31 Outstanding checks November 30 Bank receipts for November including an erroneous credit of P100,000 which should have been credited to Poland Company Bank disbursements for November including check of Poland Company, P200,000 2,500,000 3,500,000 Required: Prepare bank reconciliation on June 30 and July 31, and adjusting entries on July 31. Problem 3-2 (ACP) Pollux Company provided the following information: Balance per book October 31 Receipts per book for November (collection from customer, P100,000 recorded as P10,000) Disbursements per book for November (check for P300,000 in payment of account recorded as P30,000) 600,000 2,200,000 1,800,000 930,000 300,000 400,000 2,500,000 1,970,000 Required: Prepare bank reconciliation on October 31 and November 30, and adjusting entries on November 30.