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Bank Reconciliation - Activity 2

The bank reconciliation statement reconciles the company's bank balance of ₱249,223 to its adjusted bank balance of ₱268,496. Collections of ₱29,405 had not been deposited, while outstanding checks of ₱10,132 had not cleared the bank. Additionally, notes collected of ₱24,240 and service charges and returned checks of ₱3,062 were also reconciling items. An error of ₱1,440 was discovered in the company's books.

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Ira Ybanez
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87 views

Bank Reconciliation - Activity 2

The bank reconciliation statement reconciles the company's bank balance of ₱249,223 to its adjusted bank balance of ₱268,496. Collections of ₱29,405 had not been deposited, while outstanding checks of ₱10,132 had not cleared the bank. Additionally, notes collected of ₱24,240 and service charges and returned checks of ₱3,062 were also reconciling items. An error of ₱1,440 was discovered in the company's books.

Uploaded by

Ira Ybanez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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BULACAN COMPANY

Bank Reconciliation Statement


30-Jun-21

Unadjusted Balance per bank 249,223.00

Book debits not yet credited by the


Add: bank (undeposited collections) 29,405.40
Book credits not yet debited by the
Less: bank (outstanding checks) 10,132.40
Adjusted bank balance 268,496.00

Unadjusted balance per books 248,758.80

Bank credits not yet debited by the


company (proceeds of note
Add: collected by bank) 24,240.00

Bank debits not yet credited by the


company (service charges for the
month of December, NSF checks
Less returned in December) 3,062.80
Error 1,440.00
Adjusted book balance 268,496.00
Adjusting Journal Entries
Note Collected
1. Cash in Bank 24,240 Prepared by:
Notes Receivable 24,000.00 Corrected by:
Interest Income 240.00

NSF Check
2. Accounts Receivable 2,762.80 Prepared by:
Cash in Bank 2,762.80

Bank Service Charge


3. Bank Service Charge 300 Prepared by:
Cash in Bank 300.00

Book Error
4. Accounts Payable 1,440 Prepared by:
Cash in Bank 1,440.00
Ira Shalini M. Ybañez, CPA
Nanz Yuan Castro, CPA

Ira Shalini M. Ybañez, CPA

Ira Shalini M. Ybañez, CPA

Ira Shalini M. Ybañez, CPA

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