Scribd Logo
Upload

Welcome to Scribd!

  • Fabm Notes (3 - 5 - 2023)

    Uploaded by

    Yssa Sophia Jumalon
    10 views2 pages
    The bank reconciliation statement shows that the cash balance per the bank statement was PHP 84,000 but after subtracting outstanding checks of PHP 37,000 and PHP 28,000 and adding deposits in transit of PHP 40,000, the adjusted cash balance was PHP 59,000. The cash balance per book was PHP 50,000 but after subtracting bank service charges of PHP 1,000 and NSF checks and fees of PHP 5,000 and adding notes receivable collected by the bank of PHP 15,000, the adjusted cash balance per book was also PHP 59,000, reconciling the two balances. Adjusting entries are needed for notes receivable collected, NSF checks and fees, and bank service charges.

    Original Description:

    Original Title

    FABM NOTES (3 - 5 - 2023)

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The bank reconciliation statement shows that the cash balance per the bank statement was PHP 84,000 but after subtracting outstanding checks of PHP 37,000 and PHP 28,000 and adding deposits in transit of PHP 40,000, the adjusted cash balance was PHP 59,000. The cash balance per book was PHP 50,000 but after subtracting bank service charges of PHP 1,000 and NSF checks and fees of PHP 5,000 and adding notes receivable collected by the bank of PHP 15,000, the adjusted cash balance per book was also PHP 59,000, reconciling the two balances. Adjusting entries are needed for notes receivable collected, NSF checks and fees, and bank service charges.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    10 views2 pages

    Fabm Notes (3 - 5 - 2023)

    Uploaded by

    Yssa Sophia Jumalon
    The bank reconciliation statement shows that the cash balance per the bank statement was PHP 84,000 but after subtracting outstanding checks of PHP 37,000 and PHP 28,000 and adding deposits in transit of PHP 40,000, the adjusted cash balance was PHP 59,000. The cash balance per book was PHP 50,000 but after subtracting bank service charges of PHP 1,000 and NSF checks and fees of PHP 5,000 and adding notes receivable collected by the bank of PHP 15,000, the adjusted cash balance per book was also PHP 59,000, reconciling the two balances. Adjusting entries are needed for notes receivable collected, NSF checks and fees, and bank service charges.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    X Company

    Bank Reconciliation Statement

    January 31, 2023

    Cash balance per bank statement Php 84,000

    Less: Outstanding Check no. 725 (37,000)

    Outstanding Check no. 726 (28,000)

    Add: Deposits in transit 40,000

    Adjusted Cash balance per bank statement Php 59,000

    Cash balance per book Php 50,000

    Less: Bank Service Charge (1,000)

    NSF Checks & Fees (5,000)

    Add: Notes Receivable collect by the bank 15,000

    Adjusted Cash balance per book Php 59,000

    POSSIBLE BANK RECONCILIATION ACCOUNTS TO MAKE ADJUSTING ENTRIES

    When you make some adjustments in your book and bank statements, you should make adjusting entries. Entries
    are based on the given quiz.

    1) N/R Collected by the Bank

    Cash in Bank 15,000

    Notes Receivable 15,000

    To record note collected by the bank

    2) NSF Checks & Fees

    Accounts Receivable 5,000

    Cash in Bank 5,000

    To record accounts receivable from NSF check (?)

    3) Bank Service Charge

    Bank Service Charge 1,000

    Cash in Bank 1,000

    To record bank service charge

    You might also like